Corporate Event Market to Reach $1.1 Trillion, Globally, by 2031 at 10.5% CAGR: Allied Market Research

The global corporate event market is driven by factors such as rapid development of the travel & tourism industry, increase in the globalization of businesses, rapid increase in SMEs, and rise in the interest of youth in entrepreneur & business seminars.

PORTLAND, Ore., May 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Corporate Event Market by Event Type (Conference/Seminar, Trade Shows/Exhibitions, Incentive Programs, Company Meetings, and Others), by Industry (Financial services, Information Technology, Real Estate and Infrastructure, Automotive, and Others), by Platform (Virtual events, Hybrid events, and Physical events): Global Opportunity Analysis and Industry Forecast, 2022-2031." According to the report, the global corporate event industry was estimated at $286.3 billion in 2021, and is anticipated to hit $1.1 trillion by 2031, registering a CAGR of 10.5% from 2022 to 2031.

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Drivers, restraints, and opportunities-

The global corporate event market is driven by factors such as rapid development of the travel & tourism industry, increase in the globalization of businesses, rapid increase in SMEs, and rise in the interest of youth in entrepreneur & business seminars. On the other hand, high operational cost associated with corporate events and rise in geopolitical & social uncertainties limit the expansion of the market. However, technological advancements and increase in infrastructural investment are expected to create lucrative opportunities in the industry.

Report coverage & details:

Covid-19 scenario-

• Disruptions of the supply chain during the lockdown slowed down the expansion of corporate event market.
• Also, the pandemic affected the global economy which reduced funding in the event business, thereby impacting the global corporate event market negatively.
• However, the market has already recovered in the post-pandemic.

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The conference/seminars segment to retain its dominance by 2031-

By event type, the conference/seminars segment accounted for the major share in 2021, garnering more than half of the global corporate event market revenue. Ongoing development in the quantity and size of conference and seminar events have become the primary growth catalyst for the corporate event sector. The company meeting segment, however, would cite the fastest CAGR of 17.8% from 2022 to 2031, due to increase in the board meetings; management meetings; meetings with partners, suppliers, and clients; and retreats.

The information technology tends to rule the industry segment-

By industry, the information technology segment held the highest share in 2021, holding around one-third of the global corporate event market revenue. This is majorly attributed to the rapid development of the information technology sector. The automotive segment would portray the fastest CAGR of 17.3% 2022 to 2031, due to largest sectors in the U.S., China, and India.

The physical events segment to retain its dominance by 2031-

By platform, the physical events segment accounted for the major share in 2021, garnering nearly half of the global corporate event market revenue. This market has grown as a result of the significant presence of small and medium-sized businesses and the rise in the number of corporate events held by them.  The virtual events segment, however, would cite the fastest CAGR of 17.0% from 2022 to 2031.

Europe garnered the major share in 2021 –

By region, Europe garnered the major share in 2021, accounting for nearly two-fifths of the global corporate event market revenue. This is attributed to the fact that North America has more flexible trade policies and regulations compared to Western Europe. The Asia-Pacific region, simultaneously, would portray the fastest CAGR of 11.0% by 2031, due to Increase in interest of youth in events such as conferences & events, exhibitions, concerts, and shows.

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Key players in the industry-

• 360 Destination Group
• Access Destination Services, LLC
• BCD Travel Services B.V.
• BI Worldwide
• CWT
• Cievents
• Creative Group, Inc.
• ITA Group
• Maritz Holdings, Inc.
• Reed Exhibitions Ltd.

The report analyzes these key players in the global corporate event market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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SOURCE Allied Market Research