The U.S. corporate event market size was valued at $95.3 billion in 2020, and is estimated to reach $510.9 billion by 2030, registering a CAGR of 17.3% from 2021 to 2030.
Corporate event refers to public gathering of at a predetermined time and place for incentive group events, marketing events, product launches, company general meetings, corporate retreats, or training programs, conference/seminar, and tradeshows/exhibition. The purpose for staging an event can be increase in business profitability, celebratory, and 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. The key stakeholders within the corporate events market are corporate organizations, public & private organizations, and similar others.
Technological progress plays an important role in the U.S. corporate event industry. Conference/seminar events have been transformed with the introduction of latest technology. Earlier, an overhead projector was all event planners requested, whereas wireless connectivity has become imperative for the growth and productivity of organizations in the U.S. Moreover, LCD projectors, video conferencing, and fast notebooks are the new standard requirements in the U.S. corporate event market.
Strong economic growth of the U.S. is one of the major factors that boosts the growth of the U.S. corporate event market. In addition, rapid development of the business travel sector in recent decades has positioned the U.S. to be the largest market across the world. The growth of the U.S. corporate event market is driven by liberalization to access trade license and government initiatives to encourage private investment & FDIs. Moreover, initiatives to develop the corporate event segment has fueled the frequency of business travels in the U.S., thereby supplementing the U.S. corporate event market growth.
Ease of visa restrictions, investments in better infrastructure, and rise in number of travelers in commercial aviation from the U.S. are some of the other factors that fuel the growth of the U.S. corporate event market. Moreover, surge in penetration of internet & technology in densely populated states augments the growth of the U.S. corporate event market. Therefore, developments in the corporate event market majorly drive the economic growth and intellectual development.
According to the U.S. corporate event market analysis, the market is segmented based on event type, industry, and states. On the basis of event type, it is segmented into conference/seminar, trade shows/exhibitions, incentive programs, company meetings, and others. Based on the industry, the market is segmented into banking and financial sector, information technology, real estate and infrastructure, automotive, insurance, and others. The U.S. corporate event market is analyzed across various states that includes Wisconsin, California, Texas, New York, Florida, Illinois, and rest of U.S.
The outbreak of COIVID-19 pandemic has resulted in the cancellations of various corporate events, such as investor presentations, international seminars, and trade shows. On the contrary, the hosts of these events are focusing on adoption of video conferencing systems to host these events, which is anticipated to positively impact the market growth. Furthermore, various governments and law enforcement agencies are focusing on carrying out events through these systems, owing to the lockdown imposed across countries. The year 2020 witness loss of 1 billion international tourist arrival and a loss of around $1.3 trillion in tourism exports across the globe. According to UNWTO, the global tourism industry suffered 11 time more loss due outbreak of COVID-19 in comparison of global economic crisis in 2008. The outbreak of the COVID-19 pandemic has posed a severe threat to the U.S. corporate event market and global MICE industry as well.
As per the U.S. corporate event market forecast, by event type, the company meetings segment is estimated to exhibit the highest CAGR of 18.9% in the U.S. corporate event market during the forecast period.
By Event Type
Conference/Seminar segment held the major share of 53.2% in 2020
This is attributed to the development of the travel & tourism industry, surge in international business travels, and expansion of the information technology sector. Conference/seminar segment held the major share of 53.2% in the U.S corporate event market in 2020, and is expected to maintain its dominance throughout the forecast period. This is attributed to increase in meetings activities in several industries such as information technology, banking & finance sector, food & beverages, real estate & infrastructure, and automotive.
As per the U.S. corporate event market trends, by industry, the information technology segment held 33.3% of the U.S. corporate event market share in 2020, owing to the fact that many IT companies such as Apple, Oracle, Dell, Amazon, Facebook, IBM, Qualcomm, and Microsoft are headquartered in the U.S, which is the largest tech market across the globe, which contributes 32% of the total share in the technology market for 2020.
Information Technology segment held the major share of 33.3% in 2020
State wise, New York accounted for a significant market share in 2020. The priorities of attendees attending corporate event in New York is networking (82%), learning (71%), and entertainment (38%).
Players operating in the U.S. corporate event market have adopted various developmental strategies to expand their market share, exploit the U.S. corporate event market opportunity, and increase profitability in the market. The key players profiled in this report include 360 Destination Group, Access Destination Services, BCD Travel Services B.V., BI Worldwide, CWT, Cievents, Creative Group, Inc., ITA Group, Maritz Holdings, Inc., and Reed Exhibitions Ltd.
New York held the higest market share of 15.8% in 2020
Key market benefits for stakeholders
- The report provides an extensive analysis of the current & emerging trends and opportunities in the U.S. corporate event market.
- It provides detailed qualitative and quantitative analyses of current trends and future estimations, which help understand the prevailing market opportunities.
- A comprehensive analysis of factors that drive and restrict the growth of the U.S. corporate event market is highlighted in the study.
- An extensive analysis of the U.S. corporate event market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential & niche segments as well as states exhibiting favorable growth.
U.S. Corporate Event Market Report Highlights
Key Market Players
ACCESS DESTINATION SERVICES, CWT, BI WORLDWIDE, BCD Travel Services B.V., MARITZ HOLDINGS INC., REED EXHIBITIONS LTD., CREATIVE GROUP, INC., 360 DESTINATION GROUP, CIEVENTS, ITA GROUP
According to the top-level CXOs of the leading companies, strong economic growth of the U.S. is one of the major factors that boosts the growth of the corporate event market in this country. In addition, rapid development of the business travel sector in recent decades has positioned the U.S. to be the largest market across the world.
Corporate events in the U.S. states are gaining popularity, which give rise to inbound travels, domestic trips, and outbound departures. Industries and direct marketing firms prefer to approach international event organizers rather than local organizers for corporate events hosting large number of participants. Conversely, other segments such as automotive, pharmaceuticals, IT, financials, and food & beverage sectors prefer domestic corporate event destinations for brand promotions.
The CXOs further added that the growth of the corporate event industry in the U.S. is driven by liberalization to access trade license and government initiatives to encourage private investment & FDIs. Moreover, initiatives to develop the corporate event segment has fueled the frequency of business travels in the U.S., thereby supplementing the market growth.
Ease of visa restrictions, investments in better infrastructure, and rise in number of travelers in commercial aviation from the U.S. are some of the other factors that fuel the growth of the U.S. corporate event market. Moreover, surge in penetration of internet & technology in densely populated states augments the growth of the market. Therefore, developments in the corporate event market majorly drive the economic growth and intellectual development.