Event Management Market - Global Outlook & Forecast 2024-2029

Event Management Market - Global Outlook & Forecast 2024-2029

The global event management market is expected to reach USD 1.76 trillion by 2029, growing at a CAGR of 11.06% from 2023-2029.

MARKET TRENDS & DRIVERS

Rising Focus Towards Sustainability

Sustainability in event management means making choices that are good for people and the environment when planning, organizing, and running an event. It's about using sustainable practices and principles at all event planning stages to ensure the event is hosted responsibly. In 2023, the event management market is witnessing a growing emphasis on sustainability and social responsibility as a prominent trend. Event planners are giving significant importance to eco-friendly practices and diversity and inclusion initiatives in response to the increasing demand from attendees for socially conscious events. Further, event planners are increasingly adopting sustainable practices by reducing waste, conserving energy, and minimizing their carbon footprints. This may include incorporating green technologies, sourcing locally, and utilizing eco-friendly materials in event production.

Popularity of Sports & Entertainment Events

The surge in large-scale sports and entertainment events underpins the rising popularity of sports & entertainment events. These events, from sports tournaments like the FIFA World Cup and the Olympics to music concerts featuring global superstars, substantially impact the event management industry. The increasing prominence of sports and entertainment events drives the demand for professional event management services. Moreover, the popularity of entertainment events has increased in the event management market due to increasing demand for immersive and memorable experiences. In today's fast-paced digital age, people seek opportunities to disconnect from their daily routines and engage in real-life, shared experiences. Entertainment events provide a unique platform for individuals to come together and enjoy live performances, shows, and interactive experiences, allowing them to create lasting memories.

Embracing the Hybrid Event Revolution

The hybrid event revolution signifies a growing trend in the event management market where events are designed to combine both physical (in-person) and virtual (online) elements. This trend has gained significant momentum in recent years and is closely related to the market dynamics of the event management industry, driving increased demand for event management services. The advent of digital technology and the impact of the pandemic accelerated the adoption of virtual events. Many organizations realized the benefits of reaching a broader and more diverse audience by incorporating virtual components into their events. This led to the evolution of the traditional in-person event model into a hybrid approach, where attendees can choose to participate in-person or virtually, or a combination of both.

SEGMENTATION INSIGHTS

INSIGHTS BY EVENT TYPE

The corporate event type segment held the most significant global event management market share in 2023. Corporate events provide a platform for professionals to network and build valuable relationships within and outside their industries. Countries like the U.S., the U.K., China, Germany, UAE, & Singapore drive the demand for corporate events. These countries have established themselves as key players in the corporate events industry, attracting events of various scales and purposes worldwide. Economic factors, industry specialization, and geopolitical considerations can also influence the demand for corporate events.

Further, personal events stand out with increased absolute growth, emphasizing a growing demand and significance in this category. Sports events also showcase incremental growth, reflecting a positive trend and increasing popularity in the sports event market. Educational events, too, demonstrate significant incremental growth, underscoring the importance and expanding scope of such gatherings. The personal event segment will likely grow at the highest CAGR during the forecast period. Social and cultural traditions play a significant role in driving demand for individual events. For example, in many cultures, weddings are seen as a rite of passage and are celebrated with elaborate ceremonies and receptions.

Segmentation by Event Type

• Corporate Events
• Personal Events
• Social Events
• Sports Events
• Fashion & Entertainment Events
• Educational Events
• Other Events

INSIGHTS BY CLIENT TYPE

The global event management market by client type is segmented into businesses & corporations, individuals, government agencies, and non-profit organizations. The businesses & corporations segment accounts for the highest revenue in the market and is expected to cross USD 1 trillion by 2029. Businesses and corporations often host various events to achieve their objectives. These objectives include promoting their products or services, enhancing their brand image, fostering client relationships, conducting employee training, or celebrating company milestones. Moreover, businesses and corporations often host events that have complex logistical requirements. These events may involve international attendees, multiple sessions, breakout rooms, simultaneous interpretation, and various elements that demand meticulous planning and execution.

