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2022

U.S. Corporate Event Pro-Av Services Market

U.S. Corporate Event Pro-Av Services Market Size, Share, Competitive Landscape and Trend Analysis Report, by Category, by Platform Type and, by Event Type : Country Opportunity Analysis and Industry Forecast 2022-2031

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Author's: Gururaj Patil | Roshan Deshmukh
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The U.S. corporate event pro-av services market size was valued at $2,169.3 million in 2021, and is expected to reach $4,879.7 million by 2031, registering a CAGR of 6.0% from 2022 to 2031.

Corporate event refers to gathering of employees at a predetermined time and place for incentive group events, marketing events, product launches, company general meetings, corporate retreats, training programs, conferences/seminars, and tradeshows/exhibitions. The purpose of staging an event can be increase in business profitability, celebratory, or community causes. Corporate events help to build and strengthen relationship with existing and future clients and agencies. It serves as a way of conveying a message to inspire and motivate employees, stakeholders, and business associates. Key stakeholders within the corporate events market include corporate organizations and public & private organizations. 

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Corporate event pro-av services are audio visual services provided in corporate events such as conferences, seminars, trade shows, exhibitions, incentive programs, and company meetings. These include sounds, visuals, lightings, webcasting, and related services. The purpose of conducting a corporate event includes business profitability, celebratory, entertainment, and promotions. 

Growth of the U.S. corporate event pro-av services market is driven by surge in frequency of conducting corporate meetings, inductions, conferences, and exhibitions. Furthermore, deployment of best-in-class technology that can handle an entire event propels the industry growth. Moreover, multi-dimensional events act as a key driver for growth of the U.S. corporate event pro-av services market forecast period. 

Moreover, introduction of new media platforms and distribution methods offer scope for giants to interact and organize events involving artists, performers, speakers, and business coaches. However, surge in market entry cost and rise in industry fragmentation hinder the U.S. corporate event pro-av services market growth. In general, corporate events are activities that involve attendees who share a common interest and gather together for discussions and interactions. The venue for such events need to be arranged beforehand, as venues provide space and facilities necessary to meet the needs of those who attend the gathering.

U.S. Corporate Event Pro-Av Services Market
By Category
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Webcasting segment is expected to grow at the highest CAGR during the forecast period

The U.S. corporate event pro-av services market is segmented on the basis of service category, platform type, and event type. Depending on category, it is segregated into sound, visuals, lighting, webcasting, and others. By platform type, it is fragmented into virtual events, hybrid events, and physical event. By event type, it is categorized into conferences/seminars, trade shows/exhibitions, incentive programs, company meetings, and others. 

Depending on the category, the sound segment dominated the market in 2021, garnering 41.1% of the market share and the webcasting segment is expected to grow at the highest CAGR of 6.7% from 2022 to 2031 in the U.S. corporate event pro-av services market. The rapid adoption of AV technologies by corporations and event planners around the world was blamed for this expansion. In addition, the COVID-19 pandemic is the primary reason for this market's explosive expansion. Moreover, large audiences can be addressed by speakers, audio control as well as transmitters which are vital for significant events since they facilitate communication and are especially useful in venues like auditoriums, stadiums, and outdoor theatres. One of the essential pieces of equipment utilized to improve the caliber of events is sound equipment. These factors are fueling the demand for U.S. corporate event pro-av services market trends.

U.S. Corporate Event Pro-Av Services Market
By Platform Type
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The virtual event segment is expected to grow at the highest CAGR during the forecast period

By platform type, the physical event segment dominated the market in 2021, garnering a market share of 56.6%. This market has grown as a result of the significant presence of small and medium-sized businesses and the rise in the number of corporate events held by them. Large corporations also hosted quarterly and annual meetings, conferences, and training sessions, which contributed to the expansion of the physical events of the U.S. corporate event pro-av services industry. Physical events are the most often held events since there is already a large body of methodology and procedures for doing them. These gatherings are crucial for activities including exchanges between teams, business networking, team development, and team strengthening exercises. Physical events require the use of lighting, sound, video, and decorations to accommodate a larger audience without causing informational gaps or interactional difficulties. In addition, attendance's physical presence at events aids in giving organizers physical clues on how to proceed with a gathering and aids in giving them real-time feedback, both of which aid in promoting these physical gatherings. Thus, these factors are expected to create U.S. corporate event pro-av services market opportunities for the key players.

