U.S. Events Market Size to Grow at a CAGR f 13.0% from 2021 to 2030

According to the report published by Allied Market Research, the U.S. events market generated $94.8 billion in 2020, and is projected to reach $538.6 billion by 2030, witnessing a CAGR of 13.0% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Rise in sponsorship for events and surge in interest among youth in business seminars drive the growth of the U.S. events market. However, high operational costs and entry barriers due to presence of existing giant players hinder the market growth. On the other hand, technological advancements and rise in infrastructural investments create new opportunities in the coming years.

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According to the perspective of the top-level CXOs, the U.S. events industry is growing at a significant pace, and is anticipated to continue this trend in the coming years. Events are playing a vital role in revenue generation and brand equations for corporates and associations. It has been witnessed that events of the recent years are equally interesting than the past decade, driving shifts in choice and pressurizing event planners and owners.

This industry is witnessing the entry of new and independent players who are leveraging technology to gain a competitive advantage in the today's consolidated environment. However, companies are facing challenges in this industry to manage live inventory for simple and small events. Conversely, the focus of companies is to enhance attendee experience and witness successful completion of an event without any hindrance. Moreover, the hybrid events is likely to gain a major share in the coming years owing to enormously valuable for sponsors because of their increased reach. Also, sponsors may themselves have the opportunity to participate remotely by setting up virtual event booths and giving presentations via video conference.

Based on income group, the lower-middle-class segment held the highest share in 2020, accounting for more than two-fifths of the total share, and is estimated to maintain its lead position in terms of revenue by 2030. However, the upper-class segment is estimated to portray the largest CAGR of 13.7% during the forecast period.

Leading players of the U.S. events market analyzed in the research includeAccess Destination Services, LLC, BCD Meeting & Events, Anschutz Entertainment Group, Creative Group, Inc., BI Worldwide, ITA Group, Cvent, Inc., The ATPI Group, Maritz Holdings, Inc., and 360 Destination Group.

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Moreover, sponsoring an event increases reach among potential buyers and customers, thereby boosting the growth of the events industry. By age group, the 21-40 years segment contributed the maximum revenue in 2019, owing to growing interest toward business seminars, conferences that offer proper guideline & direction to the youth for establishing a start-up, along with music concerts and festive gatherings. However, entering into this industry may require high initial costs and can be risky due to the presence of existing giants. Thus, potential entry barrier is anticipated to hinder the growth of the industry during the events industry forecast period.

Key findings of the study

On the basis of type, the hybrid events segment is projected to witness the highest CAGR of 17.3%, in terms of revenue, during the forecast period.

On the basis of revenue source, the sponsorship segment is expected to dominate the market through 2021-2030.

On the basis of organizer, the entertainment segment occupied the largest U.S. events market share in 2020, and is expected to grow at a significant CAGR during the forecast period.

On the basis of age group, the 21-40 years of age group held the major share in the U.S. events industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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