Global Event Management Market - Outlook & Forecast 2024-2029
Research and Markets
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The global event management market is expected to reach USD 1.76 trillion by 2029, growing at a CAGR of 11.06% from 2023-2029.
MARKET TRENDS & DRIVERS
Rising Focus Towards Sustainability
Sustainability in event management means making choices that are good for people and the environment when planning, organizing, and running an event. It's about using sustainable practices and principles at all event planning stages to ensure the event is hosted responsibly. In 2023, the event management market is witnessing a growing emphasis on sustainability and social responsibility as a prominent trend. Event planners are giving significant importance to eco-friendly practices and diversity and inclusion initiatives in response to the increasing demand from attendees for socially conscious events. Further, event planners are increasingly adopting sustainable practices by reducing waste, conserving energy, and minimizing their carbon footprints. This may include incorporating green technologies, sourcing locally, and utilizing eco-friendly materials in event production.
Popularity of Sports & Entertainment Events
The surge in large-scale sports and entertainment events underpins the rising popularity of sports & entertainment events. These events, from sports tournaments like the FIFA World Cup and the Olympics to music concerts featuring global superstars, substantially impact the event management industry. The increasing prominence of sports and entertainment events drives the demand for professional event management services. Moreover, the popularity of entertainment events has increased in the event management market due to increasing demand for immersive and memorable experiences. In today's fast-paced digital age, people seek opportunities to disconnect from their daily routines and engage in real-life, shared experiences. Entertainment events provide a unique platform for individuals to come together and enjoy live performances, shows, and interactive experiences, allowing them to create lasting memories.
Embracing the Hybrid Event Revolution
The hybrid event revolution signifies a growing trend in the event management market where events are designed to combine both physical (in-person) and virtual (online) elements. This trend has gained significant momentum in recent years and is closely related to the market dynamics of the event management industry, driving increased demand for event management services. The advent of digital technology and the impact of the pandemic accelerated the adoption of virtual events. Many organizations realized the benefits of reaching a broader and more diverse audience by incorporating virtual components into their events. This led to the evolution of the traditional in-person event model into a hybrid approach, where attendees can choose to participate in-person or virtually, or a combination of both.
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COMPETITIVE LANDSCAPE
The global event management market is a dynamic and competitive industry encompassing various services and solutions for planning, organizing, and executing various events, from corporate meetings and conferences to weddings, trade shows, concerts, and more. Vendors in this market strive to distinguish themselves through various strategies, strengths, and unique selling propositions. Major event management market participants include established companies such as American Meetings, Capita, Creative Group, Freeman, GES, Informa, 360 Destination Group, and Vista Events. The market is driven by the increasing demand for seamless and innovative event planning and execution across various industries, including corporate, entertainment, and sports. Intense competition has led to constant innovation, with companies focusing on enhancing user experience, incorporating advanced technologies like artificial intelligence and virtual reality, and expanding their global reach through strategic partnerships and acquisitions. As the industry evolves, companies also differentiate themselves by providing customizable and scalable solutions to cater to clients' diverse needs in an ever-expanding global events landscape.
Key Company Profiles
Other Prominent Vendors