The current world is acquainted of witnessing many types of events. An event can be any activity that is planned for a special purpose and generally comprises a lot of people, for instance parties, festivals, ceremonies, meetings, trade shows, or conferences. Owing to a rise in the need and popularity of events, event management services have become the need of the era.
Event management professionals are responsible for managing the overall logistics of the event, working with staff, and guiding the project management of the event. With the growing frequency of events across the world, the events industry is booming and expected to see marvelous growth in the coming years. A report by Research Dive backs this fact through the estimations published in its report on the global events market. According to the report, the global events industry is predicted to perceive significant growth and register a CAGR of 23.1% from 2021 to 2028.
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What Factors are Triggering the Growth of the Events Industry?
Many factors are responsible for the massive growth of the event industry. Everything from rising reach of the internet to the growing need of the businesses and entertainment sectors to frequently communicate with their potential audience is contributing to the growth of the events industry. Also, the growing demand from government bodies, community groups, NGOS, sports sector, and individuals for event management services is fueling the development of the event industry. Moreover, an increase in number of sponsorships for event is another factor predicted to drive the growth of the global events industry in the near future.
Besides, event management is seen as the most trending and highly demanded career among the individuals in the current generation. Being an interesting and challenging career option, many youths are highly attracted and are considering to build their career in the event management sector which is expected to thrive the market in the coming years. Additionally, as there is a significant rise in the development of novel companies in the recent years, there is a huge scope for the event industry’s growth. This is because new companies willingly invest heavy amounts in organizing events for showcasing their products or presenting their company over a wide range of target audience. Some of the leading global events industry market players are ACCESS Destination Services, LLC, Anschutz Entertainment Group, The ATPI Group, BCD Meeting & Events, Capita, CL Events, Clarion Events Ltd, Cvent, Inc., DRPG Group, and Entertaining Asia.
Recent Trends in the Event Industry
The widespread demand for events has encouraged many to enter the event management sector. Several players in this market are conducting novel activities and strategies for boosting their business and staying ahead of the massive competition in the industry. For instance, in January 2021, Glue Up, an exclusive all-in-one engagement platform, has been named amongst Digital.com’s top event management software and membership management software businesses of 2021.
In January 2021, a worldwide front-runner in critical event management (CEM), Everbridge, Inc., has declared its achievement of a new milestone in its support of business, healthcare, and government organizations throughout an unprecedented year filled with natural, manmade, and digital catastrophes, like the COVID-19 pandemic. In the year 2020, Everbridge clients have utilized its SaaS (software-as-a-service) platform to send more than 5 billion communications, with a 30% rise over the number of communications in 2019. Also, the company has received a novel patent related to its first-class Public Warning system, which at present serves the whole populations of 11 nations in the Middle East, Asia, Europe, Oceania, Africa, and the America. The patent relates to a multimedia-capable platform that offers traditional text alerts with the help of Cell Broadcast (CB) as well as multimedia content like images, audio, and video with the help of Multicast Content Distribution (MCD).
In December 2020, NIEM (National Institute of Event Management) in Mumbai, which is the Asia’s first event management organization, has completed 20 years of a magnificent period of triumph and service in the Indian event management industry.
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Has the Covid-19 Pandemic made any Impact on the Event Industry?
The deadly COVID-19 pandemic has made a negative impact on the global events industry. This is because not even a single event was organized amidst the pandemic crisis for avoiding social contact and averting the spread of the disease. Owing to the strict government rules and implementation of lockdown in various regions most of the businesses and all activities were halted. Furthermore, rise in the virtual events by most of the businesses and individuals has opened doors to novel opportunities for the event industry players during the pandemic crisis.
What is the Future Panorama of the Events Industry?
Since ages, the events industry has played a crucial part in communications and marketing for non-profit organizations, brands, government bodies, and individuals. Also, the opening of various career opportunities in the event sector are likely to propel the market growth. Hence, it is indeed right to say that the upward growth curve of the events industry is going to endure for long in the coming years. This clearly states that the events industry is sure to witness bright future in the near future.