The global corporate event market size was USD 5.9 billion in 2022 and is likely to reach USD 24.6 billion by 2031, expanding at a CAGR of 17% during 2023–2031. The rapid rise of business travel & tourism, strong economic growth, and supportive government measures for foreign direct investment (FDI) are projected to propel the market.
The growth of the corporate event market is attributed to the emergence of advanced technology in conference and seminar events. Corporate events are becoming a key requirement to facilitate improved workings, in an organization’s internal teams and with partnered organizations.
These events and communication activities are being driven by the rising use of technology and connectivity tools, as they are enabling improved collaboration and partnerships. Presently, wireless connectivity is crucial for global organization productivity and growth, as it connects people around the globe.
The demand for corporate events is further propelled by the increasing internet penetration in various countries, which gives rise to organizing hybrid events. Cross-country organizations have a higher adaption of hybrid events. The distance and time limitations are boosting the market demand for organizing semi-online and completely online events.
- For instance, according to Harvard Business Review (HBR), in 2021, around 50% of organizations and attendees preferred hybrid events as a better option for corporate events, due to their convenience and efficacy.
Corporate events are crucial for business and enterprise development, as they help in building and strengthening relationships with current and potential clients & agencies. It is a way to inspire and motivate employees, business partners, and stakeholders. Thus, the growing focus on organizational team and morale-building activities is one of the major drivers of the corporate events market.
The market report finds that the COVID-19 pandemic impeded market expansion, owing to lockdowns and disruptions in logistics activities. The pandemic affected economies around the world by slowing down industrial and business operations. This resulted in a reduction of the funds' availability for corporate event management operations. However, the market recovered post-pandemic, as the lockdowns and restrictions on public gatherings were lifted. This allowed the corporate event organizers to resume the events.
Corporate Event Market Dynamics
Major Drivers
The development of the travel and tourism industry allows corporate event planners to plan events, as they have options for choosing locations for events and meetings. Rapid globalization of many businesses helps in the geographical expansion of companies, which in turn increases the chances of organizing corporate team-building activities and events. An increasing number of small and medium-sized enterprises (SMEs) in different locations increases the possibility of organizing meetings & events is expected to propel the market.
Existing Restraints
High costs associated with operating corporate events are expected to hamper the market. The organizing and execution of events require extensive setup and arrangements. Corporate events and meetings in the financial and pharmaceutical industries are strictly regulated. Thus, such stringent regulations are likely to affect market expansion.
Emerging Opportunities
Increasing government initiatives and investment in infrastructure required for the organization of events are projected to create lucrative opportunities in the market. Advancements in technology used in planning events including projection mapping and surveys are expected to open up new pathways for the market during the forecast period.
Increasing foreign direct investment (FDI) strategies by companies in different countries gives scope to organizing corporate events. Furthermore, increasing business travel trips across the world is further anticipated to create opportunities in the market.
Scope of Corporate Event Market Report
The report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Corporate Event Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Event Type (Trade Shows, Exhibitions, Conferences/Seminars, Company Meetings, Incentive Programs, and Others), Platform (Online, Offline, and Hybrid), and Industry (Information Technology, Financial Services, Automotive, Real Estate & Infrastructure, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Microsoft; ITA Group; Google; Creative Group, Inc.; 360 Destination Group; Access; BI WORLDWIDE; Cievents; Cisco Systems, Inc.; and Maritz Holdings Inc.
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Corporate Event Market Segment Insights
Event Type Segment Analysis
On the basis of event type, the corporate event market is divided into trade shows, exhibitions, conferences/seminars, company meetings, incentive programs, and others. The conferences/seminars segment is expected to expand at a significant growth rate during the projection period. Recent developments in the size and quantity of conferences/seminars are driving the segment.
The exhibition segment is likely to grow rapidly during the forecast period, as they are crucial for product launches and upcoming projects. Exhibitions also act as platforms for various businesses to advertise their products or services in a single place. The increase in customer footfall at the exhibition directly results in growing awareness about the businesses. This is expected to fuel the segment.
Platform Segment Analysis
On the basis of platform, the market is segmented into online, offline, and hybrid. The offline segment is expected to register a robust growth rate during the projection period, as about half of the corporate events are conducted in an offline or physical setup. Small and medium-sized enterprises (SMEs) majorly conduct offline events, which helps in segment growth.
Major corporations host their quarterly and annual events, training sessions, and conferences in offline modes. Moreover, offline event platforms use lighting, videos, sounds, and decorations for accommodating a large number of audiences so that there are no interactional or informational difficulties. This helps in easily conveying the purpose of the event to the audience and has a proper impact on them. In addition, the benefits of audience feedback in offline events can be utilized by businesses for profitability, which helps in segment growth.
The online segment is projected to grow at a robust rate in the coming years, as it is cost-effective. The invitees or audience of online meetings can join the online corporate events from any location. Increasing internet facilities help in the growth of the segment.
Industry Segment Analysis
Based on industry, the global market is segregated into information technology, financial services, automotive, real estate & infrastructure, and others. The information technology (IT) segment is projected to register a considerable CAGR during the forecast period. The consistent expansion in the IT sector is key driver of the segment. For instance,
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According to a study, in 2022, the global information technology industry spending surpassed USD 5.3 trillion. Such high demand is supported by the growing adoption of various technology solutions across sectors, for streamlining different operations.
Across the global IT industry, events such as broadcasting, publishing, data processing, and telecommunication are gaining popularity. IT companies organize corporate events for the growth of their business and to promote their services and brands. Successful corporate events create a remarkable experience for the audience, which in turn improves networks of business partners and customers.
The automotive segment is likely to grow at a rapid pace in the coming years. Countries such as USA, China, and India have a growing automotive industry and contribute significantly to the segment growth. Corporate events allow automotive companies to launch products and organize automobile exhibitions or auto expos, which is likely to fuel the segment.
Regional Analysis
In terms of region, the global corporate event market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period, due to flexible regulations and trade policies. The growing number of IT and banking, financial services & insurance (BFSI) companies, that conduct major corporate events, is likely to help the market growth in the region.
Asia Pacific is expected to contribute to the revenue generation in the market during the projected period, due to increasing technological penetration in the region. Additionally, this region has an increasing number of employees and offices, which propels the regional market.
Segments
The corporate event market has been segmented on the basis of
Event Type
- Trade Shows
- Exhibitions
- Conferences/Seminars
- Company Meetings
- Incentive Programs
- Others
Platform
Industry
- Information Technology
- Financial Services
- Automotive
- Real Estate & Infrastructure
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Microsoft
- ITA Group
- Google
- Creative Group, Inc.
- 360 Destination Group
- Access
- BI WORLDWIDE
- Cievents
- Cisco Systems, Inc.
- Maritz Holdings Inc.
Competitive Landscape
Key players operating in the global corporate event market include Microsoft; ITA Group; Google; Creative Group, Inc.; 360 Destination Group; Access; BI WORLDWIDE; Cievents; Cisco Systems, Inc.; and Maritz Holdings Inc. These companies adopt strategies such as acquisitions, partnerships, collaboration, mergers, R&D investments, and product launches to boost their market share. For instance,
- On 25 January 2023, ITA Group acquired HTK Ltd. The acquisition aims in enhancing customer loyalty and engagement technologies.
- On 31 January 2022, Creative Group, Inc. announced the acquisition of Strategic Meetings and Incentives, LLC, Arizona. The company provides a broad spectrum of services such as creative design and is specialized in strategizing meetings, event marketing, on-site meeting management, and event production.
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