Global Events Industry Market Report and Forecast 2024-2032

Global Events Industry Market Size

The global events industry market reached a value of USD 1,406.0 billion in 2023. The market is projected to grow at a CAGR of 5.1% between 2024 and 2032, reaching a value of around USD 2,230.8 billion by 2032.

Events Industry Market Outlook

• In 2023, live events average about 12,655 sold seats per show on a global scale.

• Rising start-up culture drives the market growth. As of July 2023, there were 1,200 Unicorn startup companies globally.

• According to industry reports, 10% of companies worldwide reported a significant spending increase of more than 11% in 2023 on meetings and events.

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Events Industry Market Analysis

In the realm of events, gatherings present a unique opportunity for businesses to nurture meaningful connections and forge strong relationships. Notably, among the numerous advantages they provide, networking and the organisation of one-on-one meetings stand out as powerful tools capable of elevating the overall experience and nurturing valuable business connections. The increasing popularity of large-scale music festivals and sporting events highlights the demand for experienced event planners and logistics specialists. This trend creates opportunities for event management companies, catering services, and other related businesses. Some of the factors driving the market growth are growing disposable incomes, the rising influence of social media, and the emergence of novel technologies.

Key Trends and Developments

Increased corporate spending, the adoption of event management software, and the rising popularity of live events and concerts drive the events industry market development.

Global Events Industry Market Trends

A thriving event management environment is marked by a collective desire among clients, meeting planners, and suppliers to simplify and streamline the planning process. Organisers expect continuous innovation and automation for smaller, straightforward meeting bookings, the Request for Proposal (RFP) process, and other routine tasks. The high demand for technology that enhances attendee experiences persists as meeting owners aim to attain attendance goals, bridge connections between in-person and virtual audiences, and deliver unique event experiences.

Some of the prominent factors driving the expansion of events industry market are sustainable event production practices, eco-friendly catering choices, and the implementation of carbon-offsetting initiatives which are gaining prominence, contributing to the industry's increased responsibility and future resilience.

Figure: Sustainability in the Events Industry Market

• The events industry statistics show that it is undergoing a rapid transformation recognising and responding to the pressing need for greater sustainability. In response to a growing environmentally conscious market, there is an increase in demand for events to be socially inclusive, economically viable, and environmentally responsible.

• Frameworks such as the Sustainable Development Goals (SDGs), the Global Reporting Initiative (GRI), and the ISO 20121 standard are used for sustainability planning and reporting.

Industry Outlook

Rising Popularity of the Events Across the Globe

In 2023, a notable trend emerged in the corporate sector, with an average of 65% of companies worldwide reporting an increase in their spending on meetings and events. This upward shift underscores the growing recognition of the crucial role that in-person interactions, team-building activities, and networking opportunities play in fostering business growth and collaboration. Companies in the events industry market are now more willing to invest in organizing conferences, seminars, and corporate retreats to enhance employee engagement, strengthen client relationships, and stimulate innovation.

In 2022, the significance of such events was further highlighted by the fact that 60% of business trips from Europe to Germany were promotable trips or trips related to trade fairs and Meetings, Incentives, Conferences, and Exhibitions (MICE) events. This statistic in the event planning market illustrates the central role that Germany plays as a hub for international business gatherings, offering a plethora of opportunities for professionals to connect, share knowledge, and explore business prospects.

Moreover, the United Kingdom stands out as a premier destination for hosting business events, boasting over 10,000 venues designed to cater to a variety of needs. Among these, notable locations like Olympia and the ExCeL in London are renowned for their state-of-the-art facilities and capacity to host large-scale events. These venues not only provide the infrastructure necessary for successful meetings and conferences in the events industry market but also contribute significantly to the local economy by attracting international visitors and businesses.

As per Eventbrite Trends Report, The USA leads the world with the most music festivals in 2023, hosting 512 of them, with 18 drawing crowds of over 50,000 people, which aided the events industry market value in the country. The country also holds some of the iconic musical festivals like Coachella, Lollapalooza, Summerfest and Rolling Loud. In 2022, Eventbrite, a global self-service ticketing platform sold 28 million music tickets in the United States. Business and professional events followed with 18 million tickets and food and drink and community and culture events each attracted 13 million tickets, reflecting a strong interest in culinary experiences and cultural engagement. Visual and performing arts events accounted for 12 million tickets, showcasing a significant appreciation for arts and performance.

