Events Market Size, Trends and Growth Analysis by 2027

The global events market is projected to experience substantial growth, expanding from US$ 958.54 billion in 2021 to US$ 1,965.99 billion by 2028. This growth translates to an estimated compound annual growth rate (CAGR) of 11.1% from 2022 to 2028.

Entrepreneurship education at both secondary and post-secondary levels has shown a positive influence on the development of entrepreneurial skills and aspirations among students. However, the long-term effects of such education on sustained entrepreneurial engagement or revenue generation remain uncertain. Comprehensive reviews conducted in developing nations suggest that entrepreneurship education at secondary and tertiary levels can enhance entrepreneurial ambitions, mindsets, and capabilities. For instance, in Tunisia, university-based entrepreneurship initiatives have been linked to increased entrepreneurial intentions, improved mindsets, enhanced skills, and higher self-employment rates in the short term. Nevertheless, these positive outcomes tend to diminish after four years, primarily due to financial constraints.

In many developing countries, a lack of job opportunities has led numerous young individuals to pursue entrepreneurship. However, this does not always result in them securing genuine entrepreneurial roles. There is a growing demand among youth, families, and communities for programs that provide skills training applicable beyond the project's duration. Access to financing is crucial for young entrepreneurs aiming to launch or expand their businesses. Unfortunately, many young people face significant barriers in accessing funds, with disparities evident not only between countries but also within different communities.

The Organization for Economic Co-operation and Development (OECD) highlights that startups are vital to economic growth, employing approximately 50% of the workforce despite constituting only 20% of all businesses in a country. Consequently, development programs must strategically focus on assisting young individuals in securing the necessary financing. This requires a thorough exploration of various financial models and the creation of products tailored to user demands.

North America leads in the adoption of advanced technologies, thanks to supportive government policies that promote innovation and enhance infrastructure capabilities. However, any factor that impacts the region's industrial performance can hinder its economic progress. The United States, significantly affected by the COVID-19 pandemic, saw governments implement numerous restrictions on industrial, commercial, and public activities to curb the virus's spread.

According to the Center for Strategic and International Studies, the pandemic resulted in a contraction of the US GDP, leading to a decline in business activities across various sectors, which adversely affected the revenues of key market players. The cancellation and postponement of events, including sporting events, exhibitions, major festivals, concerts, and weddings across the US, Canada, and Mexico, severely impacted the events market in 2020. However, the virtual events market segment is anticipated to witness significant growth opportunities in the coming years, driven by the increasing demand for digital content and live streaming.

The Asia Pacific (APAC) region was also heavily impacted by the COVID-19 pandemic, with India and China reporting a high number of cases. China, being a major manufacturing hub, plays a crucial role in global trade. The OECD notes that other significant economies in the region, such as South Korea, India, Australia, and Japan, have also faced challenges due to the pandemic, resulting in negative growth trends. Mobility restrictions and the cancellation or postponement of business conferences and events due to the outbreak have further hindered market growth in this area. Nevertheless, the shift to remote work has led to a gradual increase in demand for software solutions, even during the crisis, suggesting a potential rise in the need for virtual event software in the future.

The rise of virtual events has allowed planners to broaden their reach and scale their events to a wider audience. Incorporating live translation services into event packages can provide a competitive edge for both virtual and physical venues. Businesses can collaborate with event planners in locations they might not typically engage with. For example, the event technology platform Hopin has partnered with Interprefy to offer real-time language interpretation directly within their live feeds. QR codes have become effective tools for marketing materials, such as event posters, speaker business cards, and postcards for ticket sales. To facilitate purchases, a robust landing page is essential, prompting event planners to increasingly rely on this technology.

Moreover, QR codes can streamline event registration processes. Event venues can utilize QR codes as a touchless and hygienic method to connect planners with attendees, adhering to current health guidelines. For instance, EventNook collaborated with Singapore Management University to implement QR codes for event registration and ticketing. Thus, ongoing advancements in event management technology are likely to create lucrative opportunities for growth in the events market during the forecast period.

The events market can be analyzed based on various criteria, including event type, application, enterprise size, revenue sources, organizer type, and geographical location. The market is categorized into virtual, hybrid, and physical events, as well as B2B and B2C applications. It also distinguishes between small and medium enterprises and large enterprises. Revenue sources include ticket sales, sponsorships, and other avenues. Organizers are classified into corporate, sports, education, entertainment, and other sectors. Geographically, the global events market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

Key players in the events market include Access Destination Services, Anschutz Entertainment Group, ATPI Ltd., BCD Meetings & Events, Cvent Inc., Entertaining Asia, Live Nation Worldwide, Inc., Pollstar, Riviera Events, and StubHub. The report also includes secondary research on other companies that hold significant market shares.

The overall size of the events market has been determined through both primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the events market. This approach also aimed to provide an overview and forecast for the events market across all segments relevant to the region. Additionally, multiple primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights into the events market. Participants included industry professionals such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders specializing in the events sector.