Corporate Event Market to Reach $1171.3 billion, Globally, by 2031 at 10.5% CAGR: Allied Market Research
The growth of the global corporate event market is majorly driven by the globalization of businesses, free flow of trade, favorable support for national and international corporate events from the government, and the presence of developed infrastructure. In addition, an increase in demand for exhibitions and meetings among the key global companies fuels the market's growth. Furthermore, rise in popularity of corporate events & seminars among the global population, especially youth and middle-aged individuals acts as the key driving force of the global corporate events market.
Portland,OR, March 27, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Corporate Event Market by Event Type (Conference/Seminar, Trade Shows/Exhibitions, Incentive Programs, Company Meetings, and Others), Industry (Financial Services, Information Technology, Real Estate and Infrastructure, Automotive, and Others), and Platform (Virtual Events, Hybrid Events, and Physical Events): Global Opportunity Analysis and Industry Forecast, 2022-2031.” According to the report, the global corporate event market size was valued at $286.3 billion in 2017, and is projected to reach $1171.3 billion by 2031, growing at a CAGR of 10.5% from 2022 to 2031.
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Prime determinants of growth
The growth of the global corporate event market is majorly driven by technological innovations and global connectivity. The integration of virtual and hybrid event formats has become pivotal, ensuring broader audience reach and adaptability to diverse needs. This transformation, fueled by advancements in event management software and interactive technologies, enhances attendee engagement. Moreover, key growth factors encompass the rising demand for personalized experiences, sustainable event practices, and the strategic use of events for brand exposure and employee engagement.
Report Coverage | Details |
Forecast Period | 2022–2032 |
Base Year | 2017 |
Market Size In 2017 | $286.3 Billion |
Market Size In 2031 | $1171.3 billion |
CAGR | 10.5% |
No. Of Pages In Report | 300 |
Segments Covered | Event Type, Industry, Platform, And Region |
Drivers |
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Opportunities |
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Restraint | High Operational Costs Associated With Corporate Events |
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The conference/seminar segment to maintain its leadership status throughout the forecast period
Depending on event type, the conference/seminar segment held the highest market share in 2022, accounting for more than half of the global corporate event market revenue and is anticipated to maintain its leadership status throughout the forecast period. This is attributed to the fact that conferences/seminars are events conducted in a format that creates a learning-by-doing atmosphere through experiments, discussion, and interaction among the attendees. However, the company meetings segment is projected to register the highest CAGR of 11.8% from 2023 to 2032, owing to the recent trend of organizing company meetings that involve the use of social media and meeting apps.
The information technology segment to maintain its leadership status throughout the forecast period
By industry, the information technology segment acquired the highest market share in 2022, accounting for more than one-third of the global corporate event market revenue and is estimated to maintain its leadership status throughout the forecast period as rapid development of the information technology sector positively impacts the growth of the corporate event market. The share of the IT industry in total GDP has increased 1.5 times to 6.5% over the past decade. However, the automotive segment is projected to register the highest CAGR of 11.5% from 2023 to 2032. The purpose of organizing such events is to get sales leads, build a network for influential contacts and new product launches, build the company’s image, and gather the latest information about the competitors.
The physical events segment to maintain its leadership status throughout the forecast period
On the basis of platform, the physical events segment held the highest market share in 2022, accounting for more than half of the global corporate event market revenue and is estimated to maintain its leadership status throughout the forecast period. Physical events are the most conducted events owing to extensive methodologies and techniques that already exist for conducting physical events. However, the virtual segment is projected to manifest the highest CAGR of 11.1% from 2023 to 2032. This is attributed to the fact that virtual events have become increasingly popular in the past few years, owing to the ease of conducting and attending such events.
Europe to maintain its dominance by 2032
Region wise, Europe was the major shareholder in terms of revenue in 2022, accounting for more than one-third of the market revenue. This is attributed to the fact that Europe has been successful in winning conferences of international associations with over half of the top cities and countries selected as destinations for international association conferences. However, Asia-Pacific is projected to register the highest CAGR of 11.3% from 2023 to 2032 due to strong economic growth.
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Leading Market Players:
360 DESTINATION GROUP
ACCESS DESTINATION SERVICES, LLC
BCD TRAVEL SERVICES B.V.
BI WORLDWIDE
CWT
FLIGHT CENTRE TRAVEL GROUP (FCM)
CREATIVE GROUP, INC.
ITA GROUP
MARITZ HOLDINGS, INC.
REED EXHIBITIONS LTD
The report provides a detailed analysis of these key players in the global corporate event market. These players have adopted different strategies such as collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Country wise Reports We Have in this Industry:
Canada Corporate Event Market Opportunity Analysis and Industry Forecast, 2017-2031
Mexico Corporate Event Market Opportunity Analysis and Industry Forecast, 2017-2031
Europe Corporate Event Market Opportunity Analysis and Industry Forecast, 2017-2031
France Corporate Event Market Opportunity Analysis and Industry Forecast, 2017-2031
UK Corporate Event Market Opportunity Analysis and Industry Forecast, 2017-2031
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. 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 domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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