The events sector will prioritize environmental sustainability more. To reduce the negative effects of events on the environment, there will be more emphasis on waste reduction, eco-friendly activities, and sustainable event management techniques.
According to a new report published by Allied Market Research, titled, “UK Events Industry by Type, Revenue Source, Organizer, and Age Group: Opportunity Analysis and Industry Forecast, 2022–2031,” The UK events market size was valued at $74.9 billion in 2018, and is projected to reach $139.9 billion by 2032, registering a CAGR of 5.0% from 2023 to 2032.
The term event refers to organizing a show which involves a public gathering at a pre-determined place and time. The most popular events include conferences exhibitions, corporate events seminars, promotion fundraising, music art performance, sports, festival, trade shows, product launches, and similar others. The initial stage of a major event involves understanding the audience and the behavior that excites and emotionally engages them. The final stage involves conducting an event appropriately.
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As digital and hybrid event formats become more popular, there is a chance to reach a larger audience, get beyond geographical constraints, and offer distinctive online experiences. Enhancing accessibility, expanding reach, and creating new revenue sources are all made possible by incorporating virtual components into events. Events with a focus on social effects and environmental responsibility are becoming more and more in demand. Using eco-friendly procedures, cutting down on waste, encouraging recycling, and embracing sustainable sourcing and production techniques help events stand out and draw people who care about the environment.
There are many events competing for people's time and financial resources in the UK's fiercely competitive events market. It is challenging for new events to stand out and draw crowds in specific event sectors or geographical areas. To meet this issue, it is essential to differentiate events with marketing that is successful and focuses on the right audience. Success in the events sector is influenced by its standing and how the public views it. The reputation of the sector is harmed by negative events like security lapses, logistical problems, or subpar event experiences. Professionals in charge of events must put in a lot of effort to uphold strict standards, guarantee guest pleasure, and immediately handle any issues. Thus, UK events industry trends are driving the UK events industry.
The UK events industry is segmented into type, revenue source, organizer, and age group. On the basis of type, the UK events industry is divided into music concerts, festivals, sports, exhibitions conferences, corporate events seminars, and others. Among these, the corporate events and seminars segment occupied the major UK events industry share in 2018 and is projected to maintain its dominance during the forecast period. This is owing to the rise in the number of companies and the frequent seminars events conducted by them. In addition, such seminars and events involve interaction between speaker and audience, thus attracting more attendees.
On the basis of revenue source, it is segregated into ticket sale, sponsorship, and others. The sponsorship segment is growing at a moderate rate during the forecast period as per the UK events industry statistics. This is attributed to the unlimited opportunities the organizers find to broaden their competitive advantage. Moreover, sponsoring an event increases reach among potential buyers and customers, thereby boosting the UK events industry growth.
As per the organizer, it is categorized into corporate, sports, education, entertainment, and others. The entertainment segment is anticipated to grow at the highest CAGR during the forecast period. Through a variety of artistic events, such as exhibitions, art festivals, dance performances, and cultural festivals, the UK honors its rich cultural legacy. The Edinburgh Festival, the Notting Hill Carnival, and the London exhibitions at the Tate Modern are notable occasions.
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By age group, it is fragmented into below 20 years, 21–40 years, and above 40 years. The 21-40 years segment is growing at a moderate rate during the forecast period. This is owing to growing interest in entrepreneur business seminars, conferences that offer proper guidelines direction to the youth for establishing a start-up, along with music concerts and festive gatherings.
The major players analyzed for the UK events industry are Firebird Events Ltd., CL Events, Clarion Events Ltd., Cvent Holding Corp., BCD Group, Purple Lamb Events, Live Nation Entertainment, Inc., Anschutz Entertainment Group, ATPI Ltd., Eventurous Ltd.
Key Findings Of Study
By type, the corporate events and seminar segment was the highest contributor to the market, with $21.8 billion in 2018, and is estimated to reach $45.1 billion by 2032, at a CAGR of 5.7% during the forecast period.
By revenue source, the sponsorship segment was the highest contributor to the market, with $32.2 billion in 2018, and is estimated to reach $66.1 billion by 2032, at a CAGR of 5.6% during the forecast period.
Depending on organizer, the entertainment segment was the highest contributor to the market, with $21.8 billion in 2018, and is estimated to reach $45.5 billion by 2032, at a CAGR of 5.7% during the forecast period.
Age group wise, the 21-40 years segment was the highest contributor to the market, with $32.5 billion in 2018, and is estimated to reach $66.5 billion by 2032, at a CAGR of 5.6% during the forecast period.
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Allied Market Research
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