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Event Services Growth
By event type, the corporate events and seminars segment is the highest contributor to the market and is estimated to reach $393.6 billion by 2031
WILMINGTON, DELAWARE, UNITED STATES, March 28, 2024 /EINPresswire / -- A report published by Allied Market Research on the event services market studies various aspects, including market dynamics, competitive scenario, and futuristic innovations in the sector. It states that the market is anticipated to generate revenue of $1,349.00 billion by 2031, with a CAGR of 7.6% throughout the forecast period.
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Drivers, Restraints, and Opportunities for the Market:
The report covers a comprehensive evaluation of the dynamics of the events services market. The industry experiences growth due to rise in corporate activities, including seminars, conferences, brand promotions, and employee training activities. Moreover, multi-dimensional events act as significant drivers of the market growth. However, sustainability issues, safety concerns pertaining to large gatherings, and lack of compliance with health protocols pose a major threat to the development of the market.
On the contrary, surge in investments in infrastructure and rise in globalization of events are the factors presenting lucrative opportunities for the market. Companies are utilizing advanced technologies to enhance the experience of attendees, which is opening new prospects for market growth.
Competitive Scenario:
The events services market report offers a detailed analysis of key players and the strategies adopted by them to gain a competitive edge. The crucial strategies adopted by the market players include mergers, partnerships, collaborations, acquisitions, and launch of ingenious products. The key market players profiles in the report are BCD Group, ATPI Ltd., Intelligent Protection International Limited, Martin Audio Ltd., StubHub, FX Group Ltd., Wonderland, International Security Agency, Access Destination Services, and Basset Events, Inc.
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Latest Innovations in Event Services Market:
Adoption of Blockchain Technology: For safe and effective transactions, event services companies are adopting blockchain for a transparent and immutable ledger. Several startups are offering blockchain-based NFT ticketing apps to counter the black-marketing of tickets and soaring prices in the secondary markets.
Gamification of Events: This is an excellent approach to extend the engagement of attendees in the event. Companies are striving to entertain the individuals and enhance brand engagement with the introduction of game-like features, including leaderboards or rewards.
Smart Wearables: Smart wearables are pivotal in gathering the insights of the event and providing personalized recommendations to attendees in real-time. The wearables are incorporated with radio frequency identification (RFID) and near-field communication (NFC) technologies, which generate heat maps, indicating high activity zones at the event.
Green Events: Event services companies are taking initiatives to boost eco-friendliness in the events they organize with shift in focus of the individuals toward sustainability. Sustainable venues, zero-waste practices, and use of biodegradable alternatives of single-use plastics are gaining momentum in the market. Furthermore, several organizers track their carbon emissions, thereby spreading awareness to reduce the carbon footprint.
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Major Questions Covered in the Report:
What is the complete market value of the event services market?
What is the CAGR of the event services market?
Which top companies hold the share in the event services market?
What are the segments of the event services market?
By region, which segment is expected to dominate the market by the end of 2031?
Key findings of the study :
As per the event services market forecast, the global event services market was valued at $515.8 billion in 2021, and is projected to reach $1,349.0 billion by 2031, registering a CAGR of 7.6% from 2022 to 2031.
By service, the location rental segment was the highest contributor to the market, with $159.7 billion in 2021, and is estimated to reach $4395.7 billion by 2031, at a CAGR of 7.0% during the forecast period.
By event type, the corporate events and seminars segment was the highest contributor to the market, with $142.8 billion in 2021, and is estimated to reach $393.6 billion by 2031, at a CAGR of 8.2% during the forecast period.
By end user, the entertainment segment was the highest contributor to the market, with $149.0 billion in 2021, and is estimated to reach $428.3 billion by 2031, at a CAGR of 8.6% during the forecast period.
By organization, the small and medium enterprises segment was the highest contributor to the market, with $355.7 billion in 2021, and is estimated to reach $904.2 billion by 2031, at a CAGR of 7.3% during the forecast period.
By region, Europe was the highest revenue contributor, accounting for $184.8 billion in 2021, and is estimated to reach $408.6 billion by 2031, with a CAGR of 5.8%.
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David Correa
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