Event Services Market Size Hits $1.34 Trillion by 2031

A lead analyst at AMR highlighted that the event services market across LAMEA is anticipated to grow at the fastest CAGR during the forecast period.

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Allied Market Research published a research report on the event services market. The findings of the report states that the global market for event services generated $515.80 billion in 2021, and is projected to reach $1.34 trillion by 2031, witnessing a CAGR of 7.6% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.

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The report provides detailed insights on the drivers, restrains, and opportunities to help the market players devise several growth strategies. Significant increase in business activities such as conference/seminar, brand promotions, and 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 spikes demand for the services of event planners, personnel service providers, and furniture & equipment rental services, which paves the way for new opportunities in the coming years.

The report provides a detailed scenario of the impact of the Covid-19 pandemic on the event services market globally. The outbreak of the pandemic had a negative impact on the global event services market, due to strict implementation of lockdown measures. The lockdown gave way to cancellation of all the exhibitions, in-person meetings, trade shows, and seminars. At the same time, huge decline in the international tourist arrivals hampered the market growth even more. However, market has already started getting back on track.

"Venue and catering are two most expensive components in the event services industry. Location of the event and food & beverages served during event significantly influence the success of the event. Surge in penetration of the digital technologies, owing to the presence of developed IT and telecommunications infrastructure contributes toward the growth of the market. Proliferation of digital technologies drives the growth of the hybrid events across the globe.

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The report offers detailed segmentation of the global event services market based on service, event type, end-user, organization, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.

By service, the location rental segment garnered the major market share in 2021, holding nearly one-third of the global event services market, and is projected to maintain its leadership status throughout the forecast period. On the other hand, the virtual or hybrid event enabler segment is expected to manifest the fastest CAGR of 9.8% from 2022 to 2031.

By end user, the entertainment segment contributed to the highest share in 2021, accounting for more than one-fourth of the global market, and is anticipated to maintain its lead position during the forecast period. The same segment is also expected to portray the largest CAGR of 8.6% from 2022 to 2031.

By region, Europe held the major market share in terms of revenue 2021, holding more than one-third of the global event services market. Simultaneously, the LAMEA region is expected to cite the fastest CAGR of 9.9% from 2022 to 2031.

The leading market players analyzed in the global event services market report include FX Group Ltd., ATPI Ltd., Bassett Events, Inc., Intelligent Protection International Limited, Wonderland International Security Agency, Martin Auto Ltd., Access Destination Services, BCD Group, and StubHub.

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