What Is The Overview Of The Global Events Industry Market?
The events industry refers to the sector that involves the planning, production, management, and execution of events of various sizes and purposes. This can include corporate events, conferences, exhibitions, trade shows, festivals, weddings, sporting events, concerts, and other social gatherings. The events industry is crucial in bringing together individuals or organizations for social, educational, entertainment, or business purposes, often facilitating networking, learning, and brand exposure. It contributes significantly to the economy, particularly tourism, hospitality, and media.
Events Industry Global Market Report 2024 provides data on the global events industry market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The events industry market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Events Industry Market Expected To Grow In Size And Annual Rates?
The events industry has seen robust growth, projected to grow from $1,124.07 billion in 2023 to $1,227.30 billion in 2024, with a CAGR of 9.2%. Factors such as the rise of religious and cultural festivals, public fairs, shifting consumer preferences, sustainability focus, and government support have contributed to this growth. The industry is expected to reach $1,764.13 billion by 2028 at a CAGR of 9.5%. Growth drivers include eco-friendly event interest, tourism and destination event expansion, fluctuations in corporate investment, more business conferences, and increased sports league activities. Key trends for the forecast period include technological innovations, virtual venues, advanced event technology, data-driven planning, and AI integration.
What Main Forces Are Fueling Expansion In The Events Industry Market?
The growing popularity of sports leagues is driving the expansion of the events industry market. Sports leagues consist of organized teams or individual athletes competing under established rules over a specific period. Their popularity has increased due to a rising interest in sports among participants and audiences, more resources for organizing events, and the growth of broadcasting and digital media. The events industry supports sports leagues with infrastructure like venue management, ticketing, and promotional activities, enabling live sporting events that attract large audiences and foster community engagement. For example, Deloitte reported in January 2024 that the top 20 football money league clubs generated record revenues of $11.6 billion (€10.5 billion) in 2022-2023, a 14% increase from the previous year. Thus, the growing popularity of sports leagues is contributing to the growth of the events industry market.
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What Are The Primary Segments In The Global Events Industry Market?
The events industry market covered in this report is segmented –
1) By Type: Music Concerts, Festivals, Sports, Exhibitions And Conferences, Corporate Events And Seminar, Other Types
2) By Age Group: Below 20 Years, 21–40 Years, Above 40 Years
3) By Revenue Source: Ticket Sale, Sponsorship, Food And Beverage, Other Revenue Sources
4) By Organizer: Corporate, Sports, Education, Entertainment, Other Organizers
Which Key Trends Are Driving Changes In The Events Industry Market?
In the events industry, companies are leveraging innovative software solutions to streamline event management processes such as registration and billing. These platforms enhance efficiency through features like marketing automation and post-event analytics. In June 2024, Australia-based Evexus introduced a comprehensive event management platform integrating AI, sequential registration, and pay-first billing. The software aims to improve event organization, sponsor promotion, and attendee engagement through advanced technology.
What Is The Leading Region In The Events Industry Market?
Europe was the largest region in the events industry market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the events industry market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
