Events Industry Market Size to grow by USD 722.67 billion between 2024-2028
The Events Industry Market is segmented by Type (Corporate events and seminar, Music concert, Festival, Sports, and Others), Source (Sponsorship, Ticket sale, and Others), and Geography (Europe, North America, APAC, Middle East and Africa, and South America). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 722.67 billion, at a CAGR of 10.63% during the forecast period. There are several companies that are contributing to the market as per this report. Growing popularity of events in education .
By Type, the Corporate events and seminar segment is projected to dominate the market size in 2024
The corporate events and seminars market experiences significant growth due to digitized core processes, customer-focused approaches, and an increase in product launches, conferences, seminars, and team-building events. Key stakeholders include private organizations, corporations, trading associations, educational institutions, and political parties. By outsourcing event services such as research, venue selection, transportation, and entertainment, these entities enhance operational efficiency and reduce costs by approximately 30%.
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By Source, Sponsorship segment is expected to hold the largest market size for the year 2024
In the evolving landscape of the events industry market, sponsorships have emerged as a primary revenue stream. Event organizers leverage sponsorships to enhance their offerings, capitalizing on the mutual benefits for both parties. Sponsors view events as strategic marketing platforms, enabling them to engage with desired audiences, amplify brand visibility, and align with specific niches. This paradigm shift is fueled by the recognition of events as potent branding vehicles, prompting substantial investments for premium placements and exclusive privileges.
Why is Europe forecasted to hold the largest regional market size in 2024?
The European events industry market is projected to experience substantial expansion and lead the global events industry market growth during the forecast period. Traditional audio, web, and video conferencing vendors in Europe are transitioning towards unified communications and collaboration (UC&C) solutions providers. IT and BFSI sectors in Europe are primary drivers of web conferencing demand. Video conferencing adoption among enterprises is anticipated to rise due to renewed contracts for hosted video conferencing services and compatibility with upgraded system infrastructures.
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Research Analysis Overview
The Events Industry market encompasses a vast array of activities, including phone calls for reservations, online booking systems, and transactions for various events. This sector caters to corporate events and seminars, conferences and exhibitions, community causes, celebratory occasions, and business profitability. The purpose of these events can be diverse, ranging from trade exhibits and festivals to sports, art performances, music performances, and business objectives. Public gatherings for fundraising initiatives, promotions, seminars, corporate events, exhibitions, and conferences are common in this industry. Entertainment forms a significant part of events, with celebrations of achievements being a primary business objective. The Events Industry market is a thriving one, offering numerous opportunities for growth and innovation.
Market Research Overview
The Events Industry Market, as identified by Technavio, falls under the broader category of the Global Specialized Consumer Services Market. This market encompasses the earnings generated by various consumer service providers, which include residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. Notably, the market size is determined by Technavio based on the revenues generated by these specialized service providers. Excluded from this calculation are consumer services related to casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services. - The Events Industry Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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