Corporate Event Market

Corporate Event Market Research, 2031

The global corporate event market size was valued at $286.3 billion in 2017, and is projected to reach $1.1 trillion by 2031, growing at a CAGR of 10.5% from 2022 to 2031. 

Ease of visa restrictions, rise in investments for infrastructural development, and surge in number of travelers in commercial aviation across the globe are some of the other factors that fuel the growth of the corporate event market. Moreover, surge in penetration of internet & technology in densely populated states augments the growth of the market.

The market for corporate events includes planners and suppliers who handle the administration and delivery of conferences, seminars, tradeshows, exhibits, incentive programs, company meetings, and other events performed to accomplish a variety of commercial and professional goals. The operations in a corporate event industry are crucial for the future development of enterprises, towns, vacation spots, and other relevant spheres. The well-liked events include conferences & exhibitions, business events & seminars, advertising & fundraising campaigns, musical & artistic performances, sporting events, festivals, trade exhibits, product launches, and similar occasions. Understanding the audience and the behaviors that thrill and affect them emotionally is important during the beginning stage of a significant event, and the last step is properly conducting the event.

Market Dynamics

The growth of the global corporate event market is majorly driven by globalization of businesses, free flow of trade, favorable support from the government, and the presence of developed infrastructure. In addition, increase in demand for exhibitions and meetings among the key global companies fuels the growth of the market.

Along with music, various games & activities as well as catering services are available at such events. Giants operating in the market sponsor such events to create awareness among consumers about their products & services, which boosts the growth of the corporate event market.

According to the Harvard Business Review, about 50% of corporate event attendees accepted that hybrid events will be an ideal format for hosting and attending events in the future. Over 50% of the businesses, in 2021, increased their hybrid events. Moreover, rise in penetration of latest technologies such as artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) is expected to fuel the demand for virtual or hybrid events.

The expansion of the market is further boosted by increase in the number of different events, including seminars, tradeshows, exhibits, incentive programs, and trade exhibitions. The demand for innovative events such as secrecy-based events, silent conference, lunch clubbing, and project based events and the significance of various components included in a corporate event are expected to propel the market growth during the forecast period. Moreover, increased competition in the market for event services as a result of the presence of a large number of market competitors notably contributes toward the market growth.

Global economies have been approaching youngsters for entrepreneurship and start-up businesses from the last few decades. To provide direction and solutions for the youth, a variety of events and programs, including seminars, conferences, and entrepreneurial programs are being arranged. Various initiatives are organized and funded internationally to see if students can take advantage of unexplored commercial opportunities. Youth have been able to turn their original company ideas into workable plans due to increase in audience attending business seminars and rise in demand for effective counseling programs. As a result, youngsters are becoming increasingly interested in attending conferences, seminars, and career-related events, which is anticipated to increase demand for events globally, thereby fueling the expansion of the market for corporate events.

However, increased uncertainty brought on by unexpected polling results—from Brexit to Trump—as well as protectionist and populist sentiments as well as global geopolitical and social unrest that threatens to bring about fundamental changes in trade and investment flows have, to some extent, contributed to the disparity in the industry's performance in recent years. In addition, future expansion of the corporate event market is anticipated to be constrained in the U.S. due to rise in economic, political, and institutional uncertainties as well as increase in terrorist attacks and global health concerns.

The coronavirus outbreak has had a significant impact on services of different industries. One such sector, the corporate event sector, is currently experiencing difficulties as a result of the COVID-19 pandemic. Key players and vendors face issues due to poor logistics and limits on global public travel in nations that have been affected.

The corporate event business was negatively impacted by concerns about the pandemic. In addition, coronavirus severely impacted the events sector, with over 500 events either being canceled or permanently postponed. Events such as investor presentations, international seminars, and trade exhibits were postponed due to the pandemic.

On the contrary, the adoption of video conferencing systems by event organizers is a key strategy that positively impacted the market expansion. Various governments and police enforcement organizations are focusing on organizing events using online platforms due to the lockdown that was imposed in many nations.

The market for corporate events is fueled by promotional events to increase the visibility of their products and increase their market value across the globe.. In addition, the U.S. is home to many of the top businesses in the globe, which supports the expansion of the corporate events industry.

Cvent, Freeman, GES, and Global Experience Specialists are a few of the leading companies in the U.S. corporate events market. These businesses provide a variety of services, including audio-visual production and event management. Overall, it is anticipated that the corporate events market will expand as businesses strive to develop powerful events that resonate with the target audiences.

Technological progress plays an important role in the corporate event industry. Conference/seminar events have been transformed with the introduction of the latest technology. Earlier, an overhead projector was all event planners requested. Presently, wireless connectivity has become imperative for growth and productivity of organizations across the globe. Moreover, LCD projectors, video conferencing, and fast notebooks are the new standard requirements in the corporate event market.

