Event Marketing Service Market Research, 2032
The global event marketing service market size was valued at $447.7 billion in 2022, and is projected to reach $972 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.
Professional services that help businesses plan, organize, & promote their events to meet certain marketing objectives are referred to as event marketing services. Usually, event management organizations or marketing firms with a focus on event promotion offer these services. Events of many kinds, such as conferences, trade exhibitions, product launches, company celebrations, and marketing campaigns, benefit from event marketing services.
Due to the growing importance of live experiences in marketing tactics, there is rise in need for event marketing services. Companies are aware of the special opportunities that events provide for brand awareness, consumer interaction, lead generation, and relationship development. The practice of experiential marketing has grown in popularity as it aims to give customers engaging & memorable experiences. Event marketing services fit this trend since events provide a chance to give attendees individualized, interactive, and multimodal experiences that stick with them. The COVID-19 pandemic accelerated the acceptance of hybrid & virtual events. Due to this change, event marketing firms now provide services for live streaming, interactive online experiences, and virtual event platforms. In addition to creating new market opportunities, the online and virtual platforms have increased the accessibility and reach of events.
Professionals with the necessary skills, such as event planners, marketers, designers, technologists, and project managers, are in high event marketing service market demand. Due to the competitive nature of the industry, peak demand times, and the requirement for specialized skills, it is difficult to attract a greater number of clients. To remain competitive and meet customer expectations, event marketing service companies must consistently make investments in technology. However, implementing & adopting new technology is expensive and time-consuming. Some service providers find it difficult to keep up with the quick changing event technology market, which is hindering the event marketing service market growth.
At present, businesses are focusing more on the return on investment (ROI) of event marketing initiatives. The measurements, data analytics, and insights offered by event marketing services are meant to show how events affect corporate goals, including lead generation, revenue generation, brand equity, and customer retention. Event marketing services heavily rely on developments in event management software, registration procedures, mobile applications, virtual event platforms, data analytics, and audience interaction technologies. To fulfill client expectations, service providers must stay updated with emerging technology and deliver creative solutions. Companies look for event marketing services that create experiences tailored to their particular requirements and target market.
Moreover, many agencies and event management companies are competing for attracting large number of clients & customers. Thus, the event marketing services market is extremely competitive. Service providers are forced by this rivalry to distinct themselves apart by specialization, creativity, reputation, and distinctive services. A larger agency acquiring a smaller one to increase its capabilities & market reach further results in event marketing service market consolidation. Further, planning events now heavily considers social responsibility and environmental sustainability through waste reduction, carbon footprint reduction, diversity & inclusion promotion, and support for local communities. Thus, event marketing service providers must modify their operations to include sustainable event management strategies into practice, as well as locating eco-friendly suppliers. In the event marketing service market, establishing & preserving solid customer connections is crucial. However, managing client expectations, accommodating particular event needs, and guaranteeing client pleasure is difficult, that is where marketing strategies play a crucial role.
The usage of virtual & hybrid events has accelerated due to the COVID-19 pandemic. Thus, to meet the changing needs of customers & attendees, many event marketing service providers have created virtual event platforms, increased their digital capabilities, and introduced hybrid event solutions. Market participants have made investments in innovative event technologies to improve attendees' experiences. To customize & optimize event interactions & outcomes involves the use of virtual reality, augmented reality, interactive displays, chatbots driven by AI, and data analytics tools.
The market is analyzed on the basis of service, event type, end user, and region. By service, it is divided into event planning & management, event promotion & publicity, event sponsorship & partnerships, and others. As per event type, it is segmented into trade shows, product launches, exhibitions & conferences, promotional events, and others. Depending on end user, it is classified into corporate, trade associations, educational institutions, entertainment, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, Italy, Spain, the UK, and rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, United Arab Emirates, and rest of LAMEA).
According to event marketing service market statistics, as per service, the event planning & management segment dominated the global event marketing service market in 2022 and is anticipated to maintain its dominance throughout the event marketing service market forecast period. This attributed to the fact that for an event to be successfully executed, objectives to be met, brand image to be enhanced, networking & relationships to be fostered, memorable experiences to be created, outcomes to be achieved, and an impact to be made on attendees and stakeholders, event planning & management is crucial.
