Events Industry Predicted to Make a Robust Comeback After the Pandemic Debacle with a Stunning CAGR of 13.7% in the 2022-2031 Timeframe [350-Pages] | Explained by Research Dive

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Research Dive

May 22, 2023, 06:30 ET

NEW YORK , May 22, 2023 /PRNewswire/ -- The global events industry is expected to experience significant growth by 2031, owing to the surging events sponsorship throughout the globe. Regionally, the Europe region generated the highest revenue in 2021.  

Global Events Industry Forecast Analysis:  

As per the report published by Research Dive, the global events industry is anticipated to garner a revenue of $2,972.4 billion and rise at a fascinating CAGR of 13.7% during the estimated timeframe from 2022 to 2031. 

Segments of the Global Events Industry

The report has divided the events industry into the following segments:

  • Type: music concerts, festivals, sports, exhibitions & conferences, corporate events & seminars, and others
    • Festivals – Expected to have the fastest growth by 2031
      The increasing prevalence of events including festivals and music, various games and activities along with catering services among all age groups, especially the young and middle-aged population is expected to foster the growth of the market sub-segment forward.
  • Revenue Source: ticket sale, sponsorship, and others
    • Sponsorship – Predicted to experience the fastest growth by 2031
      The increasing benefits of sponsorship for an organization such as enhancing the brand's visibility, highlighting the product and its usefulness, and enabling the companies to reach out to potential customers are expected to augment the growth of the market sub-segment further.
  • Organizer: corporate, sports, education, entertainment, and others
    • Entertainment – Held the largest revenue in 2021
      The increasing importance of entertainment events in relieving stress, providing a unique experience, and boosting the mood of individuals is expected to magnify the growth of the market sub-segment in the coming period.
  • Age Group: below 20 years, 21-40 years, and above 40 years
    • 21-40 Years – Expected to rise at the highest CAGR by 2031
      The increasing participation of individuals between the 21-40 years of age group in different sports events, music concerts, exhibitions, festivals, corporate events, business meetings, and many more are expected to uplift the growth of the market sub-segment further.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • Europe - Held the largest revenue in 2021
      The increasing sponsorships and events attendance rates at various events and the growing popularity of educational events, concerts, cultural events, sports events, business conferences, trade shows, meetings, and festivals across the region are expected to drive the regional growth of the market over the analysis period.

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Dynamics of the Global Events Industry

The increasing government and business sponsorships in organizing various events to help companies promote their products and allure potential audiences across the globe is expected to fortify the growth of the events industry over the forecast period. Besides, several companies sponsor various events such as music concerts or sports events to increase brand awareness, develop a brand image, and improve their sales, which is further expected to propel the growth of the market during the analysis timeframe. However, the high cost of organizing an event including venue costs, food & catering cost, and many more may impede the growth of the market throughout the estimated period.  

With the rise of the pandemic, many businesses have started promoting virtual events owing to the stringent lockdowns, travel restrictions, and ban on social gatherings which are expected to create excellent investment opportunities for the market over the forecast period. 

Covid-19 Impact on the Global Events Industry

The rise of the Covid-19 pandemic has brought several uncertainties across various businesses including the events industry. This is mainly due to the lockdowns, travel constraints, restrictions on social gatherings, and quarantine during the pandemic period. This resulted in heavy losses in earnings and the laying of a huge number of staff in the events industry. Moreover, the postponement of several international events and the cancellation of many various events such as prominent festivals, weddings, exhibitions, and many more have further declined the growth of the market throughout the crisis.

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Key Players of the Global Events Industry

The major players of the market include

  • CL Events
  • Capita
  • Clarion Events Ltd
  • BCD Meeting & Events
  • Cvent Inc
  • The ATPI Group
  • DRPG Group
  • Anschutz Entertainment Group
  • Entertaining Asia
  • ACCESS Destination Services LLC

These players are broadly working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to obtain a leading position in the global industry.    

For instance, in February 2022, The ATPI Group, the world-leading corporate travel, and events solutions announced its acquisition of The Travel Authority Group, the largest American Express Travel Representative, offering personal service and 24/7 support. With this acquisition, the ATPI Group aimed to expand its office presence in the commercial capital of Sydney and inflate its operations in the marine and energy industries in Perth and Fremantle.

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What the Report Covers    

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)      

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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