Surging Demand for Event Services Market Valued at $1,349.00 billion , Growing at a CAGR of 7.6% from 2022 to 2031 - AMR

Europe was the highest revenue contributor, accounting for $184.8 billion in 2021, and is estimated to reach $408.6 billion by 2031, with a CAGR of 5.8%

PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, UNITED STATE, October 3, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Event Services Market," The event services market size was valued at $515.80 billion in 2021, and is estimated to reach $1,349.00 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.

The term event refers to organizing a show, which involves public gathering at a predetermined place and time. The most popular events include conference & exhibition, corporate events & seminar, promotion & fundraising, music & art performance, sports, festival, trade shows, and product launch. Initial stage of any major event involves understanding the audience and their behavior that excite and engage them and final stage involves conducting an event appropriately.

On the basis of event type, the corporate events & seminars segment garnered the maximum event services market share in 2020, owing to rise in number of companies and surge in frequency of conducting seminars & events . In addition, such seminars and events involve interaction between speaker and audience, thus attracting more attendees. On the other hand, music concerts category is anticipated to grow at the highest CAGR of 9.2% during the forecast period.

This is attributed to increase in popularity of corporate events & seminars among the global population, especially youth and middle-aged individuals. Furthermore, music concerts and events are expected to offer valuable opportunities for promoters and brands to align themselves with people attending concerts.

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COVID-19 pandemic has adversely impacted the event services market in 2020. Lockdown measures implemented by the government in an attempt to curb the spread of the virus led to cancellation of almost all the exhibitions, in-person meetings, trade shows, conventions, and seminars. Moreover, rapid decline in the international tourist arrivals during the pandemic led to decline in the event services market growth..

Depending on service ,the location rental segment dominated the market in 2021, garnering 30.9%.of market share The virtual or hybrid event enabler segment is expected to grow at a highest CAGR of 9.8% from 2022 to 2031. This growth is attributable to surge in adoption of the ICT technologies among the event planners and the corporate houses across the globe. Moreover, COVID-19 pandemic is the major factor behind the rapid growth of this segment.

By organization, the small & medium enterprises segment dominated the market in 2021, garnering a market share of 68.9% in 2021. Huge presence of small & medium sized enterprises and increase in number of corporate events conducted by them has propelled the growth of this segment. Small and medium enterprises are the backbone of the global economy.

Region wise, Europe was the highest revenue contributor in 2021, as this 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.

The event services industry is highly fragmented, owing to the presence of numerous players in the market. These market players are constantly engaged in various developmental strategies, such as acquisition, merger, partnership, business expansion, and new product launch, which increase the intensity of competitive rivalry in Europe. The major players profiled in the report are Access Destination Services, ATPI Ltd., Bassett Events, Inc., BCD Group, FX Group Ltd., Intelligent Protection International Limited, International Security Agency, Martin Auto Ltd., StubHub, and Wonderland.

Key findings of the study

As per the event services market forecast, the global event services market was valued at $515.8 billion in 2021, and is projected to reach $1,349.0 billion by 2031, registering a CAGR of 7.6% from 2022 to 2031.
By service, the location rental segment was the highest contributor to the market, with $159.7 billion in 2021, and is estimated to reach $4395.7 billion by 2031, at a CAGR of 7.0% during the forecast period.
By event type, the corporate events and seminars segment was the highest contributor to the market, with $142.8 billion in 2021, and is estimated to reach $393.6 billion by 2031, at a CAGR of 8.2% during the forecast period.
By end user, the entertainment segment was the highest contributor to the market, with $149.0 billion in 2021, and is estimated to reach $428.3 billion by 2031, at a CAGR of 8.6% during the forecast period.
By organization, the small and medium enterprises segment was the highest contributor to the market, with $355.7 billion in 2021, and is estimated to reach $904.2 billion by 2031, at a CAGR of 7.3% during the forecast period.
By region, Europe was the highest revenue contributor, accounting for $184.8 billion in 2021, and is estimated to reach $408.6 billion by 2031, with a CAGR of 5.8%.

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Here are some trends and factors that were influencing the event services market's growth and demand in 2023, which may still be relevant:-

Digital Transformation: The COVID-19 pandemic accelerated the adoption of virtual and hybrid events. Event services companies were increasingly offering digital solutions such as live streaming, virtual event platforms, and webinars to cater to the demand for remote events.

Hybrid Events: Even as in-person events returned, many event organizers continued to offer hybrid options to reach a broader audience. This trend was likely to drive demand for services that can seamlessly blend virtual and in-person experiences.

Safety and Health Measures: Public health concerns were paramount in event planning. Companies were investing in health and safety measures, such as contactless registration, sanitization stations, and social distancing protocols, which increased the demand for specialized event services.

Sustainability: Sustainability became a growing concern in the event industry. Companies and organizers were looking for event services that could help them reduce waste, energy consumption, and the overall carbon footprint of their events.

Social Events: Weddings, milestone celebrations, and other social gatherings continue to drive demand for event planning and catering services. Cultural and societal trends can influence the scale and style of these events

TABLE OF CONTENT :-
CHAPTER 1:INTRODUCTION
1.1.Report description
1.2.Key market segments
1.3.Key benefits to the stakeholders
1.4.Research Methodology
1.4.1.Secondary research
1.4.2.Primary research
1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.Key findings of the study
2.2.CXO Perspective
CHAPTER 3:MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key findings
3.2.1.Top investment pockets
3.3.Porter’s five forces analysis
3.4.Top player positioning
3.5.Market dynamics
3.5.1.Drivers
3.5.2.Restraints
3.5.3.Opportunities
3.6.COVID-19 Impact Analysis on the market
CHAPTER 4: EVENT SERVICES MARKET, BY SERVICE
4.1 Overview
4.1.1 Market size and forecast
4.2 Strategy, Planning, Budget, and Development
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country

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