As per the events industry analysis, in 2022, New York City, Los Angeles, Chicago, Atlanta, and Washington, D.C. were the top 5 cities by event count in the United States. New York City led the country with 95,000 events attracting 6.2 million attendees, dominating in music, performing and visual arts, and food and drink categories. Los Angeles followed with 34,000 events and 3.3 million attendees, excelling in music, performing and visual arts, and film, media, and entertainment, highlighting its status as a global entertainment hub.

What Factors are Strengthening the Growth of the Global Events Industry Market?

• Advancements in virtual and hybrid event platforms increase event industry growth and enhance participant engagement.

• Increased corporate spending on events for marketing, training, and team-building supports market growth.

• Events offer unique, high-engagement experiences, fostering strong attendee connections and brand loyalty.

• Growing middle classes in emerging markets present opportunities for expanding the event market globally.

• Increasing demand for sustainable and eco-friendly events provides opportunities for differentiation and attracting environmentally conscious consumers.

What Challenges are Impacting the Global Events Industry Market Share?

• Organizing events involves significant costs, including venue rental, production, and marketing expenses.

• Many events rely heavily on sponsorships, making them vulnerable to economic downturns affecting sponsor budgets.

• Managing large-scale events involves complex logistics, including coordination of vendors, security, and compliance with local regulations will likely influence the events industry demand forecast.

• Large events can have substantial environmental impacts, leading to increasing scrutiny and the need for sustainable practices.

• Economic downturns can reduce discretionary spending on events by both consumers and corporate sponsors.

• Increasing security threats, including terrorism and cyberattacks, pose significant risks to the safety and success of events.

• Changes in regulations related to safety, environmental standards, and data privacy can increase compliance costs and complexity.

What are the Key Trends Shaping the Global Events Industry Market Dynamics?

• Emphasis on eco-friendly practices and reducing environmental impact.

• Enhanced attendee experiences through tailored content and customization.

• Integration of AR, VR, AI, and machine learning for interactive and efficient events.

• Implementation of rigorous protocols to ensure attendee safety and wellbeing.

Competitive Factors Fuelling the Global Events Industry Market Growth

• Providing personalized and engaging experiences to attract and retain attendees.

• Access to high-quality, well-located venues that can accommodate varying event sizes.

• Established credibility and a strong brand presence in the market.

• Effective marketing strategies and promotional activities to drive attendance and increase visibility are boosting the event industry market demand.

• Competitive pricing and cost-effective solutions for event planning, including negotiations with vendors, sponsorship deals, and efficient resource management.

• Adoption of eco-friendly and sustainable practices to appeal to environmentally conscious attendees and stakeholders.

• Strong relationships with vendors, sponsors, and industry partners to enhance event offerings.

• Ability to create unique and innovative event concepts that stand out in a crowded market.

• High levels of customer service and support throughout the event planning and execution process.

Key Demand Indicators in the Global Events Industry Market

• Increased budgets for marketing, training, and corporate events.

• High levels of discretionary income and consumer spending.

• Growth in virtual and hybrid event platforms and technologies.

• Strong economic conditions boosting spending on entertainment and business events.

• Demand for specialized conferences, trade shows, and exhibitions.

• High levels of tourism and business travel supporting event attendance.

• The popularity of social and cultural events, festivals, and community gatherings is fuelling the events industry demand growth.

Key Players in the Global Events Industry Market and Their Strategic Initiatives

• Reed Exhibitions (RX)
  • Expansion into emerging markets to capture new growth opportunities.
  • Investment in digital and hybrid event platforms to enhance attendee experience.
  • Strategic acquisitions and partnerships to broaden service offerings and global reach.
• Informa PLC
  • Focus on integrating physical and digital event experiences to drive engagement.
  • Diversification of event portfolio across various industries to mitigate risks and Implementation of sustainability practices in event management.
• Live Nation Entertainment, Inc.
  • Enhancing live streaming and virtual concert capabilities to complement live events.
  • Strategic acquisitions of venues and event management companies to strengthen market position.
  • Partnerships with artists and brands for exclusive event content and promotions.
• Anschutz Entertainment Group (AEG)
  • As per the events industry market dynamics and trends, the development of new entertainment districts and venues can attract larger audiences.
  • Strategic partnerships and sponsorships to enhance event offerings.
  • Focus on innovative marketing strategies to drive ticket sales and brand loyalty.
• MCH Group
  • Diversification of event portfolio with a focus on international trade shows and exhibitions.
  • Implementation of digital solutions to enhance event reach and engagement.
  • Strategic cost management and efficiency improvements to maintain profitability.

