Live Events Industry Market to Reach $1.2 Trillion, Globally, by 2032 at 5.9% CAGR: Allied Market Research

Live events industry market is driven by the increase in number of sponsorships and rise in disposable income of individuals across the globe.

PORTLAND, Ore., Oct. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Live Events Industry Market by Type (Music Concerts, Festivals, Sports, Exhibitions & Conferences, Corporate Events & Seminar and Others), Revenue Source (Ticket Sale, Sponsorship, and Others), and Age Group (Below 20 years, 21–40 years, and Above 40 years): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, The global live events industry market was valued at $652.6 billion in 2022, and is projected to reach $1.2 trillion by 2032, growing at a CAGR of 5.9% from 2023 to 2032.

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Live events refer to real-time activities experienced by a group of audience or participants in a particular moment. The rapid advancement of latest technologies has led to change in dynamics and made it easier for both customers and event organizers to organize events smoothly.

Prime determinants of growth

The growth of the global live events industry is majorly driven by an upsurge in frequency of corporate meetings, inductions, conferences, exhibitions, music concerts, and sports events. Furthermore, deployment of best-in-class technology that can handle the entire event propels the industry growth. Moreover, customarily held multi-dimensional events act as a key driver of the global events industry. In addition, sponsorships from various brands such as Redbull, Monster Energy, Nike, Cocoa Cola, and others, for a major global three-day festival as well as a small gig or act in a social club or arena boost the market growth.

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The sponsorship segment to maintain its leadership status throughout the forecast period

Based on revenue source, the sponsorship segment held the highest market share in 2022, accounting for nearly half of the global live events industry market and is estimated to maintain its leadership status throughout the forecast period. This segment held the major CAGR of 6.4% in 2032. Sponsorship is the key to strong marketing. This is attributed to the fact that most of the events use sponsorship support to offer more exciting programs and to help defray rising costs. Advertising is considered a quantitative medium, whereas sponsorship is considered a qualitative medium. In addition, it is a powerful tool that complements other marketing programs in delivering the message to people. Moreover, it helps in building brand awareness.

The 21-40 years segment to maintain its leadership status throughout the forecast period

Based on age group, the 21-40 years segment held the highest market share in 2022, accounting for nearly half of the global events industry market and is estimated to maintain its leadership status throughout the forecast period. This segment held the major CAGR of 6.2% in 2032,  owing to active participation of individuals aged between 21 and 40 years in events such as exhibitions, conferences, seminars, and music concerts. In addition, increase in interest toward entrepreneur & business seminars, conferences that offer proper guideline & direction to the youth for establishing a start-up, along with music concerts and festive gatherings is anticipated to positively impact the growth of the industry.

Europe to maintain its dominance by 2032

Based on region, Europe held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period. Planners in Germany and Spain anticipate the highest increase in activity, with most types of meetings increasing in both numbers and attendees. In Europe, demand for events witnessed significant growth owing to companies being more prudent about their spending and therefore not travelling too far afield for meetings. They use more mid-scale venues for conducting events and shows such as conferences, seminars, and festivals. Moreover, Europe has been successful in winning conferences of international associations with over half of the top cities and countries selected as destinations for international association conferences being in the region. In addition, surge in adoption of smart devices and rise in internet penetration have supplemented the market growth. Furthermore, the market is witnessing rapid growth due to an increase in the trend of online booking for music concerts, sports, and other events. However, Asia-Pacific region held the major CAGR of 7.5% in 2032.

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Leading Market Players: -

• LIVE NATION ENTERTAINMENT, INC.
• BASSETT EVENTS
• CVENT HOLDING CORP.
• EVENTBRITE, INC.
• BCD GROUP INTERNATIONAL BV
• CL EVENTS
• ENTERTAINING ASIA
• GL EVENTS GROUP
• ANSCHUTZ ENTERTAINMENT GROUP
• SXSW, LLC

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.

Country Reports We Have in this Industry:

• Mexico Live Events Industry Market Opportunity Analysis and Industry Forecast, 2022-2032
• Canada Live Events Industry Market Opportunity Analysis and Industry Forecast, 2022-2032
• Europe Live Events Industry Market Opportunity Analysis and Industry Forecast, 2022-2032
• Spain Live Events Industry Market Opportunity Analysis and Industry Forecast, 2022-2032
• UK Live Events Industry Market Opportunity Analysis and Industry Forecast, 2022-2032
• France Live Events Industry Market Opportunity Analysis and Industry Forecast, 2022-2032
• Japan Live Events Industry Market Opportunity Analysis and Industry Forecast, 2022-2032

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SOURCE Allied Market Research