Event Services Market Research, 2031
The global event services market size was valued at $515.80 billion in 2021, and is projected to reach $1,349.00 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.
The growth of the event services market is driven by massive increase in business activities such as conference/seminar, brand promotions, employee training activities, development in the tourism & hospitability sectors, and growth in IT hubs across the globe. Other significant factors that promote the growth of the market include rise in business travel coupled with change in lifestyle of business travelers to seek leisure trips, rapid urbanization, and increase in disposable incomes. Therefore, surge in business activities fuel the demand for the services of event planners, personnel service providers, and furniture & equipment rental services. Furthermore, deployment of best-in-class technology that can handle the entire event propels the industry growth. Moreover, multi-dimensional events act as a key driver of the event services market growth.
The event services market is segmented into Service, Event Type, End User and Organization. On the basis of service, the market is fragmented into strategy, planning, budget & development; communication & logistics; attendees management & engagement; event catering; virtual or hybrid event enabler; location rental; and others. As per the event type, it is segregated into music concert, festivals, sports, exhibitions & conferences, corporate events & seminar, and others. By end user, it is categorized into corporate, sports, education, entertainment, and others. According to organization, it is classified into small & medium enterprises, large enterprises, and government bodies & NGOs.
Depending on the service, in 2021, the location rental segment dominated the market, garnering a 30.9%. of market share however, the virtual or hybrid event enabler segment is expected to grow at a highest CAGR of 9.8% from 2022 to 2031. This growth is attributable to surge in adoption of the ICT technologies among the event planners and the corporate houses across the globe. Moreover, COVID-19 pandemic is the major factor behind the rapid growth of this segment.
On the basis of event type, the corporate events & seminars segment garnered the maximum event services market share, in 2021, owing to rise in number of companies and surge in frequency of seminars & events conducted by them. In addition, such seminars and events involve interaction between speaker and audience, thus attracting more attendees. On the other hand, the music concerts segment is anticipated to grow at the highest CAGR of 9.2% during the forecast period.
This is attributed to increase in popularity of such events among the global population, especially the youth and middle-aged individuals, which boosts the growth of the events industry. Furthermore, such music concerts and events offer valuable opportunities for promoters and brands to align themselves with people attending concerts.
Venue and the catering are among the top cost components in the event services industry. The location of the event and food & beverages served during events significantly influence the success of an event. Increase in penetration of the digital technologies, owing to the presence of developed IT and telecommunications infrastructure contributes in the market growth. Technological advancement in digital technologies drives the growth of the hybrid events across the globe.
As per the event services market forecast, entertainment is the largest and fastest-growing segment in the global event services market. It captured market share of 28.9% in 2021 and is expected to growth at the highest CAGR of 8.6% from 2022 to 2031. Growth in entertainment industry and rise in consumer expenditure on the entertainment is expected to boost the growth of this segment in the forthcoming years.
Depending on the organization, the small and medium enterprises segment was the leading segment, garnering a market share of 68.9% in 2021. Rise in presence of the small & medium sized enterprises and increase in number of corporate events conducted by them propel the growth of this segment. Small & medium enterprises are the backbone of the global economy.
Region wise, Europe was the highest revenue contributor in 2021, as this region has been extremely successful in winning conferences of international associations with over half of the top cities and countries selected as destinations for international association conferences.
The event services market is highly fragmented owing to the presence of numerous players in the market. These market players are constantly engaged in various developmental strategies, such as acquisition, mergers, partnership, business expansion, and new product launches, which increase the intensity of competitive rivalry in Europe. The major players profiled in the report are Access Destination Services, ATPI Ltd., Bassett Events, Inc., BCD Group, FX Group Ltd., Intelligent Protection International Limited, International Security Agency, Martin Auto Ltd., StubHub, and Wonderland.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the event services market analysis from 2021 to 2031 to identify the prevailing event services 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 services 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 services market trends, key players, market segments, application areas, and market growth strategies.
Event Services Market Report Highlights
| Aspects | Details |
 By Service |
|
 By Event Type |
|
 By End User |
|
 By Organization |
|
 By Region |
|
 Key Market Players | Intelligent Protection International Limited, Basset Events, Inc., ATPI Ltd., FX Group Ltd., StubHub, Access Destination Services, wonderland, BCD Group, Martin Audio Ltd., International Security Agency |
Analyst Review
According to the perspective of the top-level CXOs, the event services market is growing at a significant pace and is anticipated to continue this trend in the future. Events are playing a vital role in revenue generation and brand equations for corporates and associations. It is observed that events conducted nowadays are interesting compared to the ones conducted in the past decade, driving shifts in choices of consumers and pressurizing event planners and owners. This industry is witnessing the entry of new and independent players who are leveraging technology to gain a competitive advantage in the today’s consolidated environment. However, companies are facing challenges in this industry to manage live inventory for simple and small events. Conversely, focus of companies is to enhance attendee experience and witness successful completion of an event without any hindrance.
The event services market was valued at $515.8 billion in 2021 and is expected to reach $1,349.0 billion by 2031, registering a CAGR of 7.6% from 2022 to 2031.
The global event services market is expected to grow at a CAGR of 7.6% from 2022 to 2031. The growth of the event services market is driven by massive increase in business activities such as conference/seminar, brand promotions, employee training activities, development in the tourism & hospitability sectors, and growth in IT hubs across the globe.
The sample of the event services market report is available on request on the website of Allied Market Research.
The forecast period calculated in the global event services market report is from 2022 to 2031. The report provides a detailed insights of the upcoming market trends, market size in each year, and growth rate during the forecast period.
The major players profiled in the report are Access Destination Services, ATPI Ltd., Bassett Events, Inc., BCD Group, FX Group Ltd., Intelligent Protection International Limited, International Security Agency, Martin Auto Ltd., StubHub, and Wonderland.
The event services market is segmented on the basis of service, event type, end user, organization, and region. On the basis of service, the market is fragmented into strategy, planning, budget & development; communication & logistics; attendees management & engagement; event catering; virtual or hybrid event enabler; location rental; and others. As per the event type, it is segregated into music concert, festivals, sports, exhibitions & conferences, corporate events & seminar, and others. By end user, it is categorized into corporate, sports, education, entertainment, and others. According to organization, it is classified into small & medium enterprises, large enterprises, and government bodies & NGOs.
Asia-Pacific is one of the fastest-growing market in the global event services market. The Asia-Pacific event services market is expected to grow at a significant CAGR of 9.5% from 2022 to 2031. Asia-Pacific are witnessing increase in sports leagues, digital activation, and ability to grow & adapt with innovative technologies, which is favoring the market growth.
Region wise, Europe was the highest revenue contributor in 2021, as this region has been extremely successful in winning conferences of international associations with over half of the top cities and countries selected as destinations for international association conferences.
The outbreak of the COVID-19 pandemic negatively impacted the event services industry in 2020. Lockdown measures implemented by the government was an attempt to curb the spread of the virus, which led to cancellation of almost all the exhibitions, in-person meetings, trade shows, conventions, and seminars. Moreover, a rapid decline in the international tourist arrivals during the pandemic led to the decline in the growth of the events services industry.
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