Wilmington, Delaware, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled “Corporate Event Market by Event type ( trade shows/exhibitions, incentive programs, company meetings, and others.),Platform type (physical event, virtual event, and hybrid event) and Industry(financial services, information technology, real estate, and infrastructure, automotive, and others) : Global Opportunity Analysis and Industry Forecast, 2023–2032.” According to the report, The global corporate event market was valued at $286.3 billion in 2017, and is projected to reach $1171.3 billion by 2032, growing at a CAGR of 10.5% from 2023 to 2032.
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Prime determinants of growth
The corporate event market is primarily driven by the increasing demand for brand engagement, as companies focus on experiential marketing to create deeper connections with clients, partners, and employees. Advancements in event technology, such as virtual and hybrid formats, have further fueled growth by making events more accessible and cost-effective. Additionally, globalization and business expansion have led to a rise in cross-border conferences, trade shows, and product launches. Corporate investment in training and development programs, such as seminars and workshops, also contributes to the demand for corporate events. Furthermore, the growing emphasis on sustainability has encouraged companies to incorporate eco-friendly practices into event planning, aligning with their green initiatives and driving market growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2017 |
| Market Size in 2022 | $286.3 billion |
| Market Size in 2032 | $1171.3 billion |
| CAGR | 10.5% |
| No. of Pages in Report | 320 |
| Segments covered | Event Type, platform type, industry, and region. |
| Drivers | Rising Demand for Hybrid and Virtual Events Increased Corporate Focus on Brand Activation Growth in Global Business Travel and Expansion |
| Opportunities | Adoption of Sustainable Event Solutions |
| Restraints | High Costs of Large-Scale Events Uncertainty in Global Economic Conditions |
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The conference/seminar segment to maintain its leadership status throughout the forecast period
Based on event type, the conference/seminar segment held the highest market share, accounting for more than half of the corporate event market revenue and is estimated to maintain its leadership status throughout the forecast period. The conference and seminar segment held the highest market share in the corporate event market due to several key factors. Primarily, these events are essential for knowledge sharing, networking, and professional development across industries, making them highly valuable for businesses. Companies use conferences and seminars to showcase thought leadership, launch new products, and foster industry collaboration, which leads to consistent demand. Additionally, conferences often attract large audiences, including industry leaders and decision-makers, making them highly impactful for business growth and innovation. The format’s flexibility, allowing both in-person and virtual participation, has also expanded its reach, further solidifying its dominance in the market.
The information technology segment to maintain its leadership status throughout the forecast period
Based on industry, the information technology segment held the highest market share, accounting for more than one-third of the corporate event market revenue and is estimated to maintain its leadership status throughout the forecast period. The information technology (IT) segment held the highest market share in the corporate event market due to the sector’s continuous innovation and rapid advancements. IT companies frequently host large-scale events, including product launches, developer conferences, and tech expos, to showcase new technologies, software, and solutions to a global audience. These events serve as crucial platforms for networking, collaboration, and knowledge exchange within the tech community. Additionally, the global demand for IT services and solutions has led to increased investment in corporate events to engage stakeholders, promote brand visibility, and drive business development. The ability to integrate cutting-edge event technologies like virtual and hybrid platforms has also made IT events more accessible and cost-effective, contributing to their market leadership.
The physical events segment to maintain its leadership status throughout the forecast period
Based on platform, the physical events segment held the highest market share, accounting for more than one-third of the corporate event market revenue and is estimated to maintain its leadership status throughout the forecast period. The physical events segment held the highest market share in the corporate event market due to its unmatched ability to foster face-to-face networking, real-time collaboration, and immersive brand experiences. Physical events, such as conferences, trade shows, and product launches, offer attendees the opportunity for direct engagement, hands-on demonstrations, and personal interaction, which are crucial for building stronger business relationships. Many industries, particularly those that rely on tangible products and services, prefer physical events for their ability to provide experiential marketing opportunities. Additionally, physical events often attract larger audiences, generate more media coverage, and facilitate spontaneous business opportunities that are harder to replicate in virtual formats, further driving their dominance in the corporate event market.
The Europe segment to maintain its leadership status throughout the forecast period
Based on region, the europe held the highest market share, accounting for more than one-third of the corporate event market revenue and is estimated to maintain its leadership status throughout the forecast period. The region is home to a large number of multinational corporations, industry-leading trade shows, and global conferences that attract participants from around the world. Europe’s extensive network of world-class event venues, conference centers, and exhibition spaces makes it an ideal location for hosting large-scale corporate events. Additionally, the region's diverse cultural and economic landscape supports a wide range of industries, including finance, technology, and manufacturing, which consistently invest in corporate events for networking, innovation, and business development. Europe's focus on sustainability and eco-friendly event planning also aligns with the growing global demand for greener corporate events, further strengthening its leadership in the market.
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Leading Market Players: -
- 360 Destination Group
- Access Destination Services, LLC
- BCD Travel Services B.V.
- BI Worldwide
- CWT
- Cievents
- Creative Group, Inc.
- ITA Group
- Maritz Holdings, Inc.
- Reed Exhibitions Ltd.
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter’s five forces analysis to determine the factors affecting market growth.
Explore AMR’s Extensive ongoing Coverage on Consumer and Goods Domain:
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- Germany Corporate Event Market Opportunity Analysis and Industry Forecast, 2017-2031
- France Corporate Event Market Opportunity Analysis and Industry Forecast, 2017-2031
- UK Corporate Event Market Opportunity Analysis and Industry Forecast, 2017-2031
- Italy Corporate Event Market Opportunity Analysis and Industry Forecast, 2017-2031
- Spain Corporate Event Market Opportunity Analysis and Industry Forecast, 2017-2031
- Russia Corporate Event Market Opportunity Analysis and Industry Forecast, 2017-2031
- Netherlands Corporate Event Market Opportunity Analysis and Industry Forecast, 2017-2031
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