Corporate Event Market By Event Type (Conference/Seminar, Trade Shows/Exhibitions, Incentive Programs, Company Meetings, Others), By Industry (Financial services, Information Technology, Real Estate and Infrastructure, Automotive, Others), By Platform (Vi

Corporate Event Market By Event Type (Conference/Seminar, Trade Shows/Exhibitions, Incentive Programs, Company Meetings, Others), By Industry (Financial services, Information Technology, Real Estate and Infrastructure, Automotive, Others), By Platform (Virtual events, Hybrid events, Physical events): Global Opportunity Analysis and Industry Forecast, 2022-2031

The global corporate event market was valued at $286.3 billion in 2021, and is projected to reach $1,095.9 billion by 2031, registering a CAGR of 10.5%. The term corporate event refers to organizing a show that involves a professional and other corporate entity at a pre-determined place and time. The most popular events include conferences & exhibitions, corporate events & seminars, and promotion & fundraising. The initial stage of a major event involves understanding the audience and their behavior that excite and emotionally engage them. The final stage involves conducting an event appropriately.

The growth of the corporate event market is driven by surge in the frequency of conducting corporate meetings, inductions, conferences, and exhibitions. Furthermore, the deployment of best-in-class technology that can handle an entire event propels industry growth. Moreover, organizing multi-dimensional events act as a key driver for the growth of the corporate event market.

Moreover, the introduction of new media platforms and distribution methods offers scope for giants to interact and organize events involving artists, performers, speakers, and business coaches. However, surge in market entry cost and rise in industry fragmentation hinder the growth of the industry. In general, events are activities that involve attendees who share a common interest and gather together for discussions and interactions. The venue for such events needs to be arranged beforehand, as venues provide the space and facilities necessary to meet the needs of those who attend the gathering.

Rise in number of business meetings, inductions, conferences, and exhibits is fueling the growth of the global market for corporate events. In addition, the use of top-notch technology that can manage the entire event spurs industry expansion. Moreover, increase in multi-dimensional events is a major factor contributing toward the expansion of the market. Furthermore, sponsorships from numerous companies, such as Redbull, Monster Energy, Nike, and Cocoa Cola for a three-day festival held throughout the world as well as a brief performance at a bar or arena boost the market growth. Furthermore, introduction of new digital platforms and distribution techniques has opened up opportunities for interaction and the planning of events with speakers, performers, artists, and business coaches.

The global corporate event market is segmented into event type, platform type, industry, and region. By event type, the market is categorized into conferences/seminars, trade shows/exhibitions, incentive programs, company meetings, and others. According to platform type, it is fragmented into a physical event, virtual event, and hybrid event. As per industry, it is divided into financial services, information technology, real estate, and infrastructure, automotive, and others. The financial services segment is further categorized into banking and insurance. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, Thailand, Singapore, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, United Arab Emirates, Qatar, Egypt, Nigeria, and rest of LAMEA).

By event type, the conference/seminars segment dominated the market in 2021, garnering a market share of 52% 2021, owing to continued increase in the variety and scale of conference and seminar events. Meetings and conferences take up around 15–18% of a business's overall time, according to a 2019 poll by American Express Meetings & Events. In addition, it is projected that the expanding business community and the frequent conferences and seminars will experience notable growth.

Depending on the industry, the information technology segment dominated the market in 2021, garnering 33% of the market share. This is attributed to the fact that over the past 10 years, the contribution of the IT sector to the global GDP expanded by 1.5 times, reaching 6.5%, the highest percentage growth of any sector during this time. In addition, IT firms host events to promote their brands and services by engaging the public in unique interactions. Such events draw a sizable clientele and improve ties with current customers and business associates.

By platform type, the physical event segment dominated the market in 2021, garnering a market share of 57.5%, due to large presence of small and medium-sized enterprises and increase in the number of corporate events they host. In addition, big firms held conferences, training sessions, and quarterly & annual meetings, which boosted the growth of the physical events sector. The most often held events are physical events since there is already a substantial corpus of methods and processes for performing them. These get-togethers are essential for team-building exercises, business networking, team exchanges, and team-building activities. For physical events to accommodate a larger audience without creating informational gaps or interactional challenges, lighting, sound, video, and decorations must be used.

By region, North America dominated the market in 2021, garnering a market share of 30%. Taking into account macroeconomic factors, the U.S. obtained the highest share in North America. Various trade rules and practices between North America and Western Europe account for this. Conversely, rise in disposable income is anticipated to fuel the market growth in Mexico during the forecast period.

The major players profiled in the report are 360 Destination Group, Access Destination Services, LLC, BCD Travel Services B.V., BI Worldwide, CWT, Cievents, Creative Group, Inc., ITA Group, Maritz Holdings, Inc., and Reed Exhibitions Ltd.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the corporate event market analysis from 2017 to 2031 to identify the prevailing corporate event market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the corporate event market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global corporate event market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Event Type

Conference/Seminar
Trade Shows/Exhibitions
Incentive Programs
Company Meetings
Others

By Industry

Financial services
Subtype
Banking
Insurance
Information Technology
Real Estate and Infrastructure
Automotive
Others

By Platform

Virtual events
Hybrid events
Physical events

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
Singapore
Thailand
Malaysia
Rest of Asia-Pacific
LAMEA
Brazil
Argentina
Saudi Arabia
South Africa
United Arab Emirates
Qatar
Egypt
Nigeria
Rest of LAMEA
Key Market Players
360 Destination Group
Access Destination Services, LLC
BCD Travel Services B.V.
BI WORLDWIDE
Creative Group, Inc.
CWT
Flight Centre Travel Group (FCM)
ITA Group
Maritz Holdings, Inc.
Reed Exhibitions Ltd

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