Corporate Event Market Research, 2032
The global corporate event market was valued at $286.3 billion in 2017, and is projected to reach $1171.3 billion by 2032, growing at a CAGR of 10.5% from 2023 to 2032. Conferences, seminars, and trade shows/exhibitions are pivotal drivers of the corporate event market. Conferences and seminars serve as knowledge hubs, fostering industry networking. Simultaneously, trade shows and exhibitions provide platforms for showcasing innovations and fostering business connections. According to the U.S. Bureau of Labor Statistics, as of 2022, the median pay for meeting, convention, and event planners is $52,560 per year, equating to $25.27 per hour. The profession is expected to experience a faster-than-average job growth rate of 8% from 2022 to 2032. This growth is anticipated to result in the creation of approximately 9,900 new jobs within the industry during the same period. With a total of 132,000 jobs in 2022, the outlook suggests a positive trend for individuals pursuing careers in meetings, conventions, and event planning.
Corporate events involve planning, organization, and execution of gatherings, conferences, and activities designed for business purposes. These events serve diverse objectives such as networking, brand promotion, product launches, and professional development. Fueled by technological advancements, globalization, and focus on experiential marketing, the market is expected to witness notable growth. Companies leverage events strategically to engage stakeholders, foster connections, and achieve business goals.
Key Takeaways
- By event type, the conference/seminar segment held the major share in 2022.
- By industry, the information technology segment held the major share in 2022.
- By platform, the physical events segment held the major share in 2022.
- By region, Europe held the major share in 2022, and Asia-Pacific is expected to grow with a highest CAGR during the forecast period.
Market Dynamics
Technology integration, particularly rise of virtual and hybrid events, has significantly boosted the growth of the corporate event industry. The ability to host events online expands reach and engagement, meeting the demands of a globalized business landscape. Event management software streamlines planning, offering efficient tools for registration and analytics. This surge in tech adoption caters to evolving preferences, enhances accessibility, and provides a dynamic platform for businesses to connect, collaborate, and showcase their offerings, thereby driving the corporate event market demand.
Moreover, as per UFI Organization, in 2019, Europe emerged as the leading market for exhibition participants, welcoming 112.0 million visitors, accounting for nearly one-third of the total global visitors. Following closely, North America secured the second position with 92.3 million visitors, constituting 26.2% of the worldwide total. Asia-Pacific claimed the third spot, hosting 89.7 million visitors, representing 25.4% of the global visitors. Central & South America ranked fourth, attracting 50.0 million exhibition visitors in 2019. In the Middle East & Africa, nearly seven million exhibition visitors visited in the region during the same period.
Furthermore, rapid increase in small and medium enterprises (SMEs) drives heightened demand for corporate events. SMEs, seeking to enhance visibility and network with stakeholders, increasingly utilize events for product launches, networking, and brand building. As these enterprises expand, corporate events become integral for fostering business connections, promoting products, and staying competitive in the market, thus fueling the demand for event planning and management services.
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 corporate event 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. 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 size.
Brand building and marketing initiatives significantly surge the corporate event market share by offering businesses a tangible platform to showcase products, services, and brand values. Events serve as powerful tool for generating brand awareness, fostering client relationships, and launching new offerings. The live, interactive nature of events creates memorable experiences, strengthening brand impressions and driving customer engagement. As companies increasingly prioritize brand exposure and customer connections, the demand for corporate events experiences a surge, as they play a pivotal role in strategic marketing efforts.
Globalization fuels the demand for corporate events by connecting businesses globally. With companies expanding, there is a growing need for events that foster networking, collaboration, and knowledge exchange. Corporate events become crucial platforms, facilitating connections among professionals from diverse regions. As the world becomes more interconnected, the demand for these gatherings rises, contributing to the growth of the corporate event market.
Segments 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, UK, France, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, United Arab Emirates, South Africa, and rest of LAMEA).
