PORTLAND, Ore., January 14, 2022 /PRNewswire/ — Allied Market Research released a report entitled “events industry by type (music concert, festivals, sports, exhibitions and conferences, corporate events and seminars, and others), source of income (ticket sales, sponsorship, and others), organizer (corporate, sports, education, entertainment, and others), and age group (under 20, 21– Age 40 and Over 41): Global Opportunity Analysis and Industry Forecast, 2021-2028.” According to the report, the global events industry was valued at $1.13 billion in 2019 and is expected to hit $1.55 billion to 2028 with a CAGR of 11.2% from 2021 to 2028.
Drivers, Limitations and Opportunities –
Increasing sponsorship of events, rising interest in entrepreneurship and business seminars from young people, rising disposable incomes of individuals are driving the growth of the global events industry. On the other hand, high operational costs related to the organization of events hampers growth to some extent. However, technological advances in the high-end are expected to create lucrative opportunities in the industry.
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- Travel restrictions around the world to prevent the spread of the pandemic negatively impacted the global events industry, particularly in the early stages of the outbreak.
- At the same time, the temporary ban on hosting major events also significantly hampered the market. However, the market is expected to recover soon.
The entertainment segment is set to dominate by 2028 –
According to the organizer, the entertainment segment accounted for almost a third of the global events market share in 2019 and is expected to take the lead by 2028. The same segment would also lead the fastest CAGR of 12.9% throughout the forecast period. This is because entertainment events are primarily focused on innovation, education and inspiration for professionals in the electronic music field, spurring discussions on new technologies and social and environmental responsibility.
The segment of 21 to 40 year olds should hold the dominant share.
Based on age group, the 21-40 segment held around two-fifths of the global events market’s revenue in 2019 and is expected to lead by 2028. The same segment would also exhibit the fastest CAGR of 12.8% from 2020 to 2028, due to the active participation of people between the ages of 21 and 40 in events such as exhibitions, conferences, seminars and music concerts.
Europe, followed by North America, collected the main share in 2020-
Based on region, Europe, followed by North America, held the largest share in 2019 and generated more than a third of the global events market. Europe has been quite successful in attracting international association conferences, with over half of the top cities and countries being chosen as destinations for international association conferences. This factor is driving the growth of the market in this region. At the same time, the market is transverse Asia Pacific would grow at the fastest CAGR of 13.7% through 2028. Increasing interest of youth in countries such as India and China Showing interest in events such as conferences and events, exhibitions, concerts, shows and others thereby driving the market growth.
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Key players in the industry –
- BCD GROUP (BCD MEETINGS & EVENTS)
- ATPI Ltd.
- Riviera events
- Entertaining Asia
- Versatile event management
- Live Nation Worldwide Inc.
- poll star
- Anschutz Entertainment Group
- Cvent Inc.
- Capita Plc.
- Reed Exhibitions
- Questex LLC
- outback concerts
- Access target services
- The Freeman Society
- penguins limited
- CL events
- seven events ltd
- Clarion Events Ltd.
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