Event Management Market Projected to Garner $3,605.80 Billion Revenue by 2027, and Rise at a CAGR of 37.2% from 2020 to 2027

The global event management market is projected to observe striking growth over the forecast period, due to the increasing interests among youth towards business seminars & entrepreneurship. The North America region is predicted to subjugate by 2027.

Press Release:

Research Dive states in its latest report that the global event management market is likely to register a revenue of $3,605.80 billion by 2027, increasing from $1,311.4 billion in 2019, at a CAGR of 37.2% during the forecast period from 2020 to 2027.

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Dynamics of the Market

The growing interest among youth in business seminars & entrepreneurship is the major factor anticipated to accelerate the growth of the global event management market over the forecast period. With various benefits associated with being an event planner, most of the youth is attracted towards professions like event management. Besides, the increase in the number of companies at a faster rate, and the increasing investments by these companies in organizing events are other factors boosting market growth. However, the high costs involved in organizing an event may restrict the market growth in the coming years.

COVID-19 Impact on the Global Market

The outbreak of COVID-19 pandemic has adversely affected the event management market growth. This is mainly due to the stringent government rules and regulations such as venturing outside was restricted to prevent the spread of the coronavirus. Besides, events were also halted to maintain social distancing. However, an increase in the number of virtual events by most of the individuals and corporates drove the market during the pandemic period.

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Segments of the Market

The report has divided the event management market into different segments based on event type, revenue source, organizer, and region.

By event type, the corporate events and seminar sub segment generated a revenue of $388.4 billion in 2019 and is predicted to hold the highest market share over the forecast period. Corporate events and seminars act as opportunities for employees to build relationships with colleagues due to which most of the companies invest heavily in such activities, which is predicted to boost the sub-segment market in the estimated period.

By revenue source, the sponsorship sub-segment of the event management market valued for $651.1 billion in 2019 and is predicted to dominate in the global industry during the analysis period. This is mainly because sponsorship is one of the best methods to increase brand awareness among targeted customers, which is estimated to drive the sub-segment's growth by 2027.

By organizer, the corporate sub-segment is projected to grow at a CAGR of 56.8% and generate a strong revenue during the forecast period. Corporate events are primarily organized to engage a diverse audience on a unified platform, offering the significant advantage of connecting with a large audience through a single event. This ability to effectively reach and interact with numerous participants simultaneously is expected to propel the growth of this market sub-segment during the forecast period.

By region, the North America event management market was valued at $506.2 billion in 2019 and is projected to subjugate in the global industry over the forecast period. The region's dominant growth can be attributed to the presence of many companies investing heavily in organizing events in the region. Besides, the event industry in the North America region is vast, which provides employment to a large group of people. This factor is also expected to boost the regional market growth by 2027.

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Prominent Market Players

The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, SWOT analysis, and product portfolio. Some of the top players of the global event management market include Entertaining Asia, Capita plc, Access Destination Services, ATPI Ltd, LIVE NATION ENTERTAINMENT, INC, Riviera Events, Reed Exhibitions, AEG, BCD Travel, and GL events.

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