Event Marketing Service Market to Reach $972.0 Billion, Globally, by 2032 at 7.2% CAGR: Allied Market Research
Wednesday, September 6, 2023
The global event marketing service market growth is attributed to the increase in demand for live events, growth in the importance of experiential marketing, and digital transformation and technological advancements.
PORTLAND, Ore., Aug. 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Event Marketing Service Market by Service (Event planning & management, event promotion & publicity, event sponsorship & partnerships, and others), Event Type (Trade shows, product launches, exhibitions & conferences, promotional events, and others), and End User (Corporate, trade associations, educational institutions, entertainment, and others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global event marketing service industry was valued at $447.7 billion in 2022, and is projected to reach $972.0 billion by 2032, registering a CAGR of 7.2% from 2023 to 2032.
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Event marketing service, also known as event marketing, is a marketing strategy that promotes a brand, a service, or a product by facilitating an event or experience. These events can take place in person or virtually and provide a much more interactive way for prospects to engage with a brand and its team.
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Prime Determinants of Growth:
The global event marketing service market growth is attributed to the increase in demand for live events, growth in the importance of experiential marketing, and digital transformation and technological advancements. However, the market for event marketing services is significantly constrained by financial limitations. On the other hand, the market for event marketing services is significantly being driven by personalized event experiences.
Report Coverage & Details:
Report Coverage
Details
Forecast Period
2023-2032
Base Year 2022
Market Size in 2022
$447.7 Billion
Market Size in 2032
$972.0 Billion
CAGR 7.2 %
No. of Pages in Report 250
Segments covered Service, Event Type, End User, and Region
Drivers The growing importance of experiential
marketing
Increasing demand for live events
Digital transformation and technology advancements
Opportunities
Personalized event experiences
Restraints
Budget constraints
Uncertainty and risk related to services
The event planning and management segment to maintain its leadership status throughout the forecast period-
By service, the event planning and management segment held the highest market share in 2022, accounting for two-fifths of the global event marketing service market revenue, and is estimated to maintain its leadership status throughout the forecast period. To make a successful event, different components must be coordinated and organized. Effective communication, meticulous logistical planning, and careful attention to detail are all necessary. However, the event sponsorship and partnerships segment would showcase the fastest CAGR of 7.8% during the forecast period. Event partnerships and sponsorships are essential to the design and management of events because they contribute financially, improve the event's quality, raise brand awareness, and expand the audience.
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The exhibitions and conferences segment to maintain its leadership status throughout the forecast period
By event type, the exhibitions and conferences segment held the highest market share in 2022, accounting for nearly one-third of the global event marketing service market revenue, and is estimated to maintain its leadership status throughout the forecast period. Exhibitions and conferences provide influential forums for business professionals to network, learn, and present their services. By providing comprehensive services that support exhibitors, draw visitors, give interesting content, and use technology to improve the overall event experience, event marketing service providers play a crucial role in guaranteeing the success of these events. On the other hand, the trade shows segment would display the fastest CAGR of 7.6% during the forecast period. Event marketing service providers are essential to the success of trade shows because they provide extensive services that benefit exhibitors, draw spectators, and improve the entire event atmosphere.
The entertainment segment to rule the roost by 2032-
By end user, the entertainment segment held the highest market share in 2022, accounting for more than one-fourth of the global event marketing service market revenue, and is projected to rule the roost by 2032. The same segment would portray the fastest CAGR of 8.2% during the forecast period. The market for event marketing services for entertainment is extremely competitive and dynamic. It serves a range of entertainment industry participants, including venues, production firms, performers, and talent agencies.
Asia-Pacific to maintain its dominance by 2032-
By region, Europe held the highest market share in 2022, contributing to more than one-third of the global event marketing service market. For event marketing services, Europe's broad cultural and linguistic landscape presents both distinct problems and opportunities. Managing the cultural quirks, linguistic preferences, and marketing laws of many nations and regions is a challenge for agencies doing business across Europe. On the other hand, the Asia-Pacific region is likely to dominate the market in terms of revenue in 2032. However, the LAMEA region is expected to witness the fastest CAGR of 9.5% from 2023 to 2032. Event marketing services are essential to placing these sites as desirable locations for conferences, exhibitions, festivals, and corporate events as well as promoting them as event hubs and attracting international events. For event marketing services in LAMEA, local connections, and networks are crucial.
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Leading Market Players: -
-- Planit Inc.
-- PRA Events, Inc.
-- Hello Destination Management, LLC
-- CWT Global B.V.
-- Jack Morton Worldwide Inc.
-- Maritz Holdings LLC
-- Bassett Events
-- The Freeman Company, LLC
-- VIVA Creative
-- Cvent Holding Corp.
The report provides a detailed analysis of these leading players in the global event marketing service market. These players have adopted different strategies, such as new product launches, collaborations, geographical expansions, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
Country Reports We Have in this Industry:
-- North America Event Marketing Service Market Opportunity Analysis and
Industry Forecast, 2022-2032
-- U.S. Event Marketing Service Market Opportunity Analysis and Industry
Forecast, 2022-2032
-- Canada Event Marketing Service Market Opportunity Analysis and Industry
Forecast, 2022-2032
-- Mexico Event Marketing Service Market Opportunity Analysis and Industry
Forecast, 2022-2032
-- Europe Event Marketing Service Market Opportunity Analysis and Industry
Forecast, 2022-2032
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. 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.
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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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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SOURCE Allied Market Research
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