BY EVENT TYPE
The exhibitions & conferences segment dominated the global event marketing service market in 2022. The promotion of exhibitions & conferences both before and after the event depends heavily on event marketing services. To raise awareness, encourage registration, and widen the event's appeal, these service providers use a variety of marketing tactics & platforms, including email marketing, social media campaigns, content marketing, targeted advertising, and media partnerships. Event marketing services offer data and analytics to event planners so they gauge the performance of conferences and exhibitions. Indicators such as exhibitor satisfaction, post-event feedback, lead generation, attendee demographics, engagement levels, and sponsorship return on investment (ROI) are evaluated for the success of the event and create data-driven adjustments for subsequent ones.
BY END USER
The entertainment segment is predicted to show the fastest growth in the global event marketing service market during the forecast period. Entertainment-related events frequently garner extensive press coverage. Through press releases, media invites, red-carpet events, and media engagements, event marketing services collaborate closely with media partners, public relations firms, and influencers to generate media coverage, land interviews, and build hype around the event. Event marketing services offer post-event analysis, which includes participant feedback, sentiment analysis of social media, information on ticket sales, and overall event performance indicators. This aids in the evaluation of an event's success, calculation of return on investment, identification of problem areas, and formulation of data-driven decisions for subsequent events.
Region wise, Europe is predicted to dominate the market with the largest event marketing service market share during the forecast period (2023-2032). To successfully promote & manage events in certain niches, they build industry-specific knowledge, contacts, and marketing tactics, providing services to clients in sectors including, finance, technology, healthcare, fashion, and the automobile industry. Health & safety rules, data protection legislation, and accessibility standards are a few of the regulations and compliance standards that apply specifically to event planning and administration in European nations, providing the region promising growth opportunities.
The major players analyzed in the event marketing service industry are Bassett Events, Cvent, CWT Meetings & Events, Freeman, Hello Destination Management, Jack Morton Worldwide, Maritz Global Events, Planit Inc., PRA Business Events, and Viva Creative. One of the well-known providers of event management software, Cvent, provides a full range of options for event conception, promotion, and implementation. It offers solutions for data analytics, event registration, attendee management, venue procurement, and event website building. Cvent has expanded its platform to support hybrid events and achieve significant advancements in virtual event technologies. In addition, Freeman is a top-tier global provider of event management services with a focus on live events and brand experiences. It provides a variety of services, including technology integration, logistics, and event concept & design. With the use of cutting-edge event technologies, individualized interaction tactics, & immersive event design, Freeman has concentrated on improving the guest experience.
Some Examples of Expansion in The Market
In September 2021, Jack Morton Worldwide Inc. opened its new west coast headquarters in Los Angeles. This new facility includes five main production stages along with a podcast studio and voiceover booth.
Some Examples of Acquisition in The Market
In June 2023, PRA Events, Inc., acquired Weil & Associates, which is a Hawaiian destination management company in order to expand its talent & reach in the market.
In April 2023, Cvent Holding Corp. was acquired by Blackstone. With this acquisition, it will incorporate new expertise in the events & hospitality industry.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the event marketing service market analysis from 2022 to 2032 to identify the prevailing event marketing service 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 event marketing service 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 event marketing service market trends, key players, market segments, application areas, and market growth strategies.
Event Marketing Service Market Report Highlights
Market Size By 2032
USD 972 billion
CAGR of 7.2%
2022 - 2032
By Event Type
By End User
Key Market Players
PRA Events, Inc., Planit Inc., Hello Destination Management, LLC, Bassett Events, Jack Morton Worldwide Inc., VIVA Creative, Maritz Holdings LLC, Cvent Holding Corp., CWT Global B.V., The Freeman Company, LLC
The perspective of the leading CXOs in the event marketing service industry is presented in this section. Hybrid & virtual events have become more popular as a result of the COVID-19 pandemic, and this pattern is anticipated to last in the future. Event marketing services need to adapt & develop methods that successfully promote & enhance the virtual event experience using virtual event platforms & interactive components, and guarantee smooth attendee participation. In event marketing, customization is one of the essential components; thus, it uses data analytics, artificial intelligence (AI) technologies, and attendee profiling to deliver tailored marketing messages, customize event experiences to specific attendee preferences, and increase audience engagement & satisfaction.
The goal of event marketing services is to design extraordinary, immersive experiences that captivate visitors and encourage deep participation. This entails utilizing gamification, live streaming, interactive technologies, networking possibilities, and personalized content to create memorable experiences that go beyond conventional event formats. For event marketing services, the capacity to calculate ROI is essential for expanding the profit margin for market players. Moreover, assessing the effects of marketing initiatives, attendee engagement, and overall event success is made possible by sophisticated analytics tools and data-driven insights.