According to the latest research report, titled "Events Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Technology, Event Type, Revenue Source, Type, Organizer, Application, Enterprise Size, and Geography," the events market share is projected to reach US$ 1,965.99 billion by 2028 from US$ 958.54 billion in 2021. The events market size is estimated to grow at a CAGR of 11.1% from 2022 to 2028.
Rapid Increase in Events Sponsorship to Drive Events Market
The commercialization of sports has led to an increase in promotion and sponsorship opportunities, providing businesses with a chance to gain recognition and expand their reach. By participating in sponsorship programs, companies can reap both tangible and intangible benefits, including increased brand exposure and positive stakeholder perception in the events market.
Sponsorship offers businesses the chance to raise awareness about their products and services through modern advertising techniques while distinguishing themselves from competitors. With international clients being engaged beyond national borders, sponsorship presents a versatile marketing strategy for companies to achieve corporate objectives and marketing initiatives.
In addition to corporate and commercial events, various entertainment shows, such as music concerts and hip-hop music shows, draw a large number of young people keen on attending live music events. As branding and marketing are essential for every business and startup, events offer a perfect platform for sponsoring entertainment events, including live music concerts and sports events such as the Indian Premier League (IPL), and more.
Events present an exceptional opportunity for emerging artists to showcase their talent, helping them advance in their careers. Motivational shows and stand-up comedy are also prevalent worldwide.
The COVID-19 pandemic has accelerated the shift to digital due to the vast number of people working from home and spending more time online. The growing demand for digital resources is overwhelming the systems of many software and platform organizations, hindering their ability to deliver quality and reliable services. The popularity of virtual events has surged since the outbreak, driven by the increasing need for mobility solutions from key stakeholders such as associations, professional event organizers, executives, marketing managers, product managers, and human resources. However, the events market has also been impacted by issues resulting from the cancellation of various events, including sports, exhibitions, festivals, concerts, and weddings, among others, in an effort to control the spread of the COVID-19 virus.
Key Findings of Study
Events market analysis by event type, the events market is segmented into virtual, hybrid, and physical. Events market analysis by application, the market is segmented into B2B and B2C. Events market analysis by enterprise size, the market is segmented into small and medium enterprises and large enterprises. Small and medium enterprises are the fastest-growing segment due to SMEs needing continuous support from the respective country governments to achieve their full potential. At the same time, they need to work on their internal processes, structures, and practices to achieve anticipated events market growth. Based on revenue sources, the market is segmented into ticket sale, sponsorship, and others. Based on organizer, the market is segmented into corporate, sports, education, entertainment, and others. Based on type, the market is segmented into music concert, festivals, sports, exhibitions and conferences, corporate events and seminars, and others. The global events market analysis by region has been segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North America is expected to surface as the fastest-growing regional market among these. With the quick uptake of cutting-edge technologies, conference/seminar events have been transformed in this region. Earlier, all event planners needed was an overhead projector. However, wireless Internet has become critical for this region's growth and productivity. LCD projectors, video conferencing, and quick laptops are also becoming new standard needs in the North America events market. The fast growth of the corporate travel sector over the last few years has established North America as the world's largest events market.
The regional events market is expanding due to the liberalization of trade licenses and the government's efforts to attract private investment and foreign direct investment. The European events market is expected to undergo significant changes in the near future, thanks to the increasing use of big data analytics. This technology enables event management companies in the region to develop well-planned marketing initiatives, digital campaigns, and effective methods to boost the market. Big data is becoming increasingly important for businesses as it provides essential business analytics necessary to remain competitive.
In addition, the data obtained from big data analytics helps to improve logistical planning, enhance sponsorship options, increase event participation, boost revenue, and increase event attendance rates. This data can also be used to analyze marketing figures, customer relationship management, email marketing, sales, and event planning. As a result, the market is expected to benefit significantly from the growing use of big data analytics during the forecast period.
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