According to a new report published by Allied Market Research, titled, "Events Industry by Type, Revenue Source, Organizer, and Age Group: Global Opportunity Analysis and Industry Forecast, 2019-2026," the events industry size was valued at $1,100 billion in 2018, and is projected to reach $2,330 billion in 2026, registering a CAGR of 10.3% from 2019 to 2026. 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 2018, based on type, the corporate events & seminars segment garnered the maximum events industry share, owing to rise in number of companies and frequent 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 category is anticipated to grow at the highest CAGR of 11.9% 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 boost 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.
Depending on revenue source, the sponsorship segment accounted for the highest revenue in 2018. This is attributed to unlimited opportunities the organizers find to broaden their competitive advantage. Moreover, sponsoring an event increases reach among potential buyers and customers, thereby boosting the growth of the events industry.
By age group, the 21-40 years segment contributed the maximum revenue in 2018, owing to growing interest toward entrepreneur & business seminars, conferences that offer proper guideline & direction to the youth for establishing a start-up, along with music concerts and festive gatherings.
Region wise, Europe was the highest revenue contributor in 2018, 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 being in the region.
Among the myriad of events held around the globe, the most common are corporate events and seminars. In Asia-Pacific and Europe, the event occurrence number is comparatively high.
However, entering into this industry may require high initial costs and can be risky due to the presence of existing giants. Thus, industry fragmentation is anticipated to hinder the growth of the industry during the events industry forecast period.
Key Findings of the Events Industry :
- Region wise, Asia-Pacific is anticipated to lead the industry during the forecast period.
- Based on type, the corporate events & seminars category occupied the maximum share in 2018.
- By revenue source, the sponsorship category dominated the overall events industry in 2018, and is expected to dominate the market during the forecast period.
- Depending on organizer, the entertainment category is anticipated to grow at highest growth rate during the forecast period
- On the basis of age group, the 21–40 years category contributed to the maximum share in 2018.
The key players operating in the events industry analysis focus on prominent strategy to overcome competition and to maintain as well as improve their events industry share worldwide. 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.