Strong economic growth in Asia-Pacific is one of the major factors that boosts the growth of the corporate event market. In addition, rapid development of the business travel sector in recent decades has positioned North America to be the largest market across the world. The growth of the corporate event market is further driven by liberalization to access trade license and government initiatives to encourage private investment & foreign direct investments. Moreover, initiatives to develop the corporate event segment has fueled the frequency of business travels across the globe. 

Ease of visa restrictions, rise in investments for infrastructural development, and surge in number of travelers in commercial aviation across the globe are some of the other factors that fuel the growth of the corporate event market. Moreover, surge in penetration of internet & technology in densely populated states augments the growth of the market. Therefore, developments in the corporate event market majorly drive the economic growth and intellectual development. 

The market for corporate events includes planners and suppliers who handle the administration and delivery of conferences, seminars, tradeshows, exhibits, incentive programs, company meetings, and other events performed to accomplish a variety of commercial and professional goals. The operations in a corporate event industry are crucial for the future development of enterprises, towns, vacation spots, and other relevant spheres. The well-liked events include conferences & exhibitions, business events & seminars, advertising & fundraising campaigns, musical & artistic performances, sporting events, festivals, trade exhibits, product launches, and similar occasions. Understanding the audience and the behaviors that thrill and affect them emotionally is important during the beginning stage of a significant event, and the last step is properly conducting the event.

The growth of the global corporate event market is majorly driven by globalization of businesses, free flow of trade, favorable support from the government, and the presence of developed infrastructure. In addition, increase in demand for exhibitions and meetings among the key global companies fuels the growth of the market.

Along with music, various games & activities as well as catering services are available at such events. Giants operating in the market sponsor such events to create awareness among consumers about their products & services, which boosts the growth of the corporate event market.

According to the Harvard Business Review, about 50% of corporate event attendees accepted that hybrid events will be an ideal format for hosting and attending events in the future. Over 50% of the businesses, in 2021, increased their hybrid events. Moreover, rise in penetration of latest technologies such as artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) is expected to fuel the demand for virtual or hybrid events.

The expansion of the market is further boosted by increase in the number of different events, including seminars, tradeshows, exhibits, incentive programs, and trade exhibitions. The demand for innovative events such as secrecy-based events, silent conference, lunch clubbing, and project based events and the significance of various components included in a corporate event are expected to propel the market growth during the forecast period. Moreover, increased competition in the market for event services as a result of the presence of a large number of market competitors notably contributes toward the market growth.

Global economies have been approaching youngsters for entrepreneurship and start-up businesses from the last few decades. To provide direction and solutions for the youth, a variety of events and programs, including seminars, conferences, and entrepreneurial programs are being arranged. Various initiatives are organized and funded internationally to see if students can take advantage of unexplored commercial opportunities. Youth have been able to turn their original company ideas into workable plans due to increase in audience attending business seminars and rise in demand for effective counseling programs. As a result, youngsters are becoming increasingly interested in attending conferences, seminars, and career-related events, which is anticipated to increase demand for events globally, thereby fueling the expansion of the market for corporate events.

However, increased uncertainty brought on by unexpected polling results—from Brexit to Trump—as well as protectionist and populist sentiments as well as global geopolitical and social unrest that threatens to bring about fundamental changes in trade and investment flows have, to some extent, contributed to the disparity in the industry's performance in recent years. In addition, future expansion of the corporate event market is anticipated to be constrained in the U.S. due to rise in economic, political, and institutional uncertainties as well as increase in terrorist attacks and global health concerns.

The coronavirus outbreak has had a significant impact on services of different industries. One such sector, the corporate event sector, is currently experiencing difficulties as a result of the COVID-19 pandemic. Key players and vendors face issues due to poor logistics and limits on global public travel in nations that have been affected.

The corporate event business was negatively impacted by concerns about the pandemic. In addition, coronavirus severely impacted the events sector, with over 500 events either being canceled or permanently postponed. Events such as investor presentations, international seminars, and trade exhibits were postponed due to the pandemic.

On the contrary, the adoption of video conferencing systems by event organizers is a key strategy that positively impacted the market expansion. Various governments and police enforcement organizations are focusing on organizing events using online platforms due to the lockdown that was imposed in many nations.

The market for corporate events is fueled by promotional events to increase the visibility of their products and increase their market value across the globe.. In addition, the U.S. is home to many of the top businesses in the globe, which supports the expansion of the Corporate Event Market Demand across the globe.

Cvent, Freeman, GES, and Global Experience Specialists are a few of the leading companies in the U.S. corporate events market. These businesses provide a variety of services, including audio-visual production and event management. Overall, it is anticipated that the corporate events market will expand as businesses strive to develop powerful events that resonate with the target audiences.

