At 7.6% CAGR Event Services Market to Reach $1,349.00 Billion, Globally, by 2031
Prime determinants of growth
Massive increase in business activities such as conference/seminar, brand promotions, employee training activities, development in the tourism & hospitability sectors, and growth in IT hubs across the globe drive the growth of the global event services market. Moreover, surge in business activities fuel the demand for the services of event planners, personnel service providers, and furniture & equipment rental services, which presents new opportunities in the coming years.
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Venue and catering are two most expensive components in the event services industry. Location of the event and food & beverages served during event significantly influence the success of the event. Surge in penetration of the digital technologies, owing to the presence of developed IT and telecommunications infrastructure contributes toward the growth of the market. Proliferation of digital technologies drives the growth of the hybrid events across the globe.
The location rental segment to maintain its leadership status throughout the forecast period
Based on service, the location rental segment held the highest market share in 2021, accounting for nearly one-third of the global event services market, and is estimated to maintain its leadership status throughout the forecast period. However, the virtual or hybrid event enabler segment is projected to manifest the highest CAGR of 9.8% from 2022 to 2031.This is attributable to surge in adoption of the ICT technologies among the event planners and the corporate houses across the globe.
The entertainment segment to maintain its lead position during the forecast period
Based on end user, the entertainment segment accounted for the largest share in 2021, contributing to more than one-fourth of the global event services market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 8.6% from 2022 to 2031, due to growth in the entertainment industry and rise in consumer expenditure on the entertainment. The report also analyzes segments such as corporate, sports, education, and others.
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Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue 2021, accounting for more than one-third of the global event services market. This is owing to the fact that this region has been extremely successful in winning conferences of international associations with over half of the top cities and countries selected as destinations for international association conferences. However, the LAMEA region is expected to witness the fastest CAGR of 9.9% from 2022 to 2031.
Key findings of the study
As per the event services market forecast, the global event services market was valued at $515.8 billion in 2021, and is projected to reach $1,349.0 billion by 2031, registering a CAGR of 7.6% from 2022 to 2031.
By service, the location rental segment was the highest contributor to the market, with $159.7 billion in 2021, and is estimated to reach $4395.7 billion by 2031, at a CAGR of 7.0% during the forecast period.
By event type, the corporate events and seminars segment was the highest contributor to the market, with $142.8 billion in 2021, and is estimated to reach $393.6 billion by 2031, at a CAGR of 8.2% during the forecast period.
By end user, the entertainment segment was the highest contributor to the market, with $149.0 billion in 2021, and is estimated to reach $428.3 billion by 2031, at a CAGR of 8.6% during the forecast period.
By organization, the small and medium enterprises segment was the highest contributor to the market, with $355.7 billion in 2021, and is estimated to reach $904.2 billion by 2031, at a CAGR of 7.3% during the forecast period.
By region, Europe was the highest revenue contributor, accounting for $184.8 billion in 2021, and is estimated to reach $408.6 billion by 2031, with a CAGR of 5.8%.
Leading Market Players: -
Basset Events, Inc.
Access Destination Services
FX Group Ltd.
Martin Audio Ltd.
International Security Agency
Intelligent Protection International Limited
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