U.S. Corporate Event Pro-Av Services Market
By Event Type
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Conference/Seminar segment contribute the highest revenue share

By event type, the conferences/seminars segment dominated the market in 2021, garnering a market share of 46.1%. This market has grown as a result of the significant increasing in the conferences/seminar events. Conferences are typically held for at least one day and are used by corporations to present information to a targeted audience. They are frequently used to educate and motivate attendees; however, they also provide an opportunity to increase collaboration and engage the audience. Conferences are a popular format for business events as they can be tailored to various stakeholder groups such as employees, consumers, and resellers. Which is expected to boost the U.S. corporate event pro-av services market share in the globe.

Due to various participants in the market, the U.S. corporate event pro-AV services market is extremely fragmented. The ongoing use of numerous development methods by these market participants, including partnerships, business expansion, acquisitions, mergers, and the introduction of new goods and services, heighten global competitiveness in the marketplace.

Major players profiled in the U.S. corporate event pro-av services market analysis report are Audio Visual Dynamics, Av Concepts, Inc., DSPAV, Event Solutions, Freeman Company, LLC, Meeting Tomorrow, Panavid, Inc., Pro AV Services LLC, Shepard Exposition Services, Inc., and Viad Corp.

Key benefits for stakeholders

  • The study provides an in-depth analysis of the U.S. corporate event pro-av services market along with the current and future trends to elucidate the imminent investment pockets in the market.
  • Current and future trends are outlined in the report to determine the overall market attractiveness and single out profitable trends to gain a stronger foothold in the market.
  • The report provides information regarding drivers, restraints, and opportunities with impact analysis.
  • A quantitative analysis of the current market and estimation for the same from 2021 to 2031 is provided to showcase the financial competency of the market.
  • Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
  • Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
  • Competitive intelligence highlights business practices followed by leading market players across various regions.
     

U.S. Corporate Event Pro-Av Services Market Report Highlights

Aspects Details
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By Category
  • Sound
  • Visuals
  • Lighting
  • Webcasting
  • Others
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By Platform Type
  • Virtual Event
  • Hybrid Event
  • Physical Event
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By Event Type
  • Conference/Seminar
  • Trade Shows/Exhibitions
  • Incentive Programs
  • Company Meetings
  • Others
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Key Market Players

DSPAV, Shepard Exposition Services, Inc., Viad Corp, Panavid, Inc., Freeman Company, LLC, Av Concepts, Inc., Meeting Tomorrow, Pro AV Services LLC, Audio Visual Dynamics, Event Solutions

Analyst Review

According to perspective of top-level CXOs, the corporate event pro-av services market is growing at a significant pace and is anticipated to continue this trend in the future.

Events play 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 shift in choices of consumers and pressurizing event planners and owners. Pro-av services are becoming key attraction of any corporate events as it helps in engaging and entertaining the audience.

This industry is witnessing entry of new and independent players who are leveraging technology to gain a competitive advantage in the present 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.

Author Name(s) : Gururaj Patil | Roshan Deshmukh
Frequently Asked Questions?

The U.S. Corporate Event Pro-Av Services Market was valued at $2,169.3 million in 2021, and is estimated to reach $4,879.7 million by 2031.

U.S. Corporate Event Pro-Av Services Market is expected to register CAGR of 6.0% during the forecast period.

Forecast period in the U.S. Corporate Event Pro-Av Services Market report is 2022-2031.

The key players profiled in this report include Audio Visual Dynamics, Av Concepts, Inc., DSPAV, Event Solutions, Freeman Company, LLC, Meeting Tomorrow, Panavid, Inc., Pro AV Services LLC, Shepard Exposition Services, Inc., and Viad Corp.

By category, platform type, and event type are the segments of U.S. Corporate Event Pro-Av Services Market.

2021 is the base year calculated in the U.S. Corporate Event Pro-Av Services Market.

By platform type, the virtual event segment of the U.S. Corporate Event Pro-Av Services Market is estimated to witness the fastest growth, registering a CAGR of 7.1% during the forecast period.

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U.S. Corporate Event Pro-Av Services Market