Impact of the Covid-19 pandemic on the event management market
Strict government rules and regulations are expected to restrict the global event management market during the Covid-19 pandemic. Restricting the movement of people in order to contain the spread of infection led to a halt in activities, which led to a fall in the global market. However, the organization of virtual events by individuals and corporations is predicted to accelerate market growth during the Covid-19 pandemic.
The North American event management market is estimated to grow at a significant 54.3% CAGR over the forecast period and maintain a healthy $ 506.2 billion market size in 2019. Many companies are expected to be present in the region and are investing heavily in organizing events. to manage the global market during the forecast period.
Key market segment results
The report divides the market into segments depending on the type of event, source of income, and organizer.
The corporate events and seminars sub-segment is projected to grow at a CAGR of 55.30% over the forecast period and generate a sizable $ 388.4 billion in revenue in 2019. Companies invest lavishly in seminars and corporate events because they are easy to build connections and relationships. such events. This factor is expected to drive the growth of the sub-segment market over the forecast period.
The sponsorship sub-segment is expected to grow at a CAGR of 56.9% over the forecast period and hold a sizable $ 651.1 billion market size in 2019. Sponsorship is useful for attracting target audiences and promoting a brand, and this aspect in turn should support the growth of the market in a sub-segment during the forecast period.
The corporate segment market volume was $ 488.1 billion in 2019 and is projected to grow at a CAGR of 56.80% over the forecast period. Corporate events are a means of reaching an audience with a message on one platform. This factor is expected to drive the growth of the sub-segment market during the forecast period.
A number of benefits associated with event planning, such as meeting new people, developing teamwork and enjoying the job, are expected to drive market growth over the forecast period. Moreover, young people prefer organizing events as a profession, as it is one of the most challenging and interesting jobs. It is estimated that all of these aspects will drive the global event management market during the forecast period. However, the high costs associated with event planning, which make the event organizer less favored by the public, are projected to hold back market growth during the forecast period.
Top 10 key players in the event management and development market
Some of the well-known players in the global event management market:
- BCD Travel
- Entertainment Asia
- Capita plc
- ATPI Ltd
- Reed Exhibitions
These companies are investing in new product development to capture global market share for event management during the anticipated period. For example, in October 2020, entertainment company Ticketmaster introduced Smartevent solutions to support events that welcome fans.