– The global event management market is expected to grow during the forecast period as young people prefer event planning as a career. The market is expected to decline during the Covid-19 pandemic. The North American region is expected to dominate the market.
NEW YORK, January 27, 2021 / PRNewswire / – According to a report by Research Dive, the Global Event Management Market is estimated to bring together $ 3,605.80 billion by 2027, from a substantial market size of $ 1,311.4 billion by 2019, to a 37.2% CAGR in 2019-2027 Time range.
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Impact of the Covid-19 pandemic on the event management market
Strict government rules and regulations are expected to hold back the global event management market during the Covid-19 pandemic. Restricting the movement of people in order to limit the rate of infection brought the events to a halt, thus shrinking the global market. However, the organization of virtual events by individuals and businesses is expected to drive market growth during the Covid-19 pandemic.
Access the COVID-19 Impact Analysis Report on the Event Management Market.
Regional analysis
The North American Event Management market is estimated to grow at a significant CAGR of 54.3% during the forecast period and hold a healthy market size of $ 506.2 billion in 2019. The presence of many companies in the region which invest heavily in organizing events is expected to boost the global market during the forecast period.
Key market segment results
the report divides the market into segments based on event type, revenue source, and organizer.
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The Corporate Events and Seminars sub-segment is expected to improve at a CAGR of 55.30% during the forecast period and has generated significant revenue of $ 388.4 billion in 2019. Companies invest generously in seminars and corporate events because it is easy to form bonds and relationships at such events. This factor is estimated to enhance the market growth of the sub-segment during the forecast period.
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The Sponsorship sub-segment is expected to grow at a CAGR of 56.9% during the forecast period and hold a significant market size of $ 651.1 billion Sponsorships are helpful in attracting target audience and promoting the brand and this aspect in turn is expected to enhance the market growth of the sub-segment during the forecast period.
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The enterprise sub-segment held a market size of $ 488.1 billion in 2019 and is expected to increase at a CAGR of 56.80% during the forecast period. Corporate events are a way to reach audiences on one platform with a message. This factor is expected to fuel the market growth of the sub-segment during the forecast period.
Market dynamics
Several benefits associated with being an event planner such as meeting new people, developing teamwork, and enjoying the job are expected to fuel the market growth during the forecast period. In addition, young people prefer event management as a profession because it is one of the most challenging and interesting jobs. All of these aspects are estimated to boost the global event management market during the forecast period. However, the high costs involved in planning an event due to which the public does not prefer event planners are expected to dampen the growth of the market during the forecast period.
Top 10 key players in the event and development management market
Some of the well-known players in the global event management market are
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BCD trip
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Entertaining Asia
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Captain plc
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Access Destination Services, INC
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ATPI SA
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LIVE NATION ENTERTAINMENT
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Reed exhibits
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AEG
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Events on the French Riviera
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GL events.
These companies are investing in the development of new products to capture the market share in the global event management market during the estimated period. For example, in october 2020, Ticketmaster, an entertainment company, revealed “Smartevent” solutions to help events that host returning fans.
Learn more about event management:
1. Global event management industry set to flourish in coming years, despite COVID-19 crisis
2. How can event management companies retain attendees at an event?
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About the research dive
Research Dive is a market research company based in Pune, India. By maintaining the integrity and authenticity of the services, the company provides services only based on its proprietary data model, constrained by the 360-degree research methodology, which guarantees a complete and accurate analysis. With unprecedented access to multiple paid data resources, a team of expert researchers, and a strict work ethic, the company delivers extremely accurate and reliable information. By reviewing relevant press releases, government publications, decades of business data, and technical and white papers, Research Dive delivers the services it needs to its clients on time. His expertise is focused on examining niche markets, targeting its key driving factors and detecting threatening obstacles. Complementarily, he also maintains a transparent collaboration with the great aficionado of the industry, which offers an additional advantage to his research.
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