Shibuya-ku, Tokyo, Japan, Japan, Sep 15, 2021, 02:19 /Comserve / -- According to Research Dive analysis, the global events industry is estimated to generate a revenue of $1,457.2 million by 2028, increasing from $1,134.5 million in 2020, at a healthy CAGR of 23.1%
Impact Analysis of COVID-19 on the Global Events Industry:
The global events industry experienced a negative impact due to disruption of lockdown imposed across various countries for unprecedented time period. In addition, restriction on large gatherings, social meetings, travel restrictions have negatively affected the revenue of events industry due to cancellations and postponements of various events. Various exhibitions, trade fairs, corporate meetings, sports, entertainment, and social events were cancelled due to the pandemic. For instance, Dubai Expo 2020, the global mega event that connects people from different countries to experience to experience art, music, culture, innovation, and others was postponed due to the COVID-19 pandemic. This event was scheduled to be held from October 20,2020 to April 10,2021 which was postponed as is supposed to be held from October 1, 2021 to March 31, 2022. In addition, the Google News Initiative summit, the annual news conference that was scheduled to be held in April 2020, was cancelled due to pandemic. Also, the 90th Geneva International Auto Show event that was scheduled to be held in March 2020, was called off due to the pandemic. This cancellation has led to a loss of $257 million worth of business. All these factors have led to negative impact on the global events industry.
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Event Industry Market Analysis:
The global event industry market experienced appreciable growth due to increase participation of individuals in various events such as music concerts, live concerts, seminars, exhibitions, sports, and other events. In addition, sponsorships play an important role in event industry that helps the companies in advertising their product, reaching out to potential customers, creating brand awareness, and increasing the sales. For instance, Puma, the Germany-based footwear manufacturer, has been sponsoring various sport events including Olympics. In addition, the Bajaj Allianz General Insurance, the India-based private insurance company has been sponsoring various sports events such as Indian Hockey Events industry, IPL (Indian Premier League), and others. In addition, attending live concerts, music concerts help in raising your spirits, relieving stress, lifts your mood, provides unique experience, and improves your social connections. Also, the exhibition events help the companies in meeting the potential clients, creating brand awareness, it is cost-effective marketing technique, as well as it helps in closing deals. Such benefits are estimated to drive the overall events industry growth in the upcoming years.
Huge cost is involved in setting up any event as it includes the on-site event expenses, food & catering cost, venue cost, event rentals including linens, table skirting, labor & delivery cost, chair covers, production expenses, marketing & registration cost, administrative expenses, and others. These factors are anticipated to create a negative impact on the events industry growth during the analysis period.
The events industry is growing rapidly owing to technological advancements, increase in sponsorships, and growing popularity of virtual events due to pandemic situations. For instance, Bisleri, the India’s largest bottles water manufacturer has been sponsoring various events such as TATA Mumbai Marathon 2018, Sula Fest, the largest vineyard music festival, Adidas Creator Premier League, which is the football league, and others. In addition, the technological advancements that has facilitated online booking for an event, online payments and others has facilitated ease of access to the customers. Also, rapid digitization and inclusion of video conferencing platforms such as Zoom, Microsoft Teams has facilitated the online seminars, exhibitions, music concerts, and others. Due to work from home situations the video conferencing platforms such as Go-to-Webinar, Zoom, Kaltura has gained huge popularity for conduction of corporate events, seminar, exhibitions, and others. Such technological advancements and sponsorships are predicted to generate huge opportunities for the growth of events industry during the analysis period.
Based on type, the global market for events industry is divided into music concert, festivals, sports, exhibitions & conferences, corporate events & seminar, and others. The corporate events & seminar sub-segment is projected to have the fastest market growth and generate a revenue of $413.7 million by 2028.
Based on revenue source, the market is classified into ticket sale, sponsorship, and others. The sponsorship sub-segment garnered $520.0 million in 2020 and it is projected to grow exponentially by 2028.
Based on organizer, the market is classified into corporate, sports, education, entertainment, and others. The entertainment sub-segment has acquired a revenue of $324.1 million in 2020 and is estimated to grow rapidly by 2028.
Based on age group, the market is classified into below 20 years, 21-40 years, and above 40 years. The 21-40 years sub-segment has acquired a revenue of $486.3 million in 2020 and is estimated to grow rapidly by 2028.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific events industry is anticipated to rise at a growth rate of 29.7% by 2028 from the revenue generated in 2020.
The companies involved in the global events industry are ACCESS Destination Services, LLC, Anschutz Entertainment Group, The ATPI Group, BCD Meeting & Events, Capita, CL Events, Clarion Events Ltd, Cvent, Inc., DRPG Group, and Entertaining Asia
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