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Event Service Industry (Market) Size & Share Forecast by 2031 | Key Player – FX Group, ATPI, BCD Group Bassett Events

Massive increase in business activities, development in the tourism and growth in IT hubs across the globe drive the growth of the event services market

PORTLAND, OREGON, UNITED STATES, September 14, 2022 /⁨EINPresswire.com⁩/ — Allied Market Research …

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Massive increase in business activities, development in the tourism and growth in IT hubs across the globe drive the growth of the event services market

PORTLAND, OREGON, UNITED STATES, September 14, 2022 /EINPresswire.com/ — Allied Market Research published a report, titled, “Event Services Market by Service (Strategy, Planning, Budget, and market Development, Communication and Logistics, Attendees Management and Engagement, Event Catering, Virtual or Hybrid Event Enabler, Location Rental, Others), by Event Type (Music Concert, Festivals, Sports, Exhibitions and Conferences, Corporate Events and Seminars, Others), by End User (Corporate, Sports, Education, Entertainment, Others), by Organization (Small and Medium Enterprises, Large Enterprises, Government Bodies and NGOs): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global event services industry generated $515.80 billion in 2021, and is anticipated to generate $1,349.00 billion by 2031, witnessing a CAGR of 7.6% from 2022 to 2031.

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Venue and catering are two most expensive components in the event services industry. Location of the event and food & beverages served during event significantly influence the success of the event. Surge in penetration of the digital technologies, owing to the presence of developed IT and telecommunications infrastructure contributes toward the growth of the market. Proliferation of digital technologies drives the growth of the hybrid events across the globe.

Prime determinants of growth

Massive increase in business activities such as conference/seminar, brand promotions, employee training activities, development in the tourism & hospitability sectors, and growth in IT hubs across the globe drive the growth of the global event services market. Moreover, surge in business activities fuel the demand for the services of event planners, personnel service providers, and furniture & equipment rental services, which presents new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic has had a negative impact on the global event services market, owing to the implementation of the global lockdown.
The lockdown led to cancellation of all the exhibitions, in-person meetings, trade shows, and seminars.
Moreover, a rapid decline in the international tourist arrivals hampered the market growth during the pandemic.

The term event refers to organizing a show, which involves public gathering at a pre-determined place and time. The most popular events include conference & exhibition, corporate events & seminar, promotion & fundraising, music & art performance, sports, festival, trade shows, and product launch. Initial stage of any major event involves understanding the audience and their behavior that excite and engage them and final stage involves conducting an event appropriately.

On the basis of event type, the corporate events & seminars segment garnered the maximum event services market share in 2020, owing to rise in number of companies and surge in frequency of conducting seminars & events . In addition, such seminars and events involve interaction between speaker and audience, thus attracting more attendees. On the other hand, music concerts category is anticipated to grow at the highest CAGR of 9.2% during the forecast period.

This is attributed to increase in popularity of corporate events & seminars among the global population, especially youth and middle-aged individuals. Furthermore, music concerts and events are expected to offer valuable opportunities for promoters and brands to align themselves with people attending concerts.

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Depending on service ,the location rental segment dominated the market in 2021, garnering 30.9%.of market share The virtual or hybrid event enabler segment is expected to grow at a highest CAGR of 9.8% from 2022 to 2031. This growth is attributable to surge in adoption of the ICT technologies among the event planners and the corporate houses across the globe. Moreover, COVID-19 pandemic is the major factor behind the rapid growth of this segment.

By organization, the small & medium enterprises segment dominated the market in 2021, garnering a market share of 68.9% in 2021. Huge presence of small & medium sized enterprises and increase in number of corporate events conducted by them has propelled the growth of this segment. Small and medium enterprises are the backbone of the global economy.

Region wise, Europe was the highest revenue contributor in 2021, as this region has been extremely successful in winning conferences of international associations with over half of the top cities and countries selected as destinations for international association conferences.

The event services industry is highly fragmented, owing to the presence of numerous players in the market. These market players are constantly engaged in various developmental strategies, such as acquisition, merger, partnership, business expansion, and new product launch, which increase the intensity of competitive rivalry in Europe. The major players profiled in the report are Access Destination Services, ATPI Ltd., Bassett Events, Inc., BCD Group, FX Group Ltd., Intelligent Protection International Limited, International Security Agency, Martin Auto Ltd., StubHub, and Wonderland.

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Related Report
U.S. Events Market : https://www.alliedmarketresearch.com/us-events-market-A15196
Business Travel lodging Market : https://www.alliedmarketresearch.com/business-travel-lodging-market-A15875

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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 domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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