According to a new report published by Allied Market Research, titled, “Asia Events Industry Market by Type, Revenue Source, Organizer and Age Group: Opportunity Analysis and Industry Forecast, 2019-2026,” The Asia events industry size was valued at $273.80 billion in 2018, and is projected to reach $567.10 billion in 2026, registering a CAGR of 9.2%.
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Current Trends in the Events Industry in Asia include:
Hybrid events:
A combination of in-person and virtual events, which allow organizers to reach a wider audience and provide a more flexible and accessible experience.
Experience-driven events:
Emphasis is being placed on creating unique, immersive experiences for attendees, rather than just a standard conference or trade show.
Sustainability:
The trend of sustainable events is growing, with more organizations looking to reduce their environmental impact through eco-friendly practices such as reducing waste and carbon emissions.
Technology integration:
The use of technology such as virtual and augmented reality, live streaming, and artificial intelligence is becoming increasingly common in events, improving the overall experience for attendees.
Recent developments in the events industry in Asia include:
Growth of virtual events:
With the pandemic forcing many events to go virtual, there has been a significant increase in the number of virtual events being held in Asia. This trend is likely to continue even after in-person events are possible again, as virtual events have proven to be a convenient and cost-effective alternative.
Focus on hybrid events:
As the events industry begins to recover, there is a growing interest in hybrid events, which combine virtual and in-person elements. These events offer a more flexible and accessible experience, and are seen as a way to reach a wider audience.
Increase in experiential events:
The trend towards experience-driven events continues to grow, with more and more organizations looking to create unique, immersive experiences for attendees. This includes things like interactive displays, virtual reality experiences, and hands-on activities.
Emphasis on sustainability:
The trend towards sustainable events continues to gain momentum, with more organizations looking to reduce their environmental impact and minimize waste. This includes things like reducing carbon emissions, using eco-friendly materials, and promoting recycling and composting.
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According to the perspective of the top-level CXOS, the events industry is growing at a significant pace, and is anticipated to continue this trend in the coming years. Events are playing a vital role in revenue generation and brand equations for corporates and associations. It has been witnessed that events of the recent years are equally interesting as compared to the past decade, driving shifts in choice and pressurizing event planners and owners.
The CXOs further added that this industry is witnessing the entry of new and independent players who are leveraging technology to gain a competitive advantage in today’s consolidated environment. Rapid development in the business travel sector in recent decades has positioned China as the largest market for event industry in Asia. In addition, ease of visa restrictions, investments for improvement in infrastructure, and high demand in commercial aviation from India, Japan, Thailand, Malaysia, and other Asian countries are some of the other factors that fuel the growth of the Asia event industry. In addition, high penetration of internet & technology in the densely populated countries supports the growth of the market. However, companies are facing challenges in this industry to manage live inventory for simple and small events. Conversely, the focus of companies is to enhance attendee experience and witness successful completion of an event without any hindrance. Hence, the event business model is designed, which drives the growth of the event industry
Country wise, China was the highest revenue contributor in 2018, as this country has been successful in winning conferences of international associations with over half of the top cities selected as destinations for international association conferences. This is attributed to consistent increase in sports events and music festivals in China rise in popularity of the Olympic & commonwealth games and music concerts.
However, entering into this industry may require high initial costs and can be risky due to the presence of existing giants. Thus, industry fragmentation is anticipated to hinder the growth of the Asia events industry during the forecast period.
Key findings of the study
- On the basis of type, the corporate events &V seminar segment dominated the market in 2018, and is expected to retain its dominance throughout the forecast period.
- Depending on revenue source, the sponsorship segment accounted for highest share in 2018, and is projected to grow at a CAGR of 10.1% from 2019 to 2026.
- By organizer, the corporate segment was the major shareholder in 2018, and is projected to register a CAGR of 10.7% from 2019 to 2026.
- As per age group, the 21-40 years segment led the market in 2018, and is expected to continue this trend in the coming future.
- Country wise, China accounted for about highest Asia events industry share in 2018, and is expected to grow at a CAGR of 7.5%.
The major players profiled in the report are, ATPI LTD, BCD Meeting & Events, CAPITA PLC, CVENT Inc., Entertaining Asia, Live Nation Entertainment, Inc., Questex LLC, Reed Exhibitions Ltd., Riviera Events, Stubhub, Inc., and Lixil Group Corporation.
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