Events Market Size Worth $1,965.99 Billion, Globally, by 2028 at 11.1% CAGR - Exclusive Report by The Insight Partners
NEW YORK, May 24, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Events Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Event Type (Virtual, Hybrid, and Physical), Revenue Source (Ticket Sale, Sponsorship, and Others), Type (Music Concert, Festivals, Sports, Exhibitions and Conferences, Corporate Events and Seminars, and Others), Organizer (Corporate, Sports, Education, Entertainment, Association, and Others), Application (B2B and B2C), and Enterprise Size (Small and Medium Enterprises and Large Enterprises)", the global events market share is expected to grow from $958.54 billion in 2021 to $1,965.99 billion by 2028; it is estimated to grow at a CAGR of 11.1% from 2022 to 2028.
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Events Market: Competitive Landscape and Key Developments
Access Destination Services; Anschutz Entertainment Group; ATPI Ltd.; BCD Meetings & Events; Cvent Inc.; Entertaining Asia; Live Nation Worldwide, Inc.; Pollstar; Riviera Events; and StubHub are the key players that are profiled during the events market study. In addition to these players, several other essential events market players were also studied and analyzed to get a holistic view of the global events market and its ecosystem.
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In 2021, BCD M&E partnered with Core rewards, a tool to track and reward people in incentive and loyalty programs.
Entrepreneurship education for secondary and post-secondary students has a beneficial impact on entrepreneurial skills and goals, but it is unclear if this translates into long-term entrepreneurial engagement or revenue. A few comprehensive reviews in this domain in developing countries imply that secondary/tertiary entrepreneurship education impacts entrepreneurial ambitions, mentality, and abilities. For example, university-based entrepreneurship programs in Tunisia raised entrepreneurial intention, mentality, skills, and self-employment rates in the near term; however, these effects dissipated four years later due to financial restrictions.
North America has the highest rate of advanced technology uptake due to favorable government policies fostering innovation and enhancing infrastructural abilities. As a result, every factor affecting the region's industrial performance obstructs its economic development. The US became one of the world's worst-affected countries by the pandemic, causing governments to impose several limitations on industrial, commercial, and public activities in the country to contain the disease's spread.
According to the Center for Strategic and International Studies, the US experienced a contraction in GDP due to the pandemic. There has been a decline in overall business activities in various industries operating in the region, affecting the revenue of key market players. The business shutdowns, cancellation and postponement of events, various sporting events, exhibitions, prominent festivals, concerts, and weddings across the US, Canada, and Mexico, negatively impacted the events market growth in 2020. However, in the coming years, the virtual event software segment is expected to foresee significant growth opportunities due to the rising demand for digital content and live streaming.
Rising Interest Among Youth in Entrepreneur and Business Seminars to Boost Events Market:
According to EventMB's 2021 report, 71% of event planners stated that they would continue to use a digital strategy even after live events return. A Bizzabo study states that 97% of respondents anticipate seeing more hybrid events in the future. Hybrid events combine the reach and flexibility of a virtual event with the intimacy and engagement of an in-person event. Canapii is a hybrid events platform deployed in mid-2020, making it easier to create and arrange hybrid events. Event Tech Live is an example of an event mostly focused on virtual access but includes two live stages. Others, such as the World Travel & Tourism Council's Global Summit in April 2021, are mostly in-person, with information available online. For the next year or two, the hybrid event landscape will most certainly contain various in-person and virtual options.
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Events Market: Sector Overview
Events market analysis by type, the market is segmented into music concerts, festivals, sports, exhibitions and conferences, corporate events and seminars, and others. The corporate events and seminars segment led the events market in 2021. A corporate event is one that a company organizes for its workers, stakeholders, customers, a charity event, or the general public. The event's aim determines the target audience.
Employees may unwind and create relationships with their coworkers during corporate gatherings. Even the tiniest event may have a significant influence on staff morale. A seminar is a commercial event where participants get information or training on a certain topic. A seminar is often held for groups of 10 to 50 people and is hosted in a hotel meeting room, an academic institution, or a business conference room. Personal development and business strategy are two specific topics covered in business seminars.
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Browse Adjoining Reports:
Event Management Software Market to 2027 - Global Analysis and Forecasts by Solution Type (Software, and Services); Application (Event Planning, Event Marketing, Venue and Ticket Management, Analytics and Reporting, and Others); End-User (Corporate, Government, Education, Media and Entertainment, and Others)
Virtual Event Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Solution (Software and Services), Enterprise Size (SMEs, Large Enterprises), and End User (Trade Show Organizers, Event Management Agencies, Corporates, Academic Organizations, Others)
Event Logistics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Inventory Management, Delivery Systems, Freight Forwarding, Others); End-user (Entertainment and Media, Sports, Corporate Events and Trade Fair, Others) and Geography
Crowd Management and Event Security Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Component (Solution, Services); Deployment Type (Cloud, On-premises); Enterprise Size (Small and Medium-Size Enterprises, Large Enterprises); End-user (Transportation, Retail, Hospitality and Tourism, Others) and Geography
Online Event Ticketing Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Platform (Mobile, Desktop); Event Type (Movies, Sports, Concerts, Others) and Geography
Edutainment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Gaming Type (Interactive, Non-interactive, Explorative, Hybrid); Facility Size (5001 to 10000 Sq. Ft., 10001 to 20000 Sq. Ft., 20001 to 40000 Sq. Ft., Above 40000 Sq. Ft); Source of Revenue (Entry Fees and Tickets, Food and Beverages, Merchandising, Advertising, Others) and Geography
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