Massive increase in business activities, development in the tourism & hospitability sectors, and growth in IT hubs across the globe drive the growth of the global event services market
PORTLAND, Ore., June 16, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Event Services Market by Service (Strategy, Planning, Budget, andmarket Development, Communication and Logistics, Attendees Management and Engagement, Event Catering, Virtual or Hybrid Event Enabler, Location Rental, Others), by Event Type (Music Concert, Festivals, Sports, Exhibitions and Conferences , Corporate Events and Seminars, Others), by End User (Corporate, Sports, Education, Entertainment, Others), by Organization (Small and Medium Enterprises, Large Enterprises, Government Bodies and NGOs): Global Opportunity Analysis and Industry Forecast, 2021- 2031“. According to the report, the global event services industry generated $515.80 billion in 2021, and is anticipated to generate $1,349.00 billion by 2031, witnessing a CAGR of 7.6% from 2022 to 2031.
Prime determinants of growth
Massive increase in business activities such as conference/seminar, brand promotions, employee training activities, development in the tourism & hospitability sectors, and growth in IT hubs across the globe drive the growth of the global event services market. Moreover, surge in business activities fuel the demand for the services of event planners, personnel service providers, and furniture & equipment rental services, which presents new opportunities in the coming years.
- The outbreak of the Covid-19 pandemic has had a negative impact on the global event services market, owing to the implementation of the global lockdown.
- The lockdown led to cancellation of all the exhibitions, in-person meetings, trade shows, and seminars.
- Moreover, a rapid decline in the international tourist arrivals hampered the market growth during the pandemic.
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