Events Industry by Type (Music Concert, Festivals, Sports, Exhibitions & Conferences, Corporate Events & Seminar, and Others), Revenue Source (Ticket Sale, Sponsorship, and Others), Organizer (Corporate, Sports, Education, Entertainment, and Others), Age Group (Below 20 Years, 21-40 Years, and Above 40 Years), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031

Global Events Industry Analysis

The Global Events Industry Size was $863.2 billion in 2021 and is predicted to grow with a CAGR of 13.7%, by generating a revenue of $2,972.4 billion by 2031.

Global Events Industry Synopsis

Events industry is gaining significant popularity across several countries owing to an increase in the government as well as company sponsorships. Sponsorships plays a crucial role in driving the events industry growth as it helps the event management companies in advertising their events to attract large number of audiences. For instance, the Government of India has launched a flagship program on their website digitalindia.gov.in that aims to transform India to digitally empowered society. Under this program, the government of India will provide different sponsorships for conducting side events, pre-events, run up events, and others. These factors positively contribute to the events industry share and popularity.

The uncertainties led by the COVID-19 pandemic in terms of the travel ban, social distancing norms, and a ban on large social gatherings have negatively impacted the events industry growth during the pandemic. Owing to the severe economic crisis, many event management companies had shut down their operations completely while most of them switched to virtual events.

The growing popularity of virtual events generates significant opportunities for the events industry share growth. Also, various event management startup companies have entered the events market. People can enjoy virtual events at the comfort of their home or from anywhere. The virtual events bridge the gap between live events and virtual events which is anticipated to generate excellent opportunities in the market.

According to the regional analysis, the Europe region dominated the events industry in the present years. This region’s growth is majorly attributed to increase in event sponsorships, digital campaigns, exhibitions, and marketing programs. Also, the European countries namely Germany, France, UK, and others are the popular event destinations for conducting various international conferences.

Events Industry Overview

The events industry consists of different large-scale as well as small-scale- personal or corporate Events including formal parties, concerts, festivals, exhibitions, conferences, seminars, and others. The events industry involves events management and events planning that includes budgeting, events scheduling, site selection, and others.

COVID-19 Impact on Events Industry

The COVID-19 outbreak had an unprecedented impact on many industries including the events industry. It witnessed a severe impact due to travel constraints, lockdowns, quarantine, social distancing, and restrictions on social meetings & physical gatherings. This resulted in substantial losses in earnings and several businesses laid off large numbers of their staff. Multiple international events that were planned to take place in 2020 were postponed due to the outbreak. For instance, the 73rd annual Cannes Film Festival was organized from 12 to 23 May 2020; however, because of the COVID-19 outbreak, festival management declared the cancellation of the Event, and this happened for the first time since 1968. Tokyo 2020 Olympics is another example of postponement.

Many such global events were canceled during the pandemic in 2020. Hence, the Events industry was adversely affected due to the cancellation of numerous sporting Events, exhibitions, prominent festivals, concerts, weddings, and others. Even though the outbreak has negatively impacted in-person events, the virtual events increased significantly during the pandemic. For instance, The Comicdom Con festival in Athens was delayed due to the pandemic; however, the organizers developed an online version called StayComicdom.

Surge in Events Sponsorship to Drive the Market Growth

Increased government as well as business sponsorships are expected to drive the events Industry growth during the forecast timeframe. Sponsorships are crucial in the events industry as they help companies to promote their products and attract a large number of consumers from all over the world. Numerous well-known companies sponsor different Events including music concerts as well as sports Events to improve their sales, increase brand awareness, develop a brand image, etc., for instance, the Indian Premier League’s sponsorships from numerous well-known brands such as Dream 11, Tata Motors, PayTM, CEAT, Unacademy, Byju’s, and others.

To know more about global Events Industry drivers, get in touch with our analysts here.

High Cost in Organizing Events To Restrain Market Growth

Organizing an Event is an expensive task, owing to numerous aspects including venue/premises cost, food & catering cost, on-site Event expenses, and presentation cost that involves the usage of various instruments such as projectors, microphones, screens, internet access, & other specialized equipment. Organizing Events also involves the cost of third-party vendors, décor vendors, Events rentals, entertainment cost, marketing cost, administrative expenses, and others. These factors are expected to restrain the Events Industry growth during the forecast period.

To know more about global Events Industry drivers, get in touch with our analysts here.

Virtual Events to Offer Ample Investment Opportunities

The pandemic has dramatically transformed the events industry on account of the travel restrictions, stringent lockdowns and ban on social gatherings Due to these challenges, the demand for virtual Events surged significantly. The businesses promoting virtual Events are expected to offer ample opportunities during the forecast period. The virtual Events companies that have recently entered the market have witnessed tremendous growth. Many such businesses are increasingly focusing on bridging the gap between online and live Events. These factors are anticipated to generate huge growth opportunities in the Events industry during the forecast period.

Global Events Industry, by Type

Based on type, the market is further divided into music concerts, festivals, sports, exhibitions & conferences, corporate Events & seminar, and others. Among this, corporate events & seminar sub-segment dominated the events industry in 2021 and festivals sub-segment is anticipated to show the fastest growth in the forecast period

Global Events Industry Size, by Type, 2021

The corporate events & seminar sub-segment held the largest market share of events industry in 2021. The corporate events & seminars involve team-building events, trade shows, charity events, birthdays, networking events, corporate dinners, product launches, discussions, and interaction among the attendees. Team building events are popular corporate events & seminar that plays a major role in the event planning process. Some of the major corporate events & seminars also incorporates marketing events, study tours, corporate retreats, and others.

