Sponsorship programs offered by governments and private firms, businesses, or individuals for products branding are driving the global events market.
Covid-19 Impact & Market Status
This report offers an overview of businesses changing modus operandi, business strategies, and investment strategies that leaders are adopting across the globe to tackle the challenges possessed by this pandemic. The COVID-19 pandemic spread to almost every country in the world. This pandemic disrupted nearly every industry. Some industries have faced downfall, and some have experienced positive effects due to this pandemic.
The pandemic negatively impacted the event industry due to the cancellation of various concerts, prominent festivals, weddings, sporting events, exhibitions, and others to curb the spread of the COVID-19 virus. Ban on physical meetings and gatherings forced companies to shift to virtual models adversely affecting traditional event plans. However, the virtual events have seen a steady increase in popularity giving boost to global events market.
Corporate Events Segment Held the Largest Market Share
The Event market is classified into Concert, Festivals, Exhibitions, Corporate Events, Others on the basis of event type. Among these, the corporate events segment held the largest market share in the global events market. The segment is expected to rise with a substantial CAGR in the forecast years. The corporate virtual events being largely conducted due to pandemic led social gatherings and mobility restrictions in IT sector and other corporate industries is fueling the growth of corporate events market in global events market.
Sponsorship Segment May Have a Dominant Market
The Event market is segmented into Ticket Sales, Sponsorship, and others by revenue source. The sponsorship segment of the global events industry is estimated to have a dominant market share and the fastest growth throughout the forecasted period. This growth is attributed to attractive benefits offered by the sponsors, such as the increase in brand visibility, which can help companies generate leads and reach out to potential customers. Also, it helps in highlighting the product and its benefits.
Entertainment Segment is Anticipated to Progress at a Highest CAGR
The Event market is segmented into Corporate, Sports, Education, Entertainment and Others on the basis of organizer. Among these, the entertainment segment is anticipated to progress at a highest CAGR and highest revenue in the global events market. The entertainment sub-segment involves live concerts, music conferences, and other entertainment events. The COVID-19 pandemic has affected the entertainment sub-segment as film sets, music halls, theaters, and others are closed due to restrictions on social gatherings.
The 21-40 Years Segment May Hold a Dominant Market Share
The Event market is segmented into Below 20, 21-40, and Above 40 on the basis of age group. Among these, the 21-40 years segment may hold a dominant market share through the forecast span. The key factors such as active participation of individuals from 21-40 age group for sports events, exhibitions, music concerts, etc events is fueling the growth of this segment in the global events market. Individuals from this age group engage more in corporate events like meeting and conferences.
North America Region Accounted for Largest Market Share
The North America region accounted for largest market share of global events market and is estimated to hold considerable market value in the forecast years. The trends boosting the growth of North America in global events market are strong economy, big IT sector, technological advancements, and excellent networking infrastructure. Following suit, APAC is the next highest shareholder of the expected market value of global events market.
The rising rate of virtual events due to the pandemic and its consequences like travel restrictions, the ban on public gatherings, and many more is predicted to strengthen the market's growth by creating enormous investment opportunities. So the businesses facilitating virtual events are predicted to develop ample opportunities for this market.
The market value of global events market is expected to reach close to $1.457 billion by 2028, growing from $1.134 billion in 2020 at a healthy CAGR of 23.1%. Sponsorship programs like concerts, exhibitions, sports events are the primary drivers of the global concerts market.
Events include several large scale and small scale corporate or personal events including conferences, exhibitions, festivals, seminars, concerts, etc. Event planning and event management are two important aspects of event. Site selection and budgeting, are some common examples of event management and event planning. The most popular events include corporate events & seminars, conferences & exhibitions, festivals, promotion & fundraising, trade shows, music & art performance, sports, and product launch.
The major stakeholders within the events market are public organizations, corporate organizations, & NGOs. The event planning companies offer hosting, location scouting and procurement, event ticket booking, event evaluation, catering, and end-to-end service offering for conducting an event.
However, cost factor associated with planning and organizing events such as food & catering, venue cost, projectors, specialized equipment, etc and other operational factors are the key aspects hampering events adoption impeding the growth of global events market.
Furthermore, rising rate of virtual events due to the pandemic and its consequences like travel restrictions, the ban on public gatherings, and many more is predicted to strengthen the market's growth by creating enormous investment opportunities. So the businesses facilitating virtual events are predicted to develop ample opportunities for this market.
The major players in global events market are Versatile Event Management, Clarion Events, CL Events, Penguins, Capita, The Freeman Company, Outback Concerts, Reed Exhibitions, Anschutz Entertainment Group, Seven Events, StubHub, Questex, Live Nation Worldwide, Entertaining Asia, Riviera Events, ATPI, BCD GROUP (BCD MEETINGS & EVENTS), Cvent, Pollstar, and Access Destination Services among others.
Latest Innovations in Global Events Market
- In April 2020, Signzy, which is an India-based digital platform solution provider, introduced a video conferencing tool incorporated with AI for convenient and secure communication between financial institutions and their consumers.
- In October 2020, Zoom Communications, Inc, during the Zoomtopia 2020 virtual event, announced technological enhancements in its Zapps, OnZoom, Core UC Platform, and End-to-End Encryption.
Events Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 1.457 billion|
|Growth Rate||CAGR of 23.1 % during 2021-2028|
|Segment Covered||Type, Revenue, Organizer, Age-Group, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Versatile Event Management, Clarion Events, CL Events, Penguins, Capita, The Freeman Company, Outback Concerts, Reed Exhibitions, Anschutz Entertainment Group, Seven Events, StubHub, Questex, Live Nation Worldwide, Entertaining Asia, Riviera Events, ATPI, BCD GROUP (BCD MEETINGS & EVENTS), Cvent, Pollstar, and Access Destination Services among others.|
Key Segments of the Global Events Market
Type Overview, 2018-2028 (USD Billion)
- Music Concert
- Exhibitions & Conferences
- Corporate Events & Seminar
Revenue Source Overview, 2018-2028 (USD Billion)
- Ticket Sale
Organizer Overview, 2018-2028 (USD Billion)
Age-Group Overview, 2018-2028 (USD Billion)
- Below 20
- Above 40
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa