The global event services market size is expected to reach USD 968.20 billion by 2030, according to a new study by Polaris Market Research. The report “Event Services Market Share, Size, Trends, Industry Analysis Report, By Component (Software and Solution); By Deployment Type; By Organization Size; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into the current market dynamics and provides analysis on future market growth.
Rapid growth in the number of events of various types, increasing consumer disposable income, and the high purchasing power of consumers coupled with the rising popularity of virtual events are major factors expected to drive market growth. Development of small and large size corporate and personal events across the globe such as ceremonies, conferences, festivals, formal parties, and weddings, forcing service providers to introduce new and more innovative services and coordinate with technical aspects of the events are further likely to be one of the major driving factors in the forecasted period.
Furthermore, increasing focus on research & development activities by key market companies and their shift towards a few business developing strategies including mergers, acquisitions, and collaborations are estimated to create lucrative growth opportunities over the course of the forecast period. For instance, in December 2021, Cvent merged with Dragonner Growth Opportunities Corporation II. With this merger, Cvent get USD 801 million, which would enable the company to accelerate its product innovation, increase R&D, and expand its market share.
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In the last few years, the trend of organizing events or parties on any type of special occasions like weddings, birthdays, conferences, and inaugurations has been on the rise, which has substantially increased the demand for event services and is likely to impact the global market positively over the coming years. Nowadays, event service companies have started coupling with concierge services for the expansion of their market reach and to strengthen their market position.
Event Services Market Report Highlights
- Service segment is expected to register the fastest growth rate over the forecast period due to several types of professional services offered by vendors globally which help business in mitigating security gaps and makes them highly strong to ensure the effective implementation of event services
- Cloud segment accounted for over significant market revenue share in 2021 and is likely to continue its position during the projected period owing to its capabilities to allow businesses and organizations to run multiple campaigns at the same time from many different locations
- Large enterprises segment held a significant market share in 2021 due to the large corporate network and availability of several revenue streams along with their capabilities to integrate with the latest and innovative technologies and help them to connect with their investors and colleagues
- North America dominated the event services market in 2021 with a significant holding of market share on account of the numerous public events organizing including sports, film festivals, product launches, and marathons, and the growing need for efficient event services by consumers in the region
- The global players include Access Destination Services, BCD Group, Seven Events, Penguins Ltd., and Clarion Events
Polaris Market Research has segmented the event services market report based on component, deployment type, organization size, and region:
Event Services, Component Outlook (Revenue – USD Billion, 2018 – 2030)
Event Services, Deployment Type Outlook (Revenue – USD Billion, 2018 – 2030)
Event Services, Organization Size Outlook (Revenue – USD Billion, 2018 – 2030)
- Small & Medium Enterprise
- Large Enterprise
Event Services, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa