By Harshada Dive
The event industry has been expanding over the past few years. Society wants to celebrate every significant and insignificant occasion. Events are social or non-social get-togethers or public gatherings that take place at a set time and place. An event’s aims can range from boosting business profits and exhibitions to marketing, the launch of a new product, musical and artistic performances, fundraising, celebrations of festivals, and sports, which are among the most popular events. The event industry market is heavily influenced by associations and public or corporate organizations. Additionally, the demand for event management services like ticketing, hosting, event evaluation, location scouting, and catering is expected to increase significantly due to rapid digitalization, high Internet and social media penetration, and other factors.
According to Allied Market Research, the global event industry market is expected to show a notable CAGR between 2021 and 2028.
Increased event sponsorship to boost event industry market growth-
Sponsorships are essential to the growth of the event industry because they enable event management companies to promote their events and draw large crowds. Many sponsors in the market provide funding for social events to promote their businesses and startups, which is one of the reasons why the event industry has been growing rapidly during the forecast timeframe. For instance, on their website digitalindia.gov.in, the Government of India has introduced a flagship program intending to transform India into a society that is empowered by technology. The Indian government offers various sponsorships under these activities for the organization of side events, run-up events, pre-events, and other events. These facets help to boost the popularity and market share of the events sector. On the other hand, several companies sponsor a variety of events, including sporting events and music concerts, in order to boost sales, raise brand awareness, create a positive perception of their company, etc. For example, many companies sponsored the Indian Premier League (IPL), including Dream 11, Tata Motors, Paytm, CEAT, Unacademy, Byju’s, and others.
The exponential rise of social media marketing and advertising to fuel the growth of the industry-
The robust and cost-free online platform of social media is assisting event organizers in achieving their business goals. Event planners can track the traffic to their website, attract more clients, and help to build their organization’s reputation by using social media marketing. Event planners use social media platforms like Facebook, Twitter, LinkedIn, and Instagram for their social media programming
With the aid of tools like Hootsuite, Oktopost, or Mention, they can evaluate the most popular shows and the kinds of content that users are sharing. Consequently, using social media for events. Thus, the growth of the event industry market is likely to fuel the anticipated period.
Some players, such as Access Destination Services, Live Nation Worldwide, Inc., BCD GROUP (BCD MEETINGS & EVENTS), Capita Plc., Penguins Limited, Clarion Events Ltd., ATPI LTD, Pollstar, and Riviera Events are focusing on prominent strategies to overcome the competition and to keep or increase their market share and partnerships to strengthen their foothold in the event industry.
For example, Access Destination Services, a top destination management company with headquarters in Las Vegas, announced the acquisition of CLI Groups on March 3, 2020. Excellent customer service, high standards, and fast turn-around times are all hallmarks of CLI. Both companies’ presence in Las Vegas is expected to grow because of this acquisition, and customers would receive better services.
Live Nation Worldwide Inc., the biggest live entertainment company, released on January 19, 2021, that it had acquired a significant stake in Veeps, a commission-free ticketed livestream platform created by Joel Madden and Benji that offers on-demand performances by popular artists at renowned venues across the world.
An internal agency for business meetings and events (BCD Meetings and Events), announced the launch of “The Collective” on May 5, 2021, to enhance its internal specialty capacities and experience in creative content, graphic design, high-end production, and design. The company’s main goal was to provide brand experiences that go beyond conventional events.
COVID-19 Impact on the event industry market-
The COVID-19 outbreak had a significant impact on many industries, including the event sector. Travel restrictions, lockdowns, quarantines, social distancing, and bans on physical and social gatherings had a negative impact on the event industry. because many businesses had to fire a large number of their workforce and suffered significant earnings losses. Also, the pandemic forced the cancellation of numerous international events scheduled for 2020. For instance, the 73rd Cannes Film Festival, which was scheduled from 12 to 23 May, was canceled by festival management due to the COVID-19 outbreak, marking the first time after 1968 that this had happened. Another postponement is the Olympics in Tokyo in 2020.
The pandemic of 2020 caused numerous international events to be postponed. The cancellation of multiple sporting activities, exhibitions, weddings, concerts, prominent festivals, and other events to curb the spread of the coronavirus The Comicdom Con festival in Athens was postponed; however, the organizers created an online alternative called StayComicdom.
Even though the COVID-19 pandemic had a negative impact on real-world events, the popularity of virtual events significantly increased during the pandemic. The demand for virtual software providers is rising globally. Even though the global event industry market in 2020 initially collapsed as a result of the pandemic’s negative impact and the regulations that followed, it miraculously recovered with the rise in the uptake of virtual and hybrid events around the world.
Future trends for the event industry market-
A Bizzabo study found that 97% of participants anticipated more hybrid events in the future. The engagement of an in-person event is combined with the reach and flexibility of a virtual event to create hybrid events. Canapii, launched in the middle of 2020, is a hybrid events platform that makes it simple to plan and create hybrid events. A convention that primarily emphasizes virtual access but also has two live stages is Event Tech Live. Others, like the Global Summit of the World Travel & Tourism Council in April 2021, are primarily in-person with online information. The hybrid event landscape will undoubtedly include a range of physical and virtual options in the coming years.
Source: – https://www.alliedmarketresearch.com/events-industry-market
Author Bio– Harshada Dive is an engineer by qualification. She has previous experience working as a customer service associate. As an associate-content writer, she loves to experiment with trending topics. Harshada also enjoys gardening and listening to motivational podcasts.