Global Events Industry Market to Grow at a CAGR of 5.1% During 2024-2032, Aided by the Growing Popularity of Live Performances and Increased Spending on Recreational Activities

The events industry market is driven by the growing popularity of live performances such as music concerts and other events. Moreover, rapid technological advancements are helping enhance live events and performances, thus encouraging more participation rate.

Increasing disposable income is strengthening the market growth trajectory, with individuals showing their willingness to spend on in-person events combined with deeper digital engagement. According to the World Bank, Global GDP per capita, PPP (constant 2017 international) was USD 17,523 in 2022, which was only USD 16,589 in 2018.

Fig: Global GDP per capita, 2018-2023, PPP (constant 2017 international)

In addition, the rising adoption of advanced technology in the industry is giving rise to new avenues for managing events, ensuring security and providing new experiences. Real-time rendering technology, 3D animations, Virtual Reality (VR), and Artificial Reality (AR) are some of the examples of these technologies. 3D animations are used in real-time, helping the visuals to react and adapt in sync with the live performance.

Furthermore, sustainability in the event industry has become an increasingly important consideration as the world acknowledges the need for environmentally and socially responsible practices. Green Venue, organised waste management, consolidated transportation services, and partnerships with eco-friendly businesses and organisations are some of the ways to inculcate sustainability in events organised.

Further, the market players are focusing on mergers and collaborations to increase their reach and profitability. For instance, in November 2023, the Saudi Tourism Authority (STA) partnered with RX Global, the organizer of the World Travel Market (WTM), under a two-year agreement, which marked their third consecutive year of collaboration. As the 'Global Travel Partner,' STA featured prominently at WTM events, including WTM London, WTM Africa, WTM Latin America, and Arabian Travel Market (ATM).

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Market Breakup by Event Type, Revenue Source, and Region:

• The market is segmented based on event type into music events, festivals and cultural events, sports events, exhibitions and trade fairs, and corporate events and seminars.

• Based on revenue source, the market can be divided into ticket sales, organisers, and sponsorship.

• Region-wise, the global market for events industry can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Organisers are increasingly focusing on conducting events in a socially-responsible manner, adopting energy-efficient equipment and collaborating with environmentally conscious sponsors.

• Exhibitions and trade fairs are gaining popularity and are increasingly being organised by commercial enterprises as they increase audience reach, enhance engagement, and improve ROI.

• Rising adoption of advanced technology like AR and VR is revolutionising the way events are organised and managed, further improving audience experience.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for events industry the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) data for the event type, revenue source, and major regions of the events industry market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global events industry market are ATPI Ltd., Triumph Group International S.P.A. Benefit Company, Reed Exhibitions Limited, GL events Group, BCD Meetings & Events, Anschutz Entertainment Group, Inc., ASM Global, CTS EVENTIM AG & Co. KGaA, Clarion Events Ltd., and Cvent Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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