Event Market: Trends, Forecast, and Competitive Analysis to 2030
Market Overview and Report Coverage
An event refers to any planned occasion or gathering that is organized to achieve a particular objective, such as social, cultural, educational, or promotional purposes. Events can range from small-scale gatherings, such as birthday parties or corporate meetings, to large-scale productions, like music festivals or international conferences. The event market is a dynamic industry that involves the planning, management, and execution of various types of events.
The future outlook of the event market appears promising, with expectations of steady growth. The increasing globalization and urbanization, along with the rising disposable income of individuals, are driving the demand for events. Furthermore, the growing importance of events as a marketing tool for businesses to promote their products or services is also contributing to the market growth.
Moreover, the events industry is rapidly evolving, incorporating technology advancements and innovative ideas into the planning and execution process. Virtual and hybrid events, for example, have gained popularity due to their cost-effectiveness and convenience, especially in the wake of the COVID-19 pandemic. These advancements and adaptations are expected to continue shaping the future of the event market.
The current outlook of the event market is challenging due to the ongoing pandemic, which has severely impacted the industry. Many events have been canceled, postponed, or transformed into virtual formats to comply with social distancing measures and ensure the safety of attendees. However, as economies recover and restrictions ease, there is a pent-up demand for in-person events, and the market is gradually rebounding.
Considering all these factors, the event market is projected to experience a compound annual growth rate (CAGR) of % during the forecasted period. This growth is driven by the increasing demand for experiential activities, corporate events, and technological advancements. The market’s resilience and adaptability, along with its ability to provide unique experiences and networking opportunities, indicate a positive outlook for its future growth.
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Market Segmentation
The Event Market Analysis by types is segmented into:
- Cloud-based
- On-premise
Event Market Types refer to different ways in which events are hosted and managed. Cloud-based events are conducted using cloud technology, where all data and resources are stored and accessed over the internet. On-premise events, on the other hand, take place at a physical location using local servers and infrastructure. The main difference lies in the hosting and management approach, where cloud-based events offer flexibility, scalability, and remote access, while on-premise events provide more control, security, and physical presence. Both types have their advantages and are chosen based on specific event requirements and preferences.
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The Event Market Industry Research by Application is segmented into:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
Event Market Application refers to a software solution that caters to the needs of both large enterprises and small and medium-sized enterprises (SMEs) in the event management industry. It offers functionality for planning, organizing, and managing events, such as conferences, trade shows, and corporate meetings. Large enterprises can utilize this application to handle their complex and high-volume events, while SMEs can benefit from its user-friendly interface and cost-effective features for their smaller-scale events. This application streamlines event processes, enhances efficiency, and helps businesses of all sizes deliver successful events.
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In terms of Region, the Event Market Players available by Region are:
- North America:
- United States
- Canada
- Europe:
- Germany
- France
- U.K.
- Italy
- Russia
- Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
- Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
- Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
What are the Emerging Trends in the Global Event market?
The global event market is witnessing several emerging trends in recent times. Firstly, there has been a significant rise in virtual and hybrid events, given the impact of the COVID-19 pandemic, allowing events to reach wider audiences and accommodate travel restrictions. Secondly, sustainability is becoming a key focus, with a growing emphasis on eco-friendly practices and green event management. Thirdly, there is an increasing demand for experiential events that provide unique and immersive experiences, such as virtual reality and augmented reality. Lastly, the rise of technology, including artificial intelligence and big data, is transforming the event industry by enabling better event planning, personalization, and attendee engagement.
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Major Market Players
Cvent is a leading player in the competitive event market. Founded in 1999, Cvent provides cloud-based event management and marketing solutions. The company has a strong history of innovation and has successfully expanded its operations to serve customers globally. Cvent has experienced significant market growth over the years and is consistently ranked as one of the top event management software providers. According to a report by Market Research Future, the global event management software market is expected to reach around $11 billion by 2023, indicating a promising market size for Cvent.
In terms of sales revenue, Cvent reported total revenue of approximately $580 million in 2019. This demonstrates the company’s strong financial performance and indicates its competitive position in the market. Cvent offers a comprehensive suite of event management tools, including event registration, venue sourcing, event marketing, and onsite solutions.
Another prominent player in the event market is Aventri, formerly known as etouches. Aventri provides a cloud-based event management platform that enables organizations to streamline their event planning and execution processes. Founded in 2008, Aventri has grown rapidly and has expanded its presence globally. The company focuses on delivering innovative solutions and has received recognition for its technology and customer service.
While specific sales revenue figures for Aventri are not publicly available, the company has experienced strong market growth. In 2017, Aventri acquired several event technology companies, including Zentila and Loopd, to expand its offerings and cater to a wider range of customer needs. This strategic expansion reflects Aventri’s commitment to continuous growth and its aim to capture a larger share of the event management software market.
Overall, the competitive event market is experiencing robust growth, driven by the increasing adoption of cloud-based event management solutions. As businesses and organizations recognize the importance of efficiently managing their events, companies like Cvent and Aventri have emerged as key players, offering comprehensive event management platforms with proven track records and strong market presence.
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