According to the report published by Allied Market Research, the U.S. Events Market generated $94.8 billion in 2020, and is projected to reach $538.6 billion by 2030, witnessing a CAGR of 13.0% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Rise in sponsorship for events and surge in interest among youth in entrepreneurship& business seminars drive the growth of the U.S. events market. However, high operational costs and entry barriers due to presence of existing giant players hinder the market growth. On the other hand, technological advancements and rise in infrastructural investments create new opportunities in the coming years.
The term event refers to organizing a show which involves public gathering at a pre-determined place and time. The most popular events include conference & exhibition, corporate events & seminar, promotion & fundraising, music & art performance, sports, festival, trade shows, product launch, and similar others. The initial stage of a major event involves understanding the audience and their behavior that excite and emotionally engage them. The final stage involves conducting an event appropriately. In 2020, on the basis of type, the corporate events & seminars segment garnered the maximum events industry share, owing to rise in number of companies and frequent seminars & events conducted by them. In addition, such seminars and events involve interaction between speaker and audience, thus attracting more attendees.
On the other hand, the music concerts category is anticipated to grow at the highest CAGR of 11.7% during the forecast period. This is attributed to increase in popularity of such events among the global population, especially the youth and middle-aged individuals, which boost the U.S. events market growth. Furthermore, such music concerts and events offer valuable opportunities for promoters and brands to align themselves with people attending concerts.
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The report offers detailed segmentation of the U.S. events market based ontype, revenue source, organizer, age group, and income group.
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.
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Key findings of the study
- On the basis of type, the hybrid events segment is projected to witness the highest CAGR of 17.3%, in terms of revenue, during the forecast period.
- On the basis of revenue source, the sponsorship segment is expected to dominate the market through 2021-2030.
- On the basis of organizer, the entertainment segment occupied the largest U.S. events market share in 2020, and is expected to grow at a significant CAGR during the forecast period.
- On the basis of age group, the 21-40 years of age group held the major share in the U.S. events industry.