- The global event management market is expected to grow during the forecast period as youth prefer event planning as a career. The market is predicted to decline during the Covid-19 pandemic. The North American region is expected to rule the market.
NEW YORK, Jan. 27, 2021 /PRNewswire/ -- According to a report published by Research Dive, the Global Event Management Market is estimated to gather $3,605.80 billion by 2027, from a substantial market size of $1,311.4 billion by 2019, at a CAGR of 37.2% during 2019-2027 timeframe.
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Impact of Covid-19 Pandemic on the Event Management Market
Strict government rules and regulations are expected to curb the global event management market during the Covid-19 pandemic. Restriction of movement by people in order to restrain the infection rate has resulted in stopping the events, thus declining the global market. However, organization of virtual events by individuals and corporates is projected to boost the market growth during the Covid-19 pandemic.
The North American event management market is estimated to surge at a significant CAGR of 54.3% during the forecast period and held a healthy market size of $506.2 billion in the year 2019. Presence of numerous companies in the region which invest massively in organizing events is expected to drive the global market in the forecast period.
Key Segment Findings of the Market
The report divides the market into segments based on event type, revenue source, and organizer.
- The corporate events & seminar sub-segment is projected to enhance at a CAGR of 55.30% during the forecast period and held a considerable revenue of $388.4 billion in 2019. Companies lavishly invest in seminars and corporate events as it's easy to build bonds and relationships during such events. This factor is estimated to bolster the sub-segment market growth during the forecast period.
- The sponsorship sub-segment is anticipated to increase at a CAGR of 56.9% during the forecast period and held a significant market size of $651.1 billion in 2019. Sponsorships are useful in attracting the target audience and promoting brand and this aspect is turn is expected to bolster the sub-segment market growth during the forecast period.
- Corporate sub-segment held a market size of $488.1 billion in 2019 and is predicted to rise at a CAGR of 56.80% during the forecast period. Corporate events are a means of reaching out to the audience on a same platform with a message. This factor is expected to fuel the sub-segment market growth during the forecast period.
Several benefits associated with being an event planner such as meeting new people, developing team work, and enjoying the work is anticipated to fuel the market growth during the forecast period. Moreover, youth are preferring event management as a profession as it is one of the most challenging and interesting jobs at hand. These all aspects are estimated to drive the global Event management market during the forecast period. However, high costs involved in planning an event due to which public don't prefer event planners is projected to restrain the market growth during the forecast period.
Top 10 Key Players of the Event Management Market and Developments
Some of the well-known players of the global event management 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 management 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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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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SOURCE Research Dive