The event industry is characterized as a professional service sector responsible for the management and execution of events. Its primary participants are typically event organizers, encompassing both small-scale and large-scale operations. The events industry is thriving and dynamic, offering global opportunities and yielding impressive results. The fundamental essence of event management has consistently been to motivate individuals to unite in the spirit of collective and innovative collaboration.
In recent years, there has been a surge in the development of mobile applications specifically designed for events. These applications enable users to search for events, access event schedules, make reservations, and even buy tickets.
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Social media and the events industry:
Social media plays a dynamic role in the world of events, simplifying the process of reaching out to people, understanding their preferences, and customizing events to meet their demands. This has enabled companies to enhance their prospects of achieving successful events.
With an increasing number of people relying on social networks to discover events and share their experiences, event planners must ensure that their event promotion tools can seamlessly integrate with these platforms.
Role of AR and VR in events:
Augmented Reality (AR) has gained popularity as a form of entertainment, enabling users to engage with virtual worlds and objects through smartphones and various devices. Businesses are adopting this innovative technology to elevate customer service, furnish extra information, and also facilitate the sale of products.
It's crucial to recognize that gamification is extending to various domains to aid individuals in learning and acquiring new skills. As a result, AR and VR technologies have a significant role in encouraging people to practice and enhance their skills.
Virtual Reality (VR) is one of the emerging trends in the event industry that is rapidly gaining popularity. Additionally, VR is being used to promote healthier habits within the events sector, encouraging people to stay active during their leisure time.
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Key findings of the study
The global events industry size was valued at $1,135.4 billion in 2019, and is projected to reach $1,552.9 billion by 2028, registering a CAGR of 11.2% from 2021 to 2028.
By type, the corporate events and seminar segment was the highest contributor to the market, with $314.7 billion in 2019, and is estimated to reach $454.6 billion by 2028, at a CAGR of 12.4% during the forecast period.
By revenue source, the sponsorship segment was the highest contributor to the market, with $523.7 billion in 2019, and is estimated to reach $767.0 billion by 2028, at a CAGR of 12.5% during the forecast period.
By organizer, the entertainment segment was the highest contributor to the market, with $328.4 billion in 2019, and is estimated to reach $493.8 billion by 2028, at a CAGR of 12.9% during the forecast period.
By age group, the 21-40 years segment was the highest contributor to the market, with $489.8 billion in 2019, and is estimated to reach $735.2 billion by 2028, at a CAGR of 12.8% during the forecast period.
By region, Europe was the highest revenue contributor, accounting for $419.0 billion in 2019, and is estimated to reach $498.5 billion by 2028, with a CAGR of 9.9%.
LIST OF TABLES
TABLE 01. GLOBAL EVENTS INDUSTRY MARKET, BY TYPE, 2019-2032 ($BILLION)
TABLE 02. EVENTS INDUSTRY MARKET FOR MUSIC CONCERT, BY REGION, 2019-2032 ($BILLION)
TABLE 03. EVENTS INDUSTRY MARKET FOR FESTIVALS, BY REGION, 2019-2032 ($BILLION)
TABLE 04. EVENTS INDUSTRY MARKET FOR SPORTS, BY REGION, 2019-2032 ($BILLION)
TABLE 05. EVENTS INDUSTRY MARKET FOR EXHIBITIONS AND CONFERENCES, BY REGION, 2019-2032 ($BILLION)
TABLE 06. EVENTS INDUSTRY MARKET FOR CORPORATE EVENTS AND SEMINARS, BY REGION, 2019-2032 ($BILLION)
TABLE 07. EVENTS INDUSTRY MARKET FOR OTHERS, BY REGION, 2019-2032 ($BILLION)
TABLE 08. GLOBAL EVENTS INDUSTRY MARKET, BY REVENUE SOURCE, 2019-2032 ($BILLION)
TABLE 09. EVENTS INDUSTRY MARKET FOR TICKET SALE, BY REGION, 2019-2032 ($BILLION)
TABLE 10. EVENTS INDUSTRY MARKET FOR SPONSORSHIP, BY REGION, 2019-2032 ($BILLION)
TABLE 11. EVENTS INDUSTRY MARKET FOR OTHERS, BY REGION, 2019-2032 ($BILLION)
TABLE 12. GLOBAL EVENTS INDUSTRY MARKET, BY ORGANIZER, 2019-2032 ($BILLION)
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