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Market Segmentation

Global Events Industry Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Corporate events and seminars aid the growth of the events industry market as these events streamline corporate working procedures

According to industry reports, 10% of companies worldwide reported a significant spending increase of more than 11% in 2023 on meetings and events. As per the events industry market report, corporate events and seminars help corporations solve complex work-related issues and enhance employee engagement. Prominent corporate event companies include TAG Group, Live Nation Entertainment Inc., and Eventbrite Inc.

The popularity of trade fairs and exhibitions is driven by commercial enterprises repeatedly emphasising the need for direct business communication with customers. In 2022, 60% of business trips from Europe to Germany were promotable trips or trips related to trade fairs and Meetings, Incentives, Conferences and Exhibitions (MICE) events.

Extravagant music festivals such as Coachella, Lollapalooza, and Governors Ball are popular among the millennials and Gen Z-ers. Social media platforms are advantageous for music festivals as they attract more participants to attend the events.

Sponsorship is expected to hold a significant share of events industry market as it increases brand exposure

The sponsorship segment is a crucial contributor to the growth of the corporate events market. Sponsors play a crucial role in the success of various events, including sports, music festivals, and corporate events by providing financial support to organisers. Moreover, brands benefit from sponsorships, as they increase brand exposure, networking opportunities, and lead generation. Global and small companies are both involved in sponsorships. Prominent event sponsors, include Google LLC, Ernst & Young, Microsoft Corporation, IBM Corporation, Puma, PepsiCo, Redbull, and DHL Express.

According to the events industry analysis, the organisers segment includes companies that organise events to increase their brand recognition and establish their business as a driver of new ideas and collaboration. Unlike public events, companies usually fund corporate events out of their own budget. Corporations are increasingly investing in these events with a focus on improving company culture, building corporate networks, and launching a product or service.

The ticket sales segment is also a major source of revenue for music festivals and sports events, which aids the overall events industry revenue. These events sell tickets at different price points depending upon factors, including the demand and perceived value of different ticket tiers. During the FIFA Qatar World Cup 2022, FIFA earned USD 685.9 million from ticket sales.

Competitive Landscape

Market players compete by optimising pricing strategies, incorporating new technologies, improving service quality, and implementing personalisation based on audience.

Other key players in the events industry market include BCD Meetings & Events, Anschutz Entertainment Group, Inc., ASM Global, CTS EVENTIM AG & Co. KGaA, Clarion Events Ltd., and Cvent Inc., among others.

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Global Events Industry Market Regional Analysis

North America is expected to hold a significant events industry market share due to the popularity of live events

The United States of America led the world with the most music festivals in 2023, hosting 512 of them, with 18 drawing crowds of over 50,000 people. The country also holds some iconic musical festivals like Coachella, Lollapalooza, Summerfest, and Rolling Loud.  Further, Canada has over 3,000 start-ups, with most of them located in the Toronto-Waterloo area, which can boost the events industry market opportunities. The country raised CAD 6.3 billion in H1 2021. The rising startup culture in North America is supporting the MICE industry, due to the increasing opportunities for collaboration and networking.

In Europe, environmental sustainability concerns around events are encouraging planners to choose venues that follow sustainable practices, such as using recycled products. For instance, the United Kingdom Government aims to achieve a 50% reduction in its emissions by 2030 and Net Zero by 2050 in line with the Paris Climate Agreement. The events sector is a crucial contributor to the country’s sustainability. Event organisers are increasingly focusing on venues that focus on sustainability criteria, such as the use of reusable tablecloths and utensils and green transportation, further aiding the growth of the events industry.

Asia Pacific is witnessing an increasing uptake of technology, such as virtual and augmented reality, and Artificial Intelligence aimed at improving the overall attendee experience. Some of the key companies operating in the region include Live Nation Entertainment, BCD Meeting & Events, and Entertaining Asia.

Key Highlights of the Report

Events Industry Market Report Snapshots

Events Industry Market Size

Events Industry Market Trends

Events Industry Market Regional Analysis

Events Industry Companies