Deployment of Best-In-Class Technology Capable of Handling the Entire Event Drives Corporate Event Planner Market Growth - Future Market Insights, Inc.

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Oct 04, 2022, 10:14 ET

High Initial Cost and Complex Integration of Event Management Software to Encumber Growth. Europe has the second highest corporate event planner market share of 21.4%. North America Corporate Event Planner Market holds the highest revenue potential with a market share of 28.89%.

NEWARK, Del., Oct. 4, 2022 /PRNewswire/ -- The global corporate event planner market was valued at USD 300 billion in 2022 and is expected to grow at a 32% CAGR to USD 4817.9 billion by 2032. The market for corporate event planners is expected to grow during the forecast period, owing to an increase in demand for automation among event management companies to simplify event functionalities. Furthermore, an increased emphasis on gaining actionable insights from events is propelling global corporate event planner market key trends and opportunities.

Increasing Youth Entrepreneurship Participation and Business Seminars are Market Motivators

Event management is one of the most interesting and challenging jobs available. Today's youth are eager to pursue careers in event planning because it allows them to work while having fun. They can meet new people and work in groups by managing events. Most young people are drawn to this profession because of the numerous benefits of being an event planner, which is expected to drive the corporate event planner market.

Furthermore, as the number of companies increases at a faster rate, businesses are investing heavily in organising events where they can showcase products or meet employees to convey a message, which is expected to boost the corporate event planner market.

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Exorbitant Costs Are Projected to be the Most Substantial Market Restraint

The cost of organising an event is extremely high, and this is expected to be the most significant restraint for the global corporate event planner market during the forecast period. Most organisations and individuals are interested in organising an event, but the high cost of organising an event and the event planners' fees limit corporate event planner market growth. Most organisations or the general public avoid hiring a corporate event planner due to the higher costs involved.

KEY TAKEAWAYS

The year 2020 will see a loss of one billion international tourist arrivals and a loss of approximately $1.3 trillion in tourism exports worldwide.
Forecast for the US corporate event planner market, by event type, the company meetings segment is expected to have the highest CAGR of 18.9% in the US corporate event market.
The information technology segment held 33.3% of the U.S. corporate event planner market share due to the fact that many IT companies are headquartered in the United States, which is the largest tech market, contributing 32% of the total share in the technology market.
With a corporate event planner market share of 28.89%, the North American corporate event planner market has the highest revenue potential.
With a corporate event planner market share of 21.4%, Europe is the second largest corporate event planner market.
North America offers excellent investment opportunities for those looking to profit from the most promising corporate event planner market growth in the coming years.
During the forecast period, the North American corporate event planner market is expected to grow at a CAGR of 54.3%.

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COMPETITIVE LANDSCAPE

Bassett Events, Inc., MKG, Colin Cowie, David Tutera, JR Global Events, Rafanelli Events, Oren Co, Wonderland, Event Solutions, MGM Resorts, and AJ Williams Events are among the major key players in the global corporate event planner market.

Companies are investing in new product development in order to gain a share of the global corporate event planner market during the forecast period. New entrants in corporate event planner market pose a moderate threat.

Recent Developments

Ticketmaster: In October 2020, Ticketmaster launched 'Smartevent' solutions to assist events in welcoming back fans. SmartEvent is a new technology suite that enables fans to safely return to live events.

Cvent: The market-leading provider of meetings, events, and hospitality technology, has revolutionised event website design with the launch of their redesigned website and registration solution. The new interface, dubbed'registration reimagined,' gives the user complete design control and combines flexible design capabilities with drag-and-drop usability.

Australia Event professionals and marketers: Can now create completely customizable registration pages and interactive websites that are easy to use, mobile-responsive, flexible, and align with their specific event branding.

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Key Segments

By Event Type:

Conference/Seminar
Trade Shows/Exhibitions
Incentive Programs
Company Meetings
Others

By Industry:

Banking and Financial Sector
Information Technology
Real Estate and Infrastructure
Automotive
Insurance
Others

By Region:

North America
Latin America
Asia Pacific
MEA
Europe

Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunity

3.1.4. Trends

3.2. Scenario Forecast

3.2.1. Demand in Optimistic Scenario

3.2.2. Demand in Likely Scenario

3.2.3. Demand in Conservative Scenario

3.3. Opportunity Map Analysis

3.4. Investment Feasibility Matrix

3.5. PESTLE and Porter's Analysis

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