Portland, OR, Nov. 24, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global events industry estimated at $1,100 billion in 2018, and is expected to hit $2,330 billion by 2026, with a CAGR of 10.3% from 2019 to 2026. The report offers an extensive analysis of changing market trends, top winning strategies, key segments, Porter’s Five Forces, and business performance of key market players.
Rise in number of sponsors, extended reach among youth, and growing interest in entrepreneurship among youth augment the growth of the global events industry Nevertheless, high operational costs associated with events organization and risks involved in getting returns restrain the market growth. However, technological advancements are anticipated tousher a plethora of opportunities for the players in near future.
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Covid-19 Scenario-
- The global events industry has undergone a massive impact during covid-19. The lockdown measures have led to declined or delayed events in order to curb the spread of coronavirus.
- In the first phase of the lockdown, the government bodies strictly prohibited gatherings, parties, and other such meetings to maintain social distancing.
- However, the government bodies in several regions have now lifted certain regulations along with allowing a limited number of people to participate in events with concern to all precautionary measures.
The global events industry is segmented based on type, revenue source, organizer, age group, and region. Based on type, the market is divided into music concerts, festivals, sports, exhibitions & conferences, corporate events & seminar, and others. The corporate events & seminar segment held the highest market share in 2018, contributing to more than one-fourth of the total share, and is estimated to maintain its leadership status throughout the forecast period. On the other hand, the music concert segment is expected to grow at the highest CAGR of 11.9% from 2019 to 2026.
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Based on age group, the report is segmented into below 20 years, 21–40 years, and 41 years & above. The 21–40 years segment held the highest market share in 2018, accounting for more than two-fifths of the total share, and is expected to maintain its dominant share throughout the forecast period. Moreover, this segment would register the highest growth rate, with a CAGR of 11.6% from 2019 to 2026.
Based on region, the market is studied across Asia-Pacific, Europe, North America, and LAMEA. The Europe region dominated the market with nearly two-fifths of the total share in 2018, and is expected to retain its dominance throughout the forecast period. However, the market across Asia-Pacific is estimated to register the highest CAGR of 13.0% during the forecast period.
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Leading industry players in the research include Riviera Events, StubHub, Live Nation Worldwide Inc., Pollstar, Anschutz Entertainment Group, Access Destination Services, ATPI Ltd., BCD Group (BCD Meetings & Events), Entertaining Asia, Capita Plc., Cvent Inc., Questex LLC, Reed Exhibitions, Outback Concerts, and others.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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