Market Opportunity

Technological progress plays an important role in the corporate event industry. Conference/seminar events have been transformed with the introduction of the latest technology. Earlier, an overhead projector was all event planners requested. Presently, wireless connectivity has become imperative for growth and productivity of organizations across the globe. Moreover, LCD projectors, video conferencing, and fast notebooks are the new standard requirements in the corporate event market.

Strong economic growth in Asia-Pacific is one of the major factors that boosts the growth of the corporate event market. In addition, rapid development of the business travel sector in recent decades has positioned North America to be the largest market across the world. The growth of the corporate event market is further driven by liberalization to access trade license and government initiatives to encourage private investment & foreign direct investments. Moreover, initiatives to develop the corporate event segment has fueled the frequency of business travels across the globe. Therefore, developments in the corporate event market majorly drive the economic growth and intellectual development.

Segmental Overview

The global corporate event market is segmented into event type, platform type, industry, and region. By event type, the market is categorized into conferences/seminars, trade shows/exhibitions, incentive programs, company meetings, and others. According to platform type, it is fragmented into a physical event, virtual event, and hybrid event. As per industry, it is divided into financial services, information technology, real estate, and infrastructure, automotive, and others. The financial services segment is further categorized into banking and insurance. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, Thailand, Singapore, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, United Arab Emirates, Qatar, Egypt, Nigeria, and rest of LAMEA).

By Event Type

By event type, the conference/seminars segment dominated the market in 2021, garnering a corporate event market share of 52% 2021, due to ongoing development in the quantity and size of conference and seminar events. According to a survey conducted by American Express Meetings & Events in 2019, meetings and conferences account for roughly 15–18% of the total time spent by a business. Hence, through corporate event market statistics, it is further anticipated that the growing number of businesses and regular conferences and seminars they hold will significantly contribute toward the corporate event market growth during the forecast period.

By Industry

Depending on the industry, the information technology segment dominated the corporate event market size  in 2021, garnering 33% of the market share; however, the automotive segment is expected to grow at the highest CAGR of 11.1% from 2022 to 2031. The market growth for corporate events is positively impacted by the information technology sector's quick expansion. Corporate events are becoming increasingly popular with businesses and organizations in the broadcasting, data processing, publishing, telecommunication, and sound recording industries. Over the past 10 years, the IT industry's contribution of global GDP scaled 1.5 times to 6.5%, the biggest percentage gain of any industry during this time. Moreover, IT companies conduct events to grow their businesses by promoting their brands and services through enjoyable and lasting experiences. Such occasions draw a sizable clientele and further solidify relationships with current customers and business partners.

By Platform Type

By platform type, the physical event segment dominated the market in 2021, garnering a market share of 57.5%. This is attributed to significant presence of small and medium-sized businesses and rise in the number of corporate events held by them. Large corporations further hosted quarterly & annual meetings, conferences, and training sessions, which contributed to the expansion of the physical events segment. Physical events are the most often held events since there is already a large body of methodology and procedures for doing them. These gatherings are crucial for activities, including exchanges between teams, business networking, team development, and team strengthening exercises. Physical events require the use of lighting, sound, video, and decorations to accommodate a larger audience without causing informational gaps or interactional difficulties. In addition, attendance's physical presence at events aids in giving organizers physical clues on how to proceed with a gathering and aids in giving them real-time feedback, both of which promote these physical gatherings.

By Region

Region wise, North America dominated the market in 2021, garnering a market share of 30%. U.S. obtained the largest proportion in North America when macroeconomic considerations were taken into account. This is explained by the fact that North America and Western Europe have different trade policies and laws. Conversely, boost in disposable income is expected to cause Mexico to grow at a high rate during the corporate event market forecast period.

Due to various participants in the market, event corporate event market is extremely fragmented globally. The ongoing use of numerous development methods by these market participants, including partnerships, business expansion, acquisitions, mergers, and the introduction of new goods & services, intensifies the global competitiveness in the market.

The major players profiled in the report are 360 Destination Group, Access Destination Services, LLC, BCD Travel Services B.V., BI Worldwide, CWT, Cievents, Creative Group, Inc., ITA Group, Maritz Holdings, Inc., and Reed Exhibitions Ltd.

Some Examples of Acquisition In The Corporate Event Market

• In January 2023, Creative Group announced that it has acquired Strategic Meetings and Incentives, a meeting, event and incentive agency based in Scottsdale, Arizona.
• In January 2023, ITA Group acquired HTK Limited to enhance customer loyalty & engagement technology capabilities.
• In September 2022,  ITA Group acquired London-based experiential learning company NKD to expand its portfolio.

Some Examples of Expansion In The Corporate Event Market

• In February 2021,  ITA Group expanded global operations with the incorporation of ITA Group Europe.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the corporate event market analysis from 2017 to 2031 to identify the prevailing corporate event market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the corporate event market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global corporate event market trends, key players, market segments, application areas, and market growth strategies.

 Corporate Event Market Report Highlights