NEW YORK, June 9, 2021 /PRNewswire/ -- The global events industry is expected to grow during the forecast period due to increase in sponsorship for organizing events. The market to decline during the Covid-19 pandemic. Europe region is expected to rule the global events industry by 2028.
According to a report published by Research Dive, the Global Events Industry is estimated to gather $1,457.2 million by 2028, from a substantial market size of $1,134.5 million in 2020, at a CAGR of 23.1% during 2021-2028 timeframe.
Impact of Covid-19 Pandemic on the Event Industry Market
Strict government rules & regulations has negatively impacted the global events industry during the Covid-19 pandemic. Social distancing measures, restrictions on movement of people, and lockdown imposed in many parts of the world to restrain the infection rate has resulted in postponing and cancellation of events, thus declining the global market growth during pandemic. However, various virtual events are being organized during the pandemic crisis by corporates and individuals, which is projected to help the market sustain during the Covid-19 pandemic.
The Europe events industry accounted for $413.2 million in 2020 is estimated to dominate in the global market during the forecast period. The dominance of this region can be majorly attributed to the increase in revenues, sponsorships, and attendance rate at various exhibitions & events in the region. Besides, Europe has been successful in winning international association's conferences and many countries such as Spain and Germany are the popular destinations for the international conferences.
Key Segment Findings of the Market
The report divides the market into segments based on type, revenue source, organizer, and age group.
By type, the corporate events and seminar sub-segment is anticipated to have a dominant share in the global market by generating $413.7 million by 2028. This is mainly because companies largely invest in seminars and corporate events as it becomes easy to build bonds & relationships during such events.
By revenue source, the sponsorship sub-segment is projected to subjugate in the global market and surpass $710.7 million by 2028. This growth is majorly owing to various benefits offered by the sponsorships like increase in brand visibility to help companies generate leads and reach out to the potential customers.
By organizer, the entertainment sub-segment valued for $324.1 million in 2020 and is projected to hold the largest share in the global market during the forecast period. This is majorly because the entertainment events play a significant role in boosting mood, reducing stress, provides unique experience, and helps in discovering new music.
By age group, the 21-40 years sub-segment is anticipated to witness lucrative growth and surpass $679.0 million by 2028. This growth is mainly due to active participation of individuals aged 21-40 years in various music concerts, festivals, sports events, exhibitions, and others.
An increase in government and company sponsorships for events is the major factor predicted to foster the growth of the global events industry over the forecast period. Additionally, youth are preferring event management as a profession as it is one of the most challenging and interesting jobs at hand, which is expected to drive the market growth in the coming years. Moreover, the businesses facilitating the virtual events are predicted to create huge growth opportunities in the global industry. However, high costs involved in planning and organizing an event is projected to restrain the market growth during the forecast period.
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 October 2020, Ticketmaster, the leading advanced ticketing technologies company, developed 'SmartEvent,' a new suite of technology tools to help fans safely return to live events. The company has designed SmartEvent to provide event organizers the capability to adapt protocols to meet the rising needs of capacity, maintain social distancing, and other logistics of the event. -Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
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