The U.S. events market size was valued at $94.8 billion in 2020 and is expected to reach $538.6 billion by 2030, registering a CAGR of 13.0% from 2021 to 2030.
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Events refer to public gathering of populace art at a determined time and place. The purpose for staging an event can be increase in business profitability, celebratory, entertainment, and community causes among others. The most popular events include conference & exhibition, corporate events & seminars, promotion & fundraising, music & art performance, sports, festival, trade shows, and product launch. The key stakeholders within the events market are corporate organizations, public organizations & NGOs.
The initial stage of a major event involves understanding the audience and their behavior that excites and emotionally engages them. The final stage involves conducting events, such as music concerts, sports, exhibitions & conferences, seminars, and others, appropriately. It has been witnessed that events such as music concerts attract majority of the population, especially the youth and middle-aged individuals, which boost the growth of the U.S. events industry size. Although the album sales have drastically reduced, shift in preference of artists and performers toward touring and conducting music concerts at various places across the world has further driven the U.S. events market growth. In addition, rock and pop music dominates most of the markets, globally while the U.S. population prefers rap and hip-hop. Thus, increase in such music concerts and events offers valuable opportunities for promoters and brands to align themselves with people attending concerts. Furthermore, sports events have become more commercialized in the recent years. Thus, sports serve as a significant marketing advertisement opportunity for event management companies, which sponsor these events.
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In addition, sponsorships from various brands such as Redbull, Monster Energy, Nike, Cocoa Cola for major global three-day festival as well as small gig or act in a social club or arena boost the growth of the events industry. Moreover, deployment of best-in-class technology that can handle the entire event propels the industry growth. However, higher entry barriers and presence of alternatives are some of the major challenges of the market. On the contrary, increase in infrastructural investment and technological upgradation, such as projection mapping that creates an augmented reality of experience created through projectors as well as branded multi-use apps that are used to bool tickets, survey attendees, and polling crowds in real time accelerate the market growth. These factors are anticipated to offer ample opportunities for the players in the U.S. events industry.
Based on type, the corporate events & seminars segment contributed to the highest share in 2020, accounting for more than one-fifth of the total share, and is expected to continue its leadership status during the forecast period. However, the hybrid eventssegment is expected to register the highest CAGR of 17.3% from 2021 to 2030.
Based on organizer, the entertainment segment accounted for the largest share in 2020, contributing to nearlyone-third of the total share of the U.S. events market, and is expected to maintain its dominant share during the forecast period. Moreover, this segment is projected to manifest the fastest CAGR of 13.9% from 2021 to 2030.
Based on income group, the lower-middle-class segment held the highest share in 2020, accounting for more than two-fifths of the total share, and is estimated to maintain its lead position in terms of revenue by 2030. However, the upper-class segment is estimated to portray the largest CAGR of 13.7% during the forecast period.
Leading players of the U.S. events market analyzed in the research includeAccess Destination Services, LLC, BCD Meeting & Events, Anschutz Entertainment Group, Creative Group, Inc., BI Worldwide, ITA Group, Cvent, Inc., The ATPI Group, Maritz Holdings, Inc., and 360 Destination Group.
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