According to a new report published by Allied Market Research, titled, “Events Industry by Type, Revenue Source, Organizer, and Age Group: Opportunity Analysis and Industry Forecast, 2021–2028,” the events industry size was valued at $1,135.4 billion in 2019 and is expected to reach $1,552.9 billion by 2028, registering a CAGR of 11.2% from 2021 to 2028. The term event refers to organizing a show which involves public gathering at a pre-determined place and time. The most popular events include conference & exhibition, corporate events & seminar, promotion & fundraising, music & art performance, sports, festival, trade shows, product launch, and similar others. The initial stage of a major event involves understanding the audience and their behavior that excite and emotionally engage them. The final stage involves conducting an event appropriately.
In the past few decades, global economies have been seeking ways to utilize the potential of youth in entrepreneurship and start-up ventures. Various events & programs such as seminars, conferences, entrepreneurship programs, fora, and others are organized to offer guidelines and solutions for the youth. Different countries organize and invest in various programs to see whether students can leverage untapped business opportunities. Increase in number of attendees at business seminars and proper counselling programs has enabled youth to convert their innovative business ideas into viable plans. This has resulted in the growing interest among youth toward such conferences, seminars, and career-related events, which is expected to propel the demand for events globally, thereby driving the growth of the events industry.
The global events industry is segmented based on type, revenue source, organizer, age group, and region. Depending on type, the industry is divided into music concerts, festivals, sports, exhibitions & conferences, corporate events & seminar, and others. By revenue source, it is classified into ticket sale, sponsorship, and others. On the basis of organizer, it is categorized into corporate, sports, education, entertainment, and others. As per age group, it is segregated into below 20 years, 21–40 years, and above 40 years.
The COVID-19 pandemic has had a significant impact on the global events market, due to the travel restriction across the globe in an attempt to prevent the pandemic spread. Furthermore, it is expected that three out of four event management and associated players are unlikely to survive by second half of 2021, if event industry is not promoted and incentivized albeit COVID-19 pandemic. The hosting of large-scale events not only provides employment for event related players but also offers employment to myriad of stakeholders from truckers to ticket sellers, caterers to crews, sound and lighting technicians, hotels and hospitality. The pandemic has adversely affected associated industries as well. Nevertheless, the virtual and hybrid event industry has seen great upsurge amidst the pandemic; however, the in person event industry is likely to take considerable amount of time for stabilizing.
Key Findings Of The Study
- By region, Europe dominates in terms of global events industry however, Asia Pacific is expected to gain dominance at the end of the forecast period.
- By product type, the buckle carrier segment led in terms of market share, in 2019; and is expected to grow with robust CAGR in the upcoming years.
- By revenue source, the sponsorship segment accounted for about four-fifth market share of the baby carriers market in 2019; and is projected to grow at the highest CAGR during the forecast period.
- By organizer, the entertainment segment is expected to gain market share in the upcoming years and is estimated to grow at a CAGR of 12.4% during the forecast period.
- By region, Asia Pacific region is anticipated to grow with robust CAGR of 13.3% during the forecast period.
The key players profiled in the report includes Access Destination Services, BCD GROUP (BCD MEETINGS & EVENTS), ATPI Ltd., Riviera Events, Entertaining Asia, Live Nation Worldwide Inc., StubHub, Anschutz Entertainment Group, Pollstar, Cvent Inc., Capita Plc., Reed Exhibitions, Questex LLC, Outback Concerts, the Freeman Company, Penguins Limited, CL Events, Seven Events Ltd., Clarion Events Ltd., and Versatile Event Management.