Event Services Market to Reach $1,349.00 Billion, Globally, by 2031 at 7.6% CAGR: Allied Market Research

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

PORTLAND, Ore., June 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Event Services Market by Service (Strategy, Planning, Budget, andmarket 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.

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 globedrive 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.

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The location rentalsegment to maintain its leadership status throughout the forecast period

Based on service, the location rental segment held the highest market share in 2021, accounting for nearly one-thirdof the global event services market, and is estimated to maintain its leadership status throughout the forecast period. However, the virtual or hybrid event enabler segment is projected to manifest the highest CAGR of 9.8% from 2022 to 2031.This is attributable to surge in adoption of the ICT technologies among the event planners and the corporate houses across the globe.

The entertainment segment to maintain its lead position during the forecast period

Based on end user, the entertainment segment accounted for the largest share in 2021, contributing to more than one-fourth of the global event services market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 8.6% from 2022 to 2031, due to growth in the entertainment industry and rise in consumer expenditure on the entertainment. The report also analyzes segments such as corporate, sports, education, and others.

Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue 2021, accounting for more than one-third of the global event services market. This is owing to the fact that 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. However, the LAMEA region is expected to witness the fastest CAGR of 9.9% from 2022 to 2031.

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Leading Market Players: -

Basset Events, Inc.
wonderland
Access Destination Services
BCD Group
ATPI Ltd.
StubHub
FX Group Ltd.
Martin Audio Ltd.
International Security Agency
Intelligent Protection International Limited

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