PUBLISHER: Allied Market Research | PRODUCT CODE: 1365800
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365800
According to a new report published by Allied Market Research, titled, "Event Marketing Service Market," The event marketing service market was valued at $447.7 billion in 2022, and is estimated to reach $972 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.
Event marketing services help to advertise the event to increase its visibility & attendance. For this purpose, marketing initiatives must be developed and put into action using a variety of channels, including social media, email marketing, content development, advertising, public relations, and the use of influencers or media partnerships. Event marketing services use techniques to include participants before, during, and after the event to provide a memorable and participatory experience. Gamification, interactive seminars, networking possibilities, real-time polling, surveys, and follow-ups after events are some instances of such marketing services tactics.
The market is analyzed on the basis of service, event type, end user, and region. By service, it is divided into event planning & management, event promotion & publicity, event sponsorship & partnerships, and others. As per event type, it is segmented into trade shows, product launches, exhibitions & conferences, promotional events, and others. Depending on end user, it is classified into corporate, trade associations, educational institutions, entertainment, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, Italy, Spain, the UK, and rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, United Arab Emirates, and rest of LAMEA).
Businesses must take ROI into account when allocating marketing budgets. The indicators for measuring the success of events, such as attendee engagement, lead generation, sales conversions, and brand exposure, are provided by event marketing services which help in increasing ROI during a particular period of time. Demand for event marketing services is driven by the ability to track event performance and provide ROI.
Delivering targeted event experiences depends heavily on event marketing services that offer sector-specific expertise and target niche markets. Industry knowledge and the need for customized strategies are what is driving demand for industry-focused event marketing services.
Sustainability and eco-friendly methods at events are becoming more important to clients & attendees. Event marketing service providers must modify their operations to include sustainable event management strategies into practice as well as locating eco-friendly suppliers. On the other hand, in the event marketing services market, establishing and preserving solid customer connections is crucial. Thus, managing client expectations, fulfilling particular event needs, and guaranteeing client satisfaction can be difficult. But this can be achieved through implementation of relevant strategies. Thus, effective client relationship management is a necessary step for service providers if they want to keep their current customers and attract new ones.
Further, collaboration with industry leaders & influencers raises the profile and legitimacy of events. To promote events, boost attendance, & amplify brand messaging, influencers along with event marketing service providers help customers & form connections. Moreover, it improves the quality & value of events to include thought leaders and subject matter experts as speakers or panels. Events are a key component of integrated marketing campaigns, and service providers for event marketing promote themselves as partners in delivering comprehensive marketing plans. Service providers maximize the impact of events by integrating digital marketing, content marketing, social media, and traditional advertising into event experiences to match them with larger marketing campaigns.
Professionals with the necessary skills, such as event planners, marketers, designers, technologists, and project managers, are in high demand in the event marketing sector. The competitive nature of the market, strong demand for event marketing services, and requirement for specialized knowledge make it difficult to attract & keep top clients and customers. The quantity & quality of services offered are impacted by skilled labor shortages. To remain competitive and meet customer expectations, event marketing service companies must consistently make investments in technology. However, implementing new technology is expensive and requires numerous resources. Thus, some service providers find it difficult to keep up with the quickly changing technologies in the market.
The major players operating in the global event marketing service market are Bassett Events, Cvent, CWT Meetings & Events, Freeman, Hello Destination Management, Jack Morton Worldwide, Maritz Global Events, Planit Inc., PRA Business Events, and Viva Creative. One such firm, Encore Event Technologies, specializing in event production and technology solutions, was bought by Freeman, a top global provider of event management services in 2019. With the help of this acquisition, Freeman was better equipped to provide audiovisual services, event technology, & staging, expanding its menu of event solutions. In addition, Social Tables was bought by Cvent, a well-known provider of event management technology, in 2018. The software for event seating, diagramming, and check-in was introduced by Social Tables. Through the acquisition, Cvent was able to improve its event planning and diagramming abilities, giving customers a seamless end-to-end event management solution.
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