By Event Type
On the basis of event type, the conference/seminar segment held the major share in 2022 According to the American Express Meetings & Events survey, around 15–18% of an organization’s collective time is spent in meetings and conferences. Moreover, rise in number of companies and frequent conferences/seminars conducted by them are expected to notably contribute toward the market growth during the forecast period. However, the company meetings segment is expected to grow with the highest CAGR during the forecast period. This is attributed to the fact that company meetings are evolving with increased focus on hybrid formats, innovative technologies, and interactive engagement to enhance collaboration and adaptability in the changing business landscape.
By Industry
On the basis of industry, the information technology segment held the major share of the market in 2022. The share of IT industry in total GDP increased 1.5 times to 6.5% over the past decade, which is the largest share increase that any industry has witnessed during this period. Moreover, IT companies are hosting events to increase their business by offering brands and services through fun and memorable experiences. However, the automotive segment is expected to grow with the highest CAGR during the forecast period. Automotive is one of the largest sectors in the U.S., China, and India. According to the American Automotive Policy Council, the U.S. exported vehicles and parts worth $692 billion over the past five years, generating 3.5% of overall GDP. Automotive companies focus on experiential events, unveiling innovations at corporate gatherings, enhancing brand image and engaging stakeholders effectively.
By Platform
On the basis of platform, the physical event segment held the major share of the market in 2022, Physical event trends in the corporate market embrace experiential design, sustainability, hybrid formats, and innovative technologies for engagement. However, virtual event trends in the corporate market include hybrid formats, immersive technologies, and enhanced networking for global engagement and accessibility.
By Region
Region wise, Europe held the major share of the market in the year 2022, Business events have a direct impact on the GDP of western European countries such as the UK, Germany, the Netherlands, Belgium, and Czechia. The top cities such as Barcelona, Berlin, Frankfurt, London, and Milan are globally known for hosting business events. However, Asia-Pacific is expected to grow with the highest CAGR during the forecast period. Increase in interest of youth in events such as conferences & events, exhibitions, concerts, and shows augments the growth of the market in countries such as India and China. Furthermore, strong economic growth supplements the growth of the corporate event market in this region, as growth in the economy is expected to offer lucrative business opportunities for investors.
Competitive Analysis
The players in the corporate event market have adopted acquisition, business expansion, partnership, and collaboration, as their key development strategies to increase profitability and improve their position in the market. Some of the key players profiled in the market analysis include 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.
Recent Developments in the Corporate Event Industry
- 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.
- 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 2032 to identify the prevailing corporate event market opportunities.
- The corporate event market forecast 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
| Aspects | Details |
 Market Size By 2032 | USD 1171.3 billion |
 Growth Rate | CAGR of 10.5% |
 Forecast period | 2017 - 2032 |
 Report Pages | 320 |
 By Event Type |
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 By Industry |
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 By Platform |
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 By Region |
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 Key Market Players | Creative Group, Inc., ITA Group, Reed Exhibitions Ltd, Maritz Holdings, Inc., 360 Destination Group, Access Destination Services, LLC, BCD Travel Services B.V., CWT, Flight Centre Travel Group (FCM), BI WORLDWIDE |
Analyst Review
According to CXO, the corporate event market is majorly influenced by technological innovations and global connectivity. The integration of virtual and hybrid event formats has become pivotal, ensuring broader audience reach and adaptability to diverse needs. This transformation, fueled by advancements in event management software and interactive technologies, enhances attendee engagement.
Moreover, growth factors encompass the rising demand for personalized experiences, sustainable event practices, and the strategic use of events for brand exposure and employee engagement. Opportunities lie in embracing data analytics for targeted personalization, forming strategic partnerships for collaborative events, and capitalizing on the increasing emphasis on sustainability. The corporate event market is positioned for growth as businesses prioritize dynamic, tech-infused, and purpose-driven gatherings, creating opportunities for industry players to innovate and cater to evolving demands.
Rise in virtual and hybrid events are the upcoming trends of Corporate Event Market in the world
Conference/Seminar is the leading event type of corporate event market
Corporate Event Market to Reach $1,171.2 Billion, Globally, by 2032 at 10.5% CAGR
Some of the key players profiled in the market analysis include 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.
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