Event Services Market Share, Size, Trends, Industry Analysis Report, By Component (Software and Service); By Deployment Type; By Organization Size; By Region; Segment Forecast, 2022 - 2030
- Published Date:Dec-2022
- Pages: 116
- Format: PDF
- Report ID: PM2888
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The global event services market was valued at USD 513.10 billion in 2021 and is expected to grow at a CAGR of 7.3% during the forecast period.
A substantial rise in the number of sports, gaming, and entertainment events being organized around the world over the last few years along with the growing need for improved software/service solutions, which can streamline the management of events effectively are key factors likely to boost the growth of the global market during the forecast period. Moreover, the rising prevalence among global enterprises to host their several events virtually for better reach and low cost is projected to create lucrative growth opportunities in the global market over the coming years.
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However, high entry barriers for new market players and the wide presence of other alternatives are anticipated to hinder the global market growth during the anticipated period. Moreover, a lack of awareness regarding available advanced event services and the emergence of unfavorable conditions will further obstruct the growth and demand for event services.
The global pandemic of COVID-19 has significantly impacted the growth of the global event services market. The rapid emergence of the deadly virus has forced many countries to take some serious steps to control it. Due to various stringent government regulations, most of the places were shut down, and venturing outside was completely restricted to stop the spread of the COVID-19 virus. There were many restrictions on the number of people allowed in several types of events, which negatively impacted the growth of the market. Nevertheless, there was a rapid increase in the adoption of virtual events by many businesses and organizations, and individuals also, which drove the market during the time of the pandemic.
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Industry Dynamics
Growth Drivers
The growing popularity and prevalence of virtual events coupled with the high demand for online registration and easy payment are the primary factors driving the growth of the global market a significant growth rate. The event services market is majorly driven by rapid development in online registration processes and the emergence of various online payment methods because of the increased spending on research & development activities and improvement of existing systems by key market companies especially in developing regions such as India, China, and Indonesia.
Furthermore, an increase in infrastructure development, rapid urbanization, draining people’s work schedules, and growing consumer disposable income are also expected to flourish the growth of the global market significantly over the study period. Countries like India and China are highly focused on the development of their country infrastructure and consumer life, hence they are organizing several events across the region, which is likely to create more growth opportunities in the coming years.
Report Segmentation
The market is primarily segmented based on component, deployment type, organization size, and region.
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By Component |
By Deployment Type |
By Organization Size |
By Region |
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Service segment is projected to register the fastest growth
During the projected period, service segment is likely to grow the fastest in terms of CAGR. The growth of the segment market is mainly attributed to the various managed and professional services offered by several vendors of the event services industry across the globe. Professional services help businesses and organizations in mitigating security gaps and enable them to strengthen their security measures to ensure the better and more effective implementation of event services. In addition, it offers various benefits to organizations such as low administrative expenses, increased profitability, and high utilization of resources, which is fueling the adoption of these services rapidly worldwide.
However, the software segment held the largest market share in 2021 due to the rising prevalence of virtual events among most of organizations. In addition, it allows businesses and educational institutes to create and design their events as per their need and requirements coupled with the continuous digital transformation across various industries and verticals are also fostering the segment market growth extensively.
Cloud segment accounted for the largest market share in 2021
The cloud segment is expected to account for the largest market share, in 2021, and is expected to maintain its dominance throughout the forecast period. The major reason for the growth of the market is that it allows enterprises to run and operate multiple marketing campaigns from different locations at the same time. Cloud deployment easily coordinates with several components of its digital campaigns without the need to invest heavily in any infrastructure, thus, they can save on concerned IT costs & increase more focus on the improvement of overall infrastructure, driving the segment’s growth.
Moreover, the on-premises segment is anticipated to expand with a significant growth rate over the study period. This is majorly driven by higher security benefits associated with an on-premises deployment like data transparency and data security coupled with the ability to tailor the client’s business processes effectively.
Large enterprises segment held the significant revenue share
Large enterprises are often known for having a large corporate network and various revenue streams. Thus, large enterprises keep looking forward for adopting new and innovative technologies which can be integrated into their corporate network and help them to increase their revenue generation, which is the major factor driving the market growth in the segment. In addition, event services can help businesses and organizations to connect with investors and their colleagues and conduct all types of events virtually. Thereby, the rising popularity of these service among large enterprises are anticipated to generate high growth opportunities in the near future.
The small & medium enterprises segment is likely to register extensive growth during the projected period owing to a rapid increase in the number of small & medium enterprises in countries like the United States, India, China, and Germany. Moreover, the high adoption of cloud-based event services among SMEs due to the low deployment costs and a strong emphasis on digitization is expected to have a positive impact on the market.
North America dominated the event services market in 2021
In 2021, North America dominated the global market with a holding of healthy market share and is projected to maintain its dominance over the forecast period. A large number of public events organized in the regional market such as marathons, film festivals, and many other events hosted by various educational institutions along with a large number of private events are key factors driving the growth of the event services market in the region. For instance, according to our findings, in the United States, about 800 music fests are hosted in the country alone, and around 32 million people go to at least one music festival every year. So, the need for efficient event services has been driving the adoption of the market across the region.
Furthermore, the Asia Pacific region is witnessing the highest growth rate over the projected period. The growth of the market is due to the growing prevalence of technologically advanced solutions among several enterprises in Asia Pacific countries such as India, China, and Indonesia. In addition, a large number of tech-savvy professionals can easily and efficiently utilize the latest available software and solutions, which bodes well for the market growth in the region.
Competitive Insight
Some of the key players operating in the global market include Basset Events, Access Destination Services, BCD Group, ATPI, FX Group, Martin Audio, International Security Agency, Intelligent Protection International, Wonderland, Seven Events, Clarion Events, CL Events, Riviera Events, Penguins, and Capita PLC.
Recent Developments
In January 2021, Riviera Events and Delivering Group announced their alliance to create a new venture. With this partnership, the company can help them to access clients with new and innovative event solutions for exhibitions, conferences, and roadshows.
In January 2022, Aventri announced that it has merged with MeetingPlay, an advanced and innovative solution provider for virtual, hybrid, and in-person events.
Event Services Market Report Scope
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Report Attributes |
Details |
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Market size value in 2022 |
USD 549.79 billion |
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Revenue forecast in 2030 |
USD 968.20 billion |
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CAGR |
7.3% from 2022 – 2030 |
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Base year |
2021 |
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Historical data |
2018 – 2020 |
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Forecast period |
2022 – 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Component, By Deployment Type, By Organization Size, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Basset Events Inc., Access Destination Services, BCD Group, ATPI Ltd., FX Group Ltd., Martin Audio Ltd., International Security Agency, Intelligent Protection International Limited, Wonderland, Seven Events, Clarion Events, CL Events, Riviera Events, Penguins Ltd., and Capita PLC. |
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