Event Services Market Size to Reach $1,349.00 Billion, Globally, by 2031 at a CAGR of 7.6%: Allied Market Research
According to a new report published by Allied Market Research, titled “Event services market“The Event Services Market size was valued at USD 515.80 Billion in 2021 and is projected to reach USD 1,349.00 Billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.
Main conclusion of the study
- According to the Event Services Market forecast, the global Event Services Market was valued at USD 515.8 Billion in 2021 and is projected to reach USD 1,349.0 Billion by 2031, registering a CAGR of 7.6% 2022 to 2031.
- By service, the location rental segment was the largest contributor to the market, with $159.7 billion in 2021, and is expected to reach $4,395.7 billion by 2031, at a CAGR of 7. 0% over the forecast period.
- By event type, the corporate events and seminars segment was the largest contributor to the market, with $142.8 billion in 2021, and is expected to reach $393.6 billion by 2031, with a CAGR of 8.2% over the forecast period.
- By end-user, the entertainment segment was the largest contributor to the market, at $149.0 billion in 2021, and is expected to reach $428.3 billion by 2031, growing at a CAGR of 8.6% in during the forecast period.
- By organization, the small and medium business segment was the largest contributor to the market, with $355.7 billion in 2021, and is expected to reach $904.2 billion by 2031, growing at a CAGR of 7.3 % over the forecast period.
- By region, Europe was the largest revenue contributor, accounting for $184.8 billion in 2021, and is projected to reach $408.6 billion by 2031, at a CAGR of 5.8%.
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The term event refers to the organization of a performance, which involves a public gathering at a pre-determined place and time. The most popular events include conferences and exhibitions, corporate events and seminars, promotion and fundraising, musical and artistic performances, sports, festivals, trade shows and product launches. The initial stage of any major event involves understanding the audience and their behavior that excites and engages them and the final stage is organizing an event appropriately.
On the basis of event type, the corporate events and seminars segment obtained the maximum event services market share in 2020, due to the increase in the number of companies and the increase in the frequency of organization of seminars and events. Moreover, these seminars and events involve interaction between the speaker and the audience, thus attracting more participants. On the other hand, the music concert category is expected to grow at the highest CAGR of 9.2% during the forecast period.
This is attributed to the rise in popularity of corporate events and seminars among the global population, especially the young and middle-aged people. Additionally, concerts and music events should provide valuable opportunities for promoters and brands to align themselves with concert attendees.
The COVID-19 pandemic had a negative impact on the event services market in 2020. Lockdown measures implemented by the government in an attempt to curb the spread of the virus resulted in the cancellation of almost all exhibitions, meetings in person, trade shows, conventions and seminars. Additionally, the rapid decline in international tourist arrivals during the pandemic has led to a decline in the growth of the event services market.
According to the service, the location rental segment led the market in 2021, securing 30.9% market share. The virtual or hybrid event facilitators segment is expected to grow at a highest CAGR of 9.8% from 2022 to 2031. This growth is attributed to the surge in the adoption of ICT technologies among event planners and event planners. corporate houses around the world. Moreover, the COVID-19 pandemic is the main factor behind the rapid growth of this segment.
By organization, the small and medium enterprises segment dominated the market in 2021, gaining a market share of 68.9% in 2021. The massive presence of small and medium enterprises and the increase in the number of corporate events organized by them propelled the growth of this segment. . Small and medium enterprises are the backbone of the global economy.
Regionally, Europe was the largest revenue contributor in 2021 as this region has been extremely successful in winning international association conferences with more than half of the major cities and countries selected as destinations for international association conferences. international associations.
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Key Market Players:-
- Access destination services
- ATPI Ltd.
- Basset Events
- BCD Group
- FX Group Ltd.
- Intelligent Protection International Limited
- International Security Agency
- Martin Auto Ltd.
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