According to the report, the global event services industry generated $515.80 billion in 2021, and is anticipated to generate $1,349.00 billion by 2031, witnessing a CAGR of 7.6% from 2022 to 2031.
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Venue and catering are two most expensive components in the event services industry. Location of the event and food & beverages served during event significantly influence the success of the event. Surge in penetration of the digital technologies, owing to the presence of developed IT and telecommunications infrastructure contributes toward the growth of the market. Proliferation of digital technologies drives the growth of the hybrid events across the globe.
According to the perspective of the top-level CXOs, the event services market is growing at a significant pace and is anticipated to continue this trend in the future. Events are playing a vital role in revenue generation and brand equations for corporates and associations. It is observed that events conducted nowadays are interesting compared to the ones conducted in the past decade, driving shifts in choices of consumers and pressurizing event planners and owners. This industry is witnessing the entry of new and independent players who are leveraging technology to gain a competitive advantage in the today’s consolidated environment. However, companies are facing challenges in this industry to manage live inventory for simple and small events. Conversely, focus of companies is to enhance attendee experience and witness successful completion of an event without any hindrance.
Global Event Service Industry Introduction
The expansion of commercial activities like conferences and seminars, brand promotions, employee training programmes, the tourism and hospitality industries, and the expansion of IT centers throughout the world are the main drivers of the event services market. Another important element that encourages market expansion is the rise in business travel, which is accompanied by a change in business travelers’ preferences for leisure travel, expanding urbanization, and rising disposable incomes. The need for event planners, human service providers, and furniture and equipment rental services is therefore fueled by the uptick in corporate activity. The industry grows as a result of the use of best-in-class technology that can manage the entire event. Additionally, multi-dimensional events are a major factor in the expansion of the market for event services.
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Key Finding
- Location rental segment was the highest contributor to the market, with $159.7 billion in 2021, and is estimated to reach $4395.7 billion by 2031, at a CAGR of 7.0% during the forecast period.
- Corporate events and seminars segment was the highest contributor to the market, with $142.8 billion in 2021, and is estimated to reach $393.6 billion by 2031, at a CAGR of 8.2% during the forecast period.
- Entertainment segment was the highest contributor to the market, with $149.0 billion in 2021, and is estimated to reach $428.3 billion by 2031, at a CAGR of 8.6% during the forecast period.
- Europe was the highest revenue contributor, accounting for $184.8 billion in 2021, and is estimated to reach $408.6 billion by 2031, with a CAGR of 5.8%.
- The location rental segment to maintain its leadership status throughout the forecast period
Based on service, the location rental segment held the highest market share in 2021, accounting for nearly one-third of the global event services market, and is estimated to maintain its leadership status throughout the forecast period. However, the virtual or hybrid event enabler segment is projected to manifest the highest CAGR of 9.8% from 2022 to 2031.This is attributable to surge in adoption of the ICT technologies among the event planners and the corporate houses across the globe.
The entertainment segment to maintain its lead position during the forecast period
Based on end user, the entertainment segment accounted for the largest share in 2021, contributing to more than one-fourth of the global event services market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 8.6% from 2022 to 2031, due to growth in the entertainment industry and rise in consumer expenditure on the entertainment. The report also analyzes segments such as corporate, sports, education, and others.
Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue 2021, accounting for more than one-third of the global event services market. This is owing to the fact that this region has been extremely successful in winning conferences of international associations with over half of the top cities and countries selected as destinations for international association conferences. However, the LAMEA region is expected to witness the fastest CAGR of 9.9% from 2022 to 2031.
Leading Market Players: –
- Basset Events, Inc.
- wonderland
- Access Destination Services
- BCD Group
- ATPI Ltd.
- StubHub
- FX Group Ltd.
- Martin Audio Ltd.
- International Security Agency
- Intelligent Protection International Limited
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