Corporate Luxury Events Market

The global corporate luxury events market size was valued at $152,508.6 million in 2020, and is projected to reach $526,165.5 million by 2030, registering a CAGR of 14.5% from 2021 to 2030. 

The effect of COVID-19 has forced event management companies to look for alternatives. The travel restrictions, border controls, and lockdowns were implemented by several countries has affected the business tourism and corporate events market as it forced the companies to discontinue their services till the situation normalize. According to market executives, the event sector would rebound at a relatively modest pace, with the industry expected to recover by2025. Small to medium size events are expected to begin toward the end of 2021, while huge events would begin in the year 2023, as large events require time to organize and time to execute. Around the year 2024, the whole event sector is predicted to be fully operational.

A corporation organizes a corporate luxury event with the purpose of delivering high-level entertainment and refreshment to engage and develop relationships with their employees, clients, business partners, and stakeholders, business owners ultimately fund activities such as corporate luxury parties. Opulent activities accessible at corporate luxury events include award ceremonies, gala dinners, conferences, business expos, and outdoor retreats. Meetings are frequently used to collect funds for a worthy cause, to commemorate a significant achievement, and to express thanks to the participants for their efforts. It enables users to connect with others from similar backgrounds or occupations, as well as establish or maintain business relationships.

Technology advancements have given rise to new technical elements such as virtual reality (VR) and augmented reality (AR) to include into gadgets to deliver a unique message to the target audience. Virtual reality is the use of information technology to create a simulated environment using complete headgear and a controller system (VR). In contrast, augmented reality (AR) is a technology that imposes a computer-generated image over a user's view of the real world, resulting in a composite vision. Event management companies are using virtual reality (VR) and augmented reality (AR) gadgets into their luxury corporate events to lure attendees and provide them with a one-of-a-kind experience.

The corporate luxury events market is segmented into type, end user, and region. On the basis of type, the market is categorized into gala dinner/award event, business expo, party & outdoor retreat, and conference. On the basis of end user, it is divided into banking & financial sector, information technology sector, real estate & infrastructure sector, automotive sector, pharmaceutical sector, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, the United Arab Emirates, South Africa, and rest of LAMEA).

According to corporate luxury events market analysis, on the basis of type, the conference segment has gained major share in the global market 2020, and is expected to sustain its market share during the corporate luxury events market forecast period. Conference is the most common form of corporate event as it helps to form new relation with the participants and offers a platform to socialize and make new connections 

According to corporate luxury events market trends, on the basis of end user, the others segment has dominated the global market, registering a CAGR of 16.1%. The others segment accounted for approximately one fourth of the global market share in 2020 and is expected to sustain its share during the forecast period. 

On the basis of region, North America dominated the corporate luxury events market in 2020 and is expected to be dominant during the forecast period. The dominance of the global market is largely due to existence of numerous corporate firms operating in North America, and the introduction of startups every year which increases the demand for organizing luxury corporate events and is fueling the corporate luxury events market growth. 

The players operating in the global corporate luxury events market have adopted various developmental strategies to expand their corporate luxury events market share, increase profitability, and remain competitive in the market. The key players profiled in this report include 360 Destination Group, LLC., A Perfect Event By Carmen Company., Access Destination Services, LLC., Basset Events, Inc., BCD Group, LLC., Colin Cowie lifestyle, LLC., Creative Group, Inc., CWT Global B.V., Eventbrite, Inc., and Rafanelli Events Management, Inc. The other market players are Clarion Events, LLC., Capita PLC., Questex LLC., Anschutz Entertainment Group., The Freeman Company LLC., Live Nation Worldwide., Penguins Event, Inc., C2 International, Inc., Mass Event + Design, LLC., BI Worldwide., LLC., Big rock production, LLC., and Cvent, Inc.

Key Benefits For Stakeholders

• The report provides a quantitative analysis of the currentmarket trends, estimations, and dynamics of the market size from 2021 to 2030 to identify the prevailing opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis and the market size and segmentation assist to determine the prevailing corporate luxury events market opportunities.
• The major countries in each region are mapped according to their revenue contribution to the market. 
• The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the corporate luxury events industry.

 Corporate Luxury Events Market Report Highlights