Events industry in Asia, SCAN, and Middle America is projected to achieve a value of $740.2 bn by the year 2032

According to a new report published by Allied Market Research, titled, "Asia, SCAN, Middle America Events Industry Market by Type, Revenue Source, Organizer, Age Group, and Region: Opportunity Analysis and Industry Forecast, 2022-2031," The global Asia, SCAN, Middle America events industry market size was valued at $281.9 billion in 2022 and is projected to reach $740.2 billion by 2032, registering a CAGR of 8.8% from 2023 to 2032.

The event industry encompasses a wide range of activities related to the planning, organizing, and execution of various types of events. It includes events of different scales, such as music concerts, festivals, sports, exhibitions and conferences, corporate events and seminars, and others. The event industry plays a vital role in bringing people together for diverse purposes, ranging from entertainment and celebration to networking, education, and marketing. The event industry is a dynamic and multifaceted sector that involves numerous stakeholders, including event organizers, event planners, venues, suppliers, vendors, sponsors, exhibitors, performers, speakers, and attendees. These stakeholders collaborate to create memorable experiences, manage logistics, and ensure the successful execution of events.

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In the past few decades, several economies across the globe have been seeking ways to utilize the potential of youth in entrepreneurship, and start-up ventures. Various events & programs such as seminars, conferences, entrepreneurship programs, fora, and others are organized to offer guidelines and solutions for the youth. Different countries organize and invest in various programs to see whether students can leverage untapped business opportunities. The ongoing Asia, SCAN, Middle America events industry market trends is expected to boost the growth of the market. The increase in the number of attendees at business seminars and proper counselling programs has enabled youth to convert their innovative business ideas into viable plans. This has resulted in the surge in interest among youth toward such conferences, seminars, and career-related events, which is expected to propel the demand for events globally, thereby driving the growth of the Asia, SCAN, Middle America events industry market.

Organizing an event involves multiple expenses, which include on-site expenses, venue costs, food & catering, event rentals, entertainment, and production expenses. On-site expenditure involves fees and costs charged by the event venue, which incur more cost. In addition, venue cost includes security deposit, room rental, insurance coverage, and parking. Furthermore, food & catering involves cost of beverages, meals, server labor fees, and others. Another major cost involved in organizing an event is the production cost, involving the expense of organizing the event, management of administrative elements, and attracting attendees. Thus, the high operational cost involved in organizing events is a key factor that hampers the growth of the Asia, SCAN, Middle America events industry market.

The Asia, SCAN, Middle America events industry market is segmented into type, revenue source, organizer, age group, and region. By type, the market is divided into music concert, festivals, sports, exhibitions & conferences, corporate events & seminars, and others. By revenue source, the market is classified into ticket sale, sponsorship, and others. By organizer, the market is categorized into corporate, sports, education, entertainment, and others. By age group, the market is divided into below 20 years, 21-40 years, and above 40 years. Region-wise, the market is analyzed across Asia (China, India, Japan, Malaysia, Singapore, Philippines, Indonesia, South Korea, and Rest of Asia), SCAN (Denmark, Norway, and Sweden), and Middle America (Mexico, Colombia, Guatemala, and Rest of Middle America).

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By type, the corporate events & seminars segment held the major share of the market in 2022, owing to the rise in number of companies and frequent seminars & events conducted by them. In addition, such seminars and events involve interaction between speaker and audience, thus attracting more attendees.

By revenue source, the sponsorship segment is held the major share of the market in 2022. This is attributed to unlimited opportunities the organizers find to broaden their competitive advantage. Moreover, sponsoring an event increases reach among potential buyers and customers, thereby boosting the the Asia, SCAN, Middle America events industry market growth.

By organizer, the entertainment segment held the major Asia, SCAN, Middle America events industry market share in 2022 and is expected to maintain its dominance during the forecast period. The desire for exclusive and unique experiences has become a major driving force in the entertainment industry. Attendees seek events that offer something different, memorable, and unavailable in their everyday lives. Moreover, uniqueness plays a significant role in attracting audiences. Entertainment events that feature one-of-a-kind performances, collaborations, or unconventional formats can generate excitement and intrigue which expected to fuel the growth of the Asia, SCAN, Middle America events industry market.

By age group, the 21-40 years segment is held the major share of the market in the 2022 owing to growing interest toward entrepreneur & business seminars, conferences that offer proper guideline & direction to the youth for establishing a start-up, along with music concerts and festive gatherings. These factors is expected to create more Asia, SCAN, Middle America events industry market opportunities in the upcoming years.

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Region-wise, Asia was the largest market in 2022 and held the major market share of the market. Europe 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 being in the region.

Some of the key players profiled in the Asia, SCAN, Middle America events industry market analysis include ATPI Ltd., BCD Group, Cvent Holding Corp., Live Nation Entertainment, Inc., Capita plc, Entertaining Asia, Questex, LLC, Riviera Events, Viagogo Entertainment Inc, and Reed Exhibitions Limited.

Key findings of the study

By type, the music concerts segment is projected to witness the highest CAGR of 9.2%, in revenue terms, during the forecast period.
By revenue source, the sponsorship segment is expected to grow at a significant CAGR during the forecast period.
By organizer,the entertainment segment is projected to witness the highest CAGR of 9.2%, in revenue terms, during the forecast period.
By age group, the 21-40 years segment is projected to witness the highest CAGR of 9.1%, in revenue terms, during the forecast period.
By region, North America is anticipated to witness the highest growth rate, registering a CAGR of 11.3% from 2023 to 2032.

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