“Event organizers are increasingly focusing on reducing the environmental impact of their events by implementing sustainable practices. This includes using eco-friendly materials, minimizing waste, choosing sustainable venues, promoting digital ticketing and communication to reduce paper use, and offering plant-based catering options.”
WILMINGTON, Delaware, July 22, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Events Industry Market by Type (Music Concert, Festivals, Sports, and Others), and Organizer (Sports, Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2035″. According to the report, the “events industry market” was valued at $438.8 billion in 2023, and is estimated to reach $819.1 billion by 2035, growing at a CAGR of 5.4% from 2024 to 2035.
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Prime determinants of growth
In the past few decades, global economies have been seeking ways to utilize the potential of youth in entrepreneurship, and start-up ventures. Various events & programs such as seminars, conferences, entrepreneurship programs, fora, and others are organized to offer guidelines and solutions for the youth. Different countries organize and invest in various programs to see whether students can leverage untapped business opportunities. The increase in the number of attendees at business seminars and proper counseling programs has enabled youth to convert their innovative business ideas into viable plans.
Moreover, advancements such as online booking, phone calls, emails, and video conferences have made communication and transactions significantly cost-effective and easy in real time. Apart from the change in approach and purpose in event management, technology has been a key turning point in the evolutionary process of event management. In addition, digital evolution has introduced various creative ways to reach a wide customer base for events. Smartphones, desktop apps, and mobile apps have made events efficient and manageable.
Report Coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2024-2035 |
|
Base Year |
2025 |
|
Market Size In 2023 |
$438.8 Billion |
|
Market Size In 2035 |
$819.1 Billion |
|
CAGR |
5.4 % |
|
No. Of Pages In Report |
225 |
|
Segment Covered |
Type, Organizer, And Region |
|
Drivers |
Increase In Sponsorship For Events Rise In Interest Among Youth In Entrepreneur & Business Seminars Rise In Disposable Income |
|
Opportunities |
Technological Advancements |
|
Restraints |
High Operational Costs Involved In Organizing Events Entry Barriers Due To Presence Of Existing Giant Players |
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Sports segment to maintain its leadership status throughout the forecast period
By type, the sports segment held the major share of the market share in 2023, accounting for more than two-fifths of the global event industry market, and is estimated to maintain its leadership status throughout the forecast period. It has been witnessed that sports events have become more commercial over the last two decades. Thus, sports serve as a significant marketing advertisement opportunity for event management companies, which sponsor these events.
Festivals was the fastest-growing segment of the market in 2023. Giant players operating in the market sponsor such events to create awareness among consumers about their products & services, which fuels the growth of the global market.
Entertainment segment to retain its dominance by 2035
By organizer, the entertainment segment held the major share of the market in 2023, accounting for more than half of the global event industry market, and is estimated to maintain its leadership status throughout the forecast period. The entertainment industry includes club festivals, which involve music conferences and international music professionals. Entertainment events not only include parties but also conferences for businesses. Such conferences involve performing artists and speakers from across the world to network and exchange ideas.
Sports was the fastest-growing segment of the market in 2023. Food stalls and merchandise available at stadiums serve as major sources of generating revenue. Therefore, sports are an important platform that generates high revenue, thereby supplementing the growth of the events industry.
Europe to maintain its dominance by 2035
By region, Europe held the highest market share in terms of revenue in 2023, accounting for more than half of the global event industry market. The events industry in Europe, as in North America, is robust and mature. 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 traveling too far afield for meetings.
North America was the fastest-growing region of the market in 2023. New strategies such as open booking are gaining increased popularity among business travelers, due to an increase in the adoption of smartphones, which is expected to further boost the market growth.
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Leading Market Players
Access Destination Services, LLC
Cvent Holding Corp.
CL Events
DRPG Group
Anschutz Entertainment Group
ATPI Ltd.
Capita Plc.
BCD Group International BV
Clarion Events Limited
Evenbrite
Live Nation.
The report analyzes these key players in the event industry market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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