Events Service Market Overview, Industry Statistics, Trends, Size, Growth, Share, Demand and Forecast to 2031

Event Service Market - An Overview

The global event service market is expected to witness moderate growth during the forecast period between 2021 and 2031.

Event service refers to any activity in which a group of personnel are involved in the smooth conducting of different gatherings, both formal and informals. Some of the end-use industries that have frequently deployed event services include festivals, music concerts, corporate events, seminars, and exhibitions.

COVID-19 pandemic negatively impacted the growth in the overall event service market. With governments imposing social distancing regulations and lockdowns in a bid to contain the spread of the virus, various types of social events were halted temporarily.

This reduced the demand for event service providers and impacted the growth in the overall market.

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Event Service Market - Trends and Opportunities

Rising number of different business activities is the key growth driver for the global event service market.

Also, growing number of business travelers seeing leisure trips could fuel the growth in the overall event service market, in future.

In addition to this, increasing deployment of novel technology with the ability to manage and conduct the entire event could offer revenue-generating opportunities for prominent market players, in the coming years.

Increasing number of events could have a direct impact in the growth of the market of a few products. One of those products is coffee, which has become one of the most popular products at different events. With more events in future, the demand for coffee could also witness a significant rise.

Corporate events are expected to contribute the most, in terms of revenue, to the overall event service market because of increasing number of events and seminars conducted by corporate firms, leading to increased demand for event service providers and organizers.

Entertainment end-use segment is anticipated to make the largest contribution to the global market because of rapid growth witnessed in the entertainment industry and increasing customer expenditure in various entertainment events.

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Event Service Market - Competitive Landscape

The global event service market is extremely competitive, with the presence of several well-established market players, many of whom have become successful owing to years of delivering consistent results and are expected to account for a large share in future.

Prominent market players could collaborate with smaller players in a bid to expand their market presence and increase their revenue shares.

Virtual events became the norm during the COVID-19 pandemic phase with leading governments imposing social distancing regulations. As a result, leading market players were forced to introduce virtual event platforms.

Hubilo, in April 2020, announced the launch of a virtual event plats form with real-time networking features. The deployment of these virtual platforms could assist media and entertainment industries to overcome the losses incurred owing to postponement of live events.

Some of the leading players in the global event service market include FX Group Ltd., Hubilo, Bassett Events, ATPI Ltd., and Access Destination Services.

Event Service Market - Regional Assessment

Europe is expected to offer maximum revenue-generating opportunities for the overall market because of increasing number of conferences in various countries such as UK and Germany.

Asia Pacific is anticipated to witness significant growth in the overall market because of continuous growth in the tourism industry in countries such as Thailand and India, contributing hugely to market growth in the region.

At events in countries such as India, a key product that is offered to different dignitaries in events like conferences is coffee. The demand for coffee is expected to grow at events owing to its popularity, resulting in continuous market growth.

North America is expected to witness strong growth in the overall market owing to increasing business travel and changing lifestyles among business travelers in countries such as US and Canada.

The rest of the world is expected to witness moderate growth in the overall market, in the coming years.

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