PUBLISHER: Allied Market Research | PRODUCT CODE: 1365715
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365715
According to a new report published by Allied Market Research, titled, "Events Industry Market," The events industry market was valued at $1.1 trillion in 2019, and is estimated to reach $2.1 trillion by 2032, growing at a CAGR of 6.4% from 2023 to 2032.
The global events industry market is analyzed on the basis of type, revenue source, age group, distribution channel, and region. By type, the market is divided into synthetic wigs, human hair wigs, and animal hair wigs. By application, the market is divided into personal and commercial. By distribution channel, it is classified into specialty stores, department stores, online sales channel, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Italy, Spain, Germany, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Middle East, and the rest of LAMEA).
The impact of the COVID-19 outbreak had a negative effect on the growth of the global events industry market. The restrictions and lockdown resulted in the halting of organization of events and functions, gradually impacting the overall growth of the industry. However, a recovery of the events industry market is expected in the near future owing to the rise in demand for event services from various sectors on a global scale.
The primary driving force behind the expansion of the events industry market is the substantial increase in global event sponsorships. Prominent players from various industries have made significant investments in events, such as sporting competitions and concerts, as a strategic approach to promote and create awareness about their products and services. As an effort of sponsoring these events, companies aim to leverage the wide reach and engaged audience that such gatherings attract, which ultimately results in improved brand visibility, increased customer engagement, and potential business growth opportunities. This surge in sponsorships highlights the pivotal role events play in the modern business landscape, positioning them as a key driver of market growth and competitiveness. Event sponsorship has become a critical strategic investment for businesses who seek enhanced brand visibility and targeted marketing opportunities. Companies extend financial support to events or organizations through sponsorships, thereby gaining a valuable platform to promote their products to a wide consumer audience. This strategic approach effectively enhances product acceptance among different groups of customers. Moreover, the potential for tax deductions on sponsorship expenses serves as an added incentive for businesses to capitalize on these opportunities, which helps to optimize their returns on marketing investments. In addition, event sponsorship offers a wide range of benefits that facilitate the achievement of marketing, branding, and financial objectives for businesses. It also fosters brand loyalty and allows companies to better understand and cater to consumer preferences. Furthermore, events serve as effective tools to captivate the interest of both existing and potential customers, which thus leaves a positive impression that contributes to heightened brand loyalty.
Event organization involves substantial expenditure which consists of various cost factors that contribute to the overall operational outlay. These expenses comprise on-site fees, venue costs, food and catering expenditures, event rentals, entertainment expenses, and production costs. On-site expenses refer to charges levied by the event venue, which can significantly impact the overall budget of an event. The venue costs comprise multiple components such as security deposits, room rentals, insurance coverage, and parking fees. The food and catering component encompasses the expenses associated with furnishing beverages, meals, and server wages, in addition to other relevant costs. Furthermore, a notable outlay in event management pertains to production expenditures, which consists of the strategic coordination and administration of various logistical elements, as well as endeavors to attract attendees. Thus, these expenditures collectively impose a substantial financial burden on event organizers, posing a significant obstacle to the expansion of the global event industry market.
Online booking, phone calls, emails, and video conferences have made event planning cost-effective and easily accessible. This shift has expanded the customer base through creative digital means. Smartphones, desktop apps, and mobile apps have streamlined event organization, which thus makes it more efficient and manageable. Webinars and video conferences offer seamless event experiences and create lucrative opportunities for market expansion in forthcoming years. Technology has enabled event managers to handle logistics, registration, and ticketing processes with ease, which enhances attendee experiences and satisfaction throughout the event. Real-time communication tools improve team coordination and help in the reduction of errors. Data analytics allows for better customer engagement and personalization, which significantly allows the companies to increase their brand loyalty. The trend of online events is expected to grow, and it presents businesses with opportunities to reach global audiences and foster international collaborations, thus boosting the market growth.
The major players operating in the global events industry market are 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.
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