Global Events Industry to Generate $2,972.4 Billion by 2031 Due to Increasing Popularity of Virtual Events across the Globe

The event management industry, or events industry, as it is called, is a sub-type of project management wherein large-scale social, corporate, or governmental gatherings are organized. The events which typically come under the ambit of event management industry include weddings, formal parties, birthday parties, corporate conferences, governmental seminars, music concerts, sports festivals, etc. Events management concerns everything from budgeting, selection of the site/venue, catering, arranging for speakers and hosts, managing event security, etc.

Forecast Analysis of the Global Events Industry

Over the years, there has been a steep increase in the popularity of virtual events which is expected to be the primary growth driver of the global events industry in the forecast period. Along with this, an increase in the government as well as company sponsorships is predicted to boost the events industry in the analysis timeframe. Moreover, a surge in marketing programs and digital campaigns is expected to offer numerous growth opportunities to the market in the forecast years. However, according to the market analysts, high costs associated with organizing different events may become a restraint in the full-fledged growth of the events industry in the 2022-2031 timeframe.

Regionally, the events industry in the Europe region is expected to be the most dominant in the forecast period. A massive surge in events attendance rates in this region, especially in countries like Spain and Germany is predicted to be the main contributing factor to the growth of the market in this region.

As per a report by Research Dive, the global events industry is expected to reach a revenue of $2,972.4 billion in the 2022–2031 timeframe, thereby growing at CAGR of 13.7% by 2031. Some prominent market players include ACCESS Destination Services, LLC, Capita, Cvent, Inc., Anschutz Entertainment Group, CL Events, DRPG Group, The ATPI Group, Clarion Events Ltd, Entertaining Asia, BCD Meeting & Events, and many others.

Covid-19 Impact on the Market

The Covid-19 pandemic and the subsequent lockdowns have had a catastrophic impact on various businesses and markets worldwide. The events industry, too, faced a negative impact of the pandemic. During the pandemic, almost all countries had imposed lockdowns and travel restrictions and banned social gatherings which resulted in a decline in demand for event management industries. This ultimately brought down the growth rate of the market in the pandemic period.

Significant Market Developments

The key players of the market are adopting various business strategies such as partnerships, mergers & acquisitions, and launches to gain a leading position in the market, thus helping the events industry to flourish. For instance:

• In August 2020, Banzai, a global SaaS event marketing platform, announced the acquisition of High Attendance, a leading hybrid event management software. This acquisition is predicted to increase the footprint of Banzai in the virtual events management segment significantly in the next few years.
   
• In July 2021, Hopin, an event management company, announced the acquisition of Attendify, a SaaS-based virtual & hybrid event platform. This acquisition is predicted to offer huge business expansion opportunities to Hopin in the near future.
   
• In April 2023, AEG Global Partnerships, a global event management company, announced that it was partnering with LS Events, an event production company. This partnership is aimed at catering to the demands of the entertainment industry in a comprehensive manner and the collaboration will help both the companies to integrate their resources and networking skills to achieve their intended aim.