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.
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).
Party and outdoor retreat segment would exhibit the highest CAGR of 16.1% during 2020-2030, owing to the increased demand of party and outdoor retreats in corporate offices.
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.
By End User
Pharmaceutical sector segment would exhibit the highest CAGR of 16.4% during 2020-2030, owing to the increased number of events occuring in the pharmaceutical sector.
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.
Asia-Pacific would exhibit the highest CAGR of 16.7% during 2020-2030, owing to the increase in demand and adaption of innovative corporate luxury events in the different sectors.
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
By End User
According to CXOs, in-person events are about to see new heights after stabilization of the market. Virtual events have acted as a catalyst to force in-person events to evolve to new heights and look for the new implementation of ideas and technology to grab back the interest of the consumers. In-person events play a huge role in marketing and sales of products and help to retain consumers. Consumers are eager to visit in-person events as the lockdown and restriction on outdoor movement have created an impact on consumers that are encouraging them to move out. While on the other hand, virtual events are here to stay, unlike in-person conferences, they do not necessitate large monetary commitments and have a lesser risk of financial loss.