Allied Market Research published a report, titled, "Events Industry by Type (Music Concert, Festivals, Sports, Exhibitions & Conferences, Corporate Events & Seminars, and Others), Revenue Source (Ticket Sale, Sponsorship, and Others), Organizer (Corporate, Sports, Education, Entertainment, and Others), and Age Group (Below 20 years, 21–40 years, and Above 41): Global Opportunity Analysis and Industry Forecast, 2021–2028." According to the report, the global events industry was estimated at $1.13 billion in 2019, and is anticipated to hit $1.55 billion by 2028, registering a CAGR of 11.2% from 2021 to 2028.
Drivers, restraints, and opportunities-
Increase in sponsorship for events, surge in interest among youth in entrepreneurship& business seminars, rise in disposable income of individuals drive the growth of the global events industry. On the other hand, high operational costs involved in organizing events impede the growth to some extent. However, high-end technological advancements are expected to create lucrative opportunities in the industry.
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Travel restrictions across the globe in an attempt to prevent the spread of the pandemic impacted the global events industry negatively, especially during the initial phase of the outbreak.
At the same time, temporary ban on the hosting of large scale events also hampered the market significantly. However, the market is projected to recoup soon.
The entertainment segment to dominate by 2028-
Based on organizer, the entertainment segment accounted for nearly one-third of the global events market share in 2019, and is anticipated to rule the roost by 2028. The same segment would also cite the fastest CAGR of 12.9% throughout the forecast period. This is because entertainment events focus majorly on innovate, educate, and inspire professionals in the field of electronic music and trigger discussions about new technologies and social & environmental responsibility.
The 21-40 years segment to maintain the dominant share-
Based on age group, the 21-40 years segment held around two-fifths of the global events market revenue in 2019, and is expected to lead the trail by 2028. The same segment would also manifest the fastest CAGR of 12.8% from 2020 to 2028, due to active participation of individuals aged between 21 and 40 years in events such as exhibitions, conferences, seminars, and music concerts.
Europe, followed by North America, garnered the major share in 2020-
Based on region, Europe, followed by North America, held the major share in 2019, generating more than one-third of the global events market. Europe has been quite successful in winning conferences of international associations with over half of the top cities and countries selected as destinations for international association conferences. This factor propels the growth of the market in this region. At the same time, the market across Asia-Pacific would grow at the fastest CAGR of 13.7% by 2028. Increase in interest of youth in countries such as India and China who are showing interest in events such as conferences & 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)
Versatile Event Management
Live Nation Worldwide Inc.
Anschutz Entertainment Group
Access Destination Services
The Freeman Company
Seven Events Ltd.
Clarion Events Ltd.