The festivals sub-segment is anticipated to show the fastest growth during the forecast period. Festivals include events that are organized for more than one day and may last up to a week. Music festivals such as sunburn, Tomorrowland, NH7 Weekender, Electric Daisy Carnivals, Summerfest, and others are conducted once in a year on a large scale. People from different parts of the world and of all age groups participate in such festivals. Among all age groups, the youth and middle-aged population are mostly the part of crowd. Along with music and festivals, various games & activities as well as catering services are available in such events. Giants operating in the market sponsor such events to create awareness among the consumers about their products & services, which fuels the growth of the global market.

Global Events Industry, by Revenue Source

Based on revenue source, the global events industry has been divided into ticket sale, sponsorship, and others. Among these, the sponsorship sub-segment has accounted for the dominant market size in 2021 and it is anticipated to show the fastest CAGR during the forecast period.

Global Events Industry Trends, by Revenue Source, 2021

The sponsorship sub-segment is expected to have the fastest growth during the forecast period. This growth is primarily attributed to ample advantages offered by the sponsorships including an upsurge in brand visibility that aids companies in generating leads and reaching out to potential customers. Furthermore, it enables highlighting the product and its usefulness. For instance, in August 2020, BCCI (Board of Control for Cricket in India) announced Unacademy, the leading ed-tech platform in India as its official partner for Indian Premier League (IPL) and signed a sponsorship deal for the same. This will allow Unacademy to make relations with the target audience and generate sales. Such advantages are anticipated to drive the growth of the sponsorship sub-segment during the forecast period.

Global Events Industry, by Organizer

Based on organizer, the global events industry has been divided into corporate, sports, education, entertainment, and others. Among these, the entertainment sub-segment has accounted for dominant market share in 2021 and it is anticipated to show the fastest CAGR during the forecast period.

Global Events Industry Share, by Organizer, 2021

The entertainment sub-segment has accounted for dominant events industry share in 2021 and it is expected to have the fastest growth during the forecast period. Entertainment Events are crucial in relieving stress, boosting mood, and providing a unique experience. The COVID-19 outbreak has negatively impacted the entertainment sub-segment as music halls, film sets, and theatres were shut on account of restrictions on social gatherings. Despite these challenges, the entertainment sector has found innovative ways to resume the Events. For example, many businesses turned their focus toward online streaming. Furthermore, numerous organizations are focusing on several social media platforms including Facebook and Instagram for live music concerts. Such initiatives are estimated to drive the growth of the entertainment sub-segment during the forecast period.

Global Events Industry, by Age Group

Based on age group, the global events industry has been divided into below 20 Years, 21-40 years, and above 40 years. Among these, the 21-40 years sub-segment has accounted for dominant market share in 2021 and it is anticipated to show the fastest CAGR during the forecast period.

Global Events Industry Growth, by Age Group, 2021

The 21-40 years sub-segment is expected to have the fastest growth during the forecast period. The growth of this sub-segment is predicted to be majorly due to the increased participation of individuals from the 21-40 years age group in different sports Events, festivals, music concerts, and exhibitions.. Also, a large number of individuals in this age group engage in corporate jobs, where they attend seminars, corporate Events, business meetings, and others. Moreover, this age group is increasingly involved in entertainment Events including music concerts, and live concerts that aid in maintaining work-life balance and relieving stress. All these factors are estimated to drive the growth of the 21-40 years sub-segment of the global Events industry during the forecast period.

Global Events Industry, Regional Insights

The events industry was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Global Events Industry Size & Forecast, by Region, 2021-2031 (USD Million)

Europe Dominated the Events Industry in 2021

The growth in the Events industry in Europe is majorly attributed to an upsurge in innovative and planned strategies such as marketing programs and digital campaigns. Additionally, growing sponsorships and events attendance rates at various events are projected to drive market growth in Europe. Additionally, the countries such as Spain, Germany are the popular destinations for conducting conferences and events. Europe also offers good platform for conduction meetings, exhibitions with the presence of mid-scale venues. Educational events, sports events, cultural events, concerts, music, festivals are quite popular in Europe which is projected to boost the events industry size in the coming years.

The popularity of events industry in Germany is attributed to business-related events such as conferences, seminars, meetings, trade shows, exhibitions, and others. In addition, due to coronavirus pandemic the events industry in Germany was greatly affected as major planned events were either cancelled or postponed. However, with the support from German federal and state government the required funds were made available and various subsidies were introduced by the government including financial compensation. In addition, new innovative, climate friendly locations, advanced technologies have attributed to the growth of events industry in Germany. As stated on May 10, 2021, in Eventindustrynews.com, the online news magazine, due to pandemic around 234 million face-to-face events were cancelled and held virtually.

Global Events Industry Competitive Scenario

Joint ventures, investment, merger & acquisition, product development, and technological development are the common strategies followed by major Events Industry players. For instance, in 2020, ACCESS Destination Services, LLC acquired Las Vegas-based DMC CLI Groups, Inc.

Some of the leading players in events industry are ACCESS Destination Services, LLC, Anschutz Entertainment Group, The ATPI Group, BCD Meeting & Events, Capita, CL Events, Clarion Events Ltd, Cvent, Inc., DRPG Group, and Entertaining Asia.