The global event market is expected to boost during the forecast period due to rise in interest in the event planning as a career by youth. The Covid-19 pandemic is estimated to impact negatively on the market due to stringent government rules. The North American region is expected to dominate the market.
New York, USA, Feb. 10, 2021 (GLOBE NEWSWIRE) — As per a report published by Research Dive, the global event market is predicted to reach $3,605.80 billion by 2027, from a considerable market size of $1,311.4 billion in 2019, at a healthy CAGR of 37.2% during 2019-2027 timeframe.
Impact of Covid-19 Pandemic on the Market
The global event market is expected to decline during the Covid-19 pandemic due to lockdown and social distancing norms imposed by the government. The coronavirus outbreak has restricted movement of people and several places are shut down and this has led to a stoppage in the organization of events. These all factors are projected to restrict the market growth during the Covid-19 pandemic. However, rise in the virtual events initiated by individuals and corporates is anticipated to fuel the market growth during the pandemic phase.
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Factors Affecting the Market Growth
Now-a-days youth are inclining towards a career in event planning and management as one can enjoy work in this profession. Moreover, event management in considered as one of the challenging jobs where team work and dealing with clients is the top priority. These all aspects are predicted to bolster the global event market during the forecast period. However, high cost involved in planning an event which in turn tampers with the public’s choice of hiring an event planner, is anticipated to restrain the market growth.
Corporate Events & Seminar Sub-Segment to be the Most Profitable
The corporate events & seminar sub-segment held a market size of $388.4 billion in 2019 and is anticipated to boost at a CAGR of 55.30% during the forecast period. Seminars and corporate events offer a great opportunity to build bonds with colleagues, thus companies invest in such events heavily. This aspect is estimated to fuel the sub-segment market growth during the forecast period.
Sponsorship Sub-Segment to be the Most Lucrative
Sponsorship sub-segment was accounted for $651.1 billion in the year 2019 and is expected to augment at a CAGR of 56.9% during the forecast period. Sponsorships are considered as one of the best methods to generate brand awareness among the target customers and this aspect is projected to boost the sub-segment market growth during the forecast period.
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Corporate Sub-Segment to Generate Maximum Revenue
Corporate sub-segment is estimated to enhance at a CAGR of 56.80% during the forecast period and was accounted for a market size of $488.1 billion in 2019. Corporate events are conducted to deliver a similar message to the audience on a same platform. This facet is likely to boost the sub-segment market during the forecast period.
The North American region is predicted to surge at a healthy CAGR of 54.3% during the forecast period and this region was accounted for $506.2 billion in 2019. The vast event management industry of this region generates employment, thus this aspect is estimated to boost the market growth during the forecast period.
Key Market Players and Developments
Some of the well-known players of the global event market are –
- BCD Travel
- Entertaining Asia
- Capita plc
- Access Destination Services, INC
- ATPI Ltd
- LIVE NATION ENTERTAINMENT
- Reed Exhibitions
- Riviera Events
- GL events
These companies are investing in novel product development to capture the market share in the global event market during the estimated period. For instance, in Oct 2020, Ticketmaster, an entertainment company, revealed ‘Smartevent’ solutions to aid events that welcome back fans.
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