PORTLAND, Ore., Feb. 16, 2021
Rise in number of attendees at business seminars and counselling programs to convert novel business ideas into viable plans have boosted the growth of the global events industry
PORTLAND, Ore., Feb. 16, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Events Industry by Type (Music Concert, Festivals, Sports, Exhibitions & Conferences, Corporate Events & Seminars, and Others), Revenue Source (Ticket Sale, Sponsorship, and Others), Organizer (Corporate, Sports, Education, Entertainment, and Others), and Age Group (Below 20 years, 21–40 years, and Above 41): Global Opportunity Analysis and Industry Forecast, 2021–2028".As per the report, the global events industry was pegged at $1,135.4 billion in 2019, and is estimated to reach $1,552.9 billion by 2028, growing at a CAGR of 11.2% from 2021 to 2028.
Major determinants of the market growth
Rise in number of attendees at business seminars and counselling programs to convert novel business ideas into viable plans have boosted the growth of the global events industry. Moreover, surge in the globalization of business and increase in demand for non-traditional event spaces supplemented the market growth. However, presence of alternatives and higher entry barriers hinder the market growth. On the contrary, surge in infrastructural investment and technological upgradation such as projection mapping are expected to create lucrative opportunities for the market players in the future.
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The music concert segment to manifest the highest CAGR through 2028
By type, the music concert segment is estimated to portray the highest CAGR of 13.1% during the forecast period, due to increase in popularity of such events among the global population, especially the youth and middle-aged individuals. However, the corporate events & seminar segment held the largest share in 2019, accounting for more than one-fourth of the global events industry, owing to rise in number of companies and frequent seminars & events conducted by them.
The entertainment segment held the lion's share
By organizers, the entertainment segment dominated the market in 2019, contributing to more than one-fourth of the global events industry. In addition, the segment is estimated to manifest the highest CAGR of 12.4% during the forecast period, due to aggressive marketing and promotional activities conducted by the industry. The report also analyses the segments such as corporate, sports, education, and others.
Europe, followed by North America, held the largest share
By region, the market across Europe, followed by North America, held the largest share in 2019, accounting for more than one-third of the market, as the region has been extremely successful in winning conferences of international associations with over half of the top cities and countries selected as destinations for international association conferences. However, the global events industryacross Asia-Pacific is expected to register the highest CAGR of 13.3% from 2021 to 2028, owing to continuous sports leagues, digital activation, and ability to grow and adapt with innovative technology.
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