Segmentation by Client Type

• Businesses & Corporations
• Individuals
• Government Agencies
• Non-Profit Organizations

INSIGHTS BY EVENT SIZE

The global event management market by event size is segmented into small & medium-scale events, large-scale events, and mega-events. The small & medium-scale events segment holds the most prominent global market share. The popularity of small-scale events is the need for more personalized and intimate experiences. In contrast to large-scale events, smaller gatherings offer participants the opportunity to network more effectively, exchange ideas, and create lasting relationships. Moreover, organizing smaller events is often less expensive, making them an attractive option for individuals and organizations with limited budgets. Also, the recent global shift towards sustainability and eco-consciousness has influenced the demand for small-scale events. Furthermore, the mega events segment is projected to grow at the highest CAGR during the forecast period. The global spotlight and prestige associated with hosting a mega event drive the segmental growth. These gatherings receive extensive media coverage, allowing the host city or country to showcase its culture, achievements, and capabilities to the world.

Segmentation by Event Size

• Small & Medium-Scale Events
• Large-Scale Events
• Mega Events

GEOGRAPHICAL ANALYSIS

Europe holds the most significant global event management market share, valued at over USD 309 billion in 2023. The European market is a dynamic and thriving industry encompassing various events, from corporate conferences and trade shows to music festivals and sporting events. It plays a significant role in the region's economy, offering many opportunities for event planners, suppliers, and related businesses. With a diverse and culturally rich landscape, Europe has become a popular destination for local and international events. Further, one significant segment within the European event management market is corporate events. European cities such as London, Paris, Frankfurt, and Barcelona are renowned for hosting large-scale conferences and trade shows. For example, the Mobile World Congress in Barcelona is one of the world's most significant events for the mobile communications industry.

Segmentation by Geography

• Europe
• Germany
• UK
• France
• Spain
• Italy
• North America
• US
• Canada
• APAC
• China
• Japan
• India
• South Korea
• Australia
• Singapore
• Thailand
• Malaysia
• Philippines
• Latin America
• Brazil
• Colombia
• Mexico
• Argentina
• Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Qatar

COMPETITIVE LANDSCAPE

The global event management market is a dynamic and competitive industry encompassing various services and solutions for planning, organizing, and executing various events, from corporate meetings and conferences to weddings, trade shows, concerts, and more. Vendors in this market strive to distinguish themselves through various strategies, strengths, and unique selling propositions. Major event management market participants include established companies such as American Meetings, Capita, Creative Group, Freeman, GES, Informa, 360 Destination Group, and Vista Events. The market is driven by the increasing demand for seamless and innovative event planning and execution across various industries, including corporate, entertainment, and sports. Intense competition has led to constant innovation, with companies focusing on enhancing user experience, incorporating advanced technologies like artificial intelligence and virtual reality, and expanding their global reach through strategic partnerships and acquisitions. As the industry evolves, companies also differentiate themselves by providing customizable and scalable solutions to cater to clients' diverse needs in an ever-expanding global events landscape.

Key Company Profiles

• American Meetings
• Capita
• Creative Group
• Freeman
• GES
• Informa
• 360 Destination Group
• Vista Events

Other Prominent Vendors

• American Express Global Business Travel
• Asia Pacific Events
• ATPI
• Bassett Events
• BCD Meetings & Events
• Clarion Events
• Dragonfly Agency
• Encore Event Management
• Entertaining Asia
• Hosts Global
• Magma Event
• Maritz
• McVeigh Global Meetings and Events
• penguins
• PRA Events
• Questex
• Reed Exhibitions
• Riviera Events
• Imprint Events Group
• TCG Events
• The Special Event Company
• Versatile Event Management
• Wonderland Events

KEY QUESTIONS ANSWERED:

1. How big is the global event management market?

2. What is the growth rate of the global event management market?

3. Which region dominates the global event management market share?

4. What are the significant trends in the event management industry?

5. Who are the key players in the global event management market?