According to a new report published by Allied Market Research U.S. events market size was valued at $94.8 billion in 2020 and is expected to reach $538.6 billion by 2030, registering a CAGR of 13.0% from 2021 to 2030.
The U.S. corporate event market generated revenue of $95.3 billion in 2020, and is expected to grow at a CAGR of 17.3% to reach $510.9 billion by 2030. Giant corporate companies organize various events to create strategies, celebrate success, or make new international standards. Their event managers either arrange for an event by themselves or prefer external services. Events organized by corporate companies include trade shows, grand ceremonies, team-building activities, induction programs, and annual function.
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According to the perspective of the top-level CXOs, the U.S. events industry is growing at a significant pace, and is anticipated to continue this trend in the coming years. Events are playing a vital role in revenue generation and brand equations for corporates and associations. It has been witnessed that events of the recent years are equally interesting than the past decade, driving shifts in choice and pressurizing event planners and owners. This industry is witnessing the entry of new and independent players who are leveraging technology to gain a competitive advantage in the today’s consolidated environment. However, companies are facing challenges in this industry to manage live inventory for simple and small events. Conversely, the focus of companies is to enhance attendee experience and witness successful completion of an event without any hindrance. Moreover, the hybrid events is likely to gain a major share in the coming years owing to enormously valuable for sponsors because of their increased reach. Also, sponsors may themselves have the opportunity to participate remotely by setting up virtual event booths and giving presentations via video conference
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Market Scenario
- On the basis of type, the hybrid events segment is projected to witness the highest CAGR of 17.3%, in terms of revenue, during the forecast period.
- On the basis of revenue source, the sponsorship segment is expected to dominate the market through 2021-2030.
- On the basis of organizer, the entertainment segment occupied the largest U.S. events market share in 2020, and is expected to grow at a significant CAGR during the forecast period.
On the basis of age group, the 21-40 years of age group held the major share in the U.S. events industry.
By event type, the market is segmented into conference/seminar, trade shows/exhibition, incentive programs, company meetings, and others. The company meetings segment is estimated to exhibit the highest CAGR of 18.9% in the U.S. corporate event market during the forecast period. This is attributed to the development of the travel & tourism industry, surge in international business travels, and expansion of the information technology sector.
By industry, the market is segregated into banking & finance sector, information technology, real estate & infrastructure, automotive, insurance, and others. The information technology segment held the major share of 33.3% in the U.S. corporate event market in 2020, owing to the fact that many IT companies such as Apple, Oracle, Dell, Amazon, Facebook, IBM, Qualcomm, and Microsoft are headquartered in the U.S, which is the largest tech market across the globe, which contributes 32% of the total share in the technology market for 2020
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Thus, all these factors indirectly impact the growth of the U.S. corporate event market during the forecast period. State wise, New York accounted for a significant market share in 2020. The priorities of attendees attending corporate event in New York is networking (82%), learning (71%), and entertainment (38%).
Tourism is one the growing sectors, which is expected to drive the future prosperity of New York. According to a report published by the Tourism New York, the state welcomed a record of 67 million visitors in 2019, which has directly impacted the economy of the state.
Players operating in the U.S. corporate event market have adopted various developmental strategies to expand their market share, exploit the U.S. corporate event market opportunities, and increase profitability in the market. The key players profiled in this report include 360 Destination Group, Access Destination Services, BCD Travel Services B.V., BI Worldwide, CWT, Cievents, Creative Group, Inc., ITA Group, Maritz Holdings, Inc., and Reed Exhibitions Ltd.