The worldwide event services industry to reach $1.3 billion by 2031, report
The event services market size was valued at $515.8 billion in 2021 and is expected to reach $1,349.0 billion by 2031, registering a Compound Annual Growth Rate of 7.6% from 2022 to 2031. This is according to a recent report by Research and Markets.
Events are public gatherings of people at a particular time and place for a specific reason. The purpose of conducting an event includes business profitability, celebratory, entertainment, and community causes. The most popular events include conference & exhibition, corporate events & seminar, promotion & fundraising, music & art performance, sports, festival, trade shows, and product launch. The key stakeholders within the events industry include corporate organizations and public organizations & NGOs.
Growth of the global event services market is driven by surge in frequency of conducting corporate meetings, inductions, conferences, exhibitions, music concerts, and sports events. Furthermore, deployment of best-in-class technology that can handle the entire event propels the industry growth.
Moreover, multi-dimensional events act as a key driver for the growth of the global event services market. In addition, sponsorships from various brands, including Redbull, Monster Energy, Nike, Cocoa Cola, and others for global three-day festival and a small gig or act in a social club or arena boost the market growth. Moreover, introduction of new media platforms and distribution methods offers scope for giants to interact and organize events involving artists, performers, speakers, and business coaches. However, surge in market entry cost and rise in industry fragmentation hinder the growth of the industry.
The event services market is segmented on the basis of service, event type, end user, organization, and region. Depending on service, it is segregated into strategy, planning, budget & development; communication & logistics; attendees management & engagement; event catering; virtual or hybrid event enabler; location rental; and others.
According to event type, it is fragmented into music concert, festivals, sports, exhibitions & conferences, corporate events & seminar, and others. As per end user, it is categorized into corporate, sports, education, entertainment, and others. By organization, it is classified into small & medium enterprises, large enterprises, government bodies, and NGOs. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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