Event Management Services Market Outlook
The global event management services market size was valued at USD 555 Billion in 2022 and is likely reach to USD 1073.01 Billion by 2031, expanding at a CAGR of 7.6% during the forecast period, 2023–2031. The market growth is attributed to the growing demand for professional event planners as they recommend cost-effective ways for decorations, catering, and others.
Events refer to public gatherings in specified venues or areas at a predetermined time and place. These events require various services such as catering, decor, and staffing. Event management involves a series of actions including planning, organizing, coordinating, and executing of event activities to ensure the smooth functioning of the entire event.
Events such as exhibitions, parties, conferences, fundraising, festivals, and others are hosted by corporations, NGOs, or individuals, which require several arrangements.
However, an individual can't conduct the entire event alone, which often leads to the hiring of event management services to organize the events. The primary step in event management is to analyze the audience or the public besides providing all their requirements to make the events successful.
Event Management Services Market Dynamics
High number of organizing events related to several social, cultural, and political functions or programs require management services. This factor primarily drives the market. The availability of skills and specialized individuals for various tasks during event management to ensure better management services presents another key factor pushing to boost the market.
The deployment of various innovative technologies for smooth and effective event handling and recording of events has positively impacted the market growth. Marketing advertisement opportunities for event management companies especially in sports events lead to sponsorship offers. This is expected to spur the market during the forecast period.
COVID-19 negatively impacted the market as it caused disruptions in social gatherings or events, which negatively impacted the event management services market.
Increasing infrastructural investment and technology gradation for event management are expected to provide lucrative opportunities for market expansion.
Scope of Event Management Services Market Report
The market report includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Event Management Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Type (Association Events, Corporation Events, and Non-Profit Events), End-user (Corporates, PO & NGO, and Individuals)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Market Scope, Analysis, Share, Competitive Analysis, Growth Facts, Restraints, Opportunities, and Revenue Forecast
Key Players Covered
Access Destination Services; ATPI Ltd.; Riviera Events; Entertaining Asia; Live Nation Worldwide Inc.; Anschutz Entertainment Group; Pollstar. Cvent Inc.; Reed Exhibitions; Outback Concerts; The Freeman Company; Penguins Limited; CL Events; Clarion Events Ltd; and Versatile Event Management
Event Management Services Market Segment Insights
Type Segment Analysis
On the basis of type, the market is trifurcated into association events, corporation events, and non-profit events. The corporate event segment is projected to register a significant CAGR during the forecast period.
End-User Segment Analysis
Based on end-user, the global event management services market is segmented into corporates, PO & NGO, and individuals. The corporates segment is projected to witness significant growth during the forecast period owing to many corporate events requiring event planning and organizing.
Corporate firms often organize a series of events including quarterly meetings and several conferences to discuss various important matters of their business operations.
Organizing such events requires event management services to plan and execute these events. High availability of funds and investments facilitates corporate companies to avail the services of event management firms. Various seminars, conferences, and fundraising events are held by companies that event management firms handle.
Meanwhile, the PO & NGO segment is projected to exhibit high CAGR during the forecast period owing to wide charity events organized by NGOs for several programs such as fundraisers, awareness programs, and others.
The events hosted by charitable organizations are required to be planned and delivered by event management service providers. The NGOs funded by private individuals or crowdfunding have a certain spending limit on events.
The budget constraint is looked into by event managers and the event is executed within the budget. The individual segment involves various non-corporate groups that hold private events. Such events include entertainment parties, festivals, and others for which event management services are availed to ensure the enjoyment and merriment of the audience or the public.
Event Management Services Market Regional Analysis
In terms of region, the market is categorized as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America constituted a significant share of the market in 2020 and is expected to dominate the market in the coming years owing to a large number of corporate events in the region for fundraising or product launches.
The employment of event management services has substantially increased due to the availability of funds and large corporate investments.
Additionally, frequent organizing of individual parties or private social gatherings due to the rise in disposable income and the rise in per capita income of a large number of the population are key factors boosting the regional market.
The market in Asia Pacific, on the other hand, is expected to witness significant growth during the forecast period owing to the large population and the emergence of event management as an effective career option in the region.
- Association Events
- Corporation Events
- Non-Profit Events
- PO & NGO
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Access Destination Services
- ATPI Ltd.
- Riviera Events
- Entertaining Asia
- Live Nation Worldwide Inc.
- Anschutz Entertainment Group
- Cvent Inc.
- Reed Exhibitions
- Outback Concerts
- The Freeman Company
- Penguins Limited
- CL Events
- Clarion Events Ltd
- Versatile Event Management
Key players competing in the global event management services market are Access Destination Services; ATPI Ltd.; Riviera Events; Entertaining Asia; Live Nation Worldwide Inc.; Anschutz Entertainment Group; Pollstar; Cvent Inc.; Reed Exhibitions; Outback Concerts; The Freeman Company; Penguins Limited; CL Events; Clarion Events Ltd; and Versatile Event Management.
These players have widely engaged in various business development strategies including mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence and expand their consumer base globally.