Event Planning Services Market

Event Planning Services Market Outlook (2022-2032)

The global event planning services market expanded at a steady CAGR of 5.1% from 2017 to 2021 to reach US$ 9 billion in 2022.

The market is forecasted to climb to a valuation of US$ 16.8 billion by the end of 2032, progressing at a CAGR of 6.4% between 2022 and 2032, according to Fact.MR, a market research and competitive intelligence provider.

Event planners are professionals who think out of the box and bring a client’s vision into reality at an event. An event planning service provider has the expertise and an exceptional understanding of clients' demands. These organizations craft a creative and memorable experience for clients on a given budget, along with optimum time- and cost-effectiveness.

For both individuals and corporate organizations, these service providers come up with premier venues, décor, themes, and elements to exhibit a cohesive design of an event within the circumference of the budget quoted by the client. Their expertise and established relations with vendors are beneficial in capturing the best deal for their customers and facilitating the best outcome within the given budget.

Event planning services have gained significant demand post-COVID-19 with the resumption of corporate operations from offices. Significant growth in businesses and start-ups is expected to be observed over the coming years, resulting in corporate events growth and eventually higher demand for event planning services.

The growing youth population and rising awareness of sports are expected to be major factors stimulating the demand for sports and music concert events. This will lead to a positive rise in the demand for event planning services across the world.

Virtual operations of events are expected to be a leading factor for market growth in the long run. With clients moving to more digitalization, the popularity of virtual events will rise significantly. Social events such as weddings, birthday parties, family reunions, and others are expected to rise with the growing population and urbanization, which is expected to drive the revenue growth of event planning service providers over the decade.

North America leads the global event planning services market, followed by Europe. Together, these two regions account for around 39% share of the global market and are expected to dominate over the next ten years as well.

Report Attributes	Details
Market Size (2021A)	US$ 8.5 Billion
Estimated Market Value (2022E)	US$ 9 Billion
Forecasted Market Value (2032F)	US$ 16.8 Billion
Global Market Growth Rate (2022-2032)	~ 6.4% CAGR
North America Market Share (2021)	~5.9%
East Asia Market Growth Rate (2022-2032)	~7.2% CAGR
United States Market Growth Rate (2022-2032)	~6.2% CAGR
Key Companies Profiled	Bassett Events, Inc. MKG Events Colin Cowie Lifestyle The Perfect Event Rafanelli Events Wonderland Events Byrne Production Services Logistic LLC AJ Williams Events Luxe Fête Rafanelli Events Corporate Connect Qube Events & Productions The Events Company Maximillion Abigail Kirsch

Cost & Time Efficiency by Employing Services of Event Planning Companies

Event planning companies have large networks of vendors whom they deal with regularly. They use their networks and relationships with these vendors to ensure a fair rate along with reasonable contract terms of services while organizing an event. These organizations employ experts and professionals who organize events as per the specific requirements of clients, following a strict budget.

In terms of the price of equipment rental, venue, catering, and others, an experienced professional will be able to indicate whether or not the customer’s budget is reasonable. The customer will get to know beforehand about the final cost to be incurred if they hire a professional event planner. These professionals have a better understanding of which components of the event need to be prioritized.

Customers do not need to waste time and energy trying to determine what to do and when to do it. The event planner can make deals with vendors on the client’s behalf to avoid excessive time spent on appointments. A dedicated event planning organization will set necessary deadlines and meet them accordingly to ensure that the event takes place smoothly as per the client’s expectations.

Growing Popularity of Virtual Events

The COVID-19 pandemic is accountable for the growing popularity of virtual events worldwide. The imposition of lockdowns and strict regulations on social gatherings provided a new area of innovation and growth opportunities for event planning organizations.

Event planners now organize webinars, interactive performances, summits, and classes efficiently for customers. Event planning service providers plan for the agenda behind these events, understand the client’s requirements, and look for a prominent platform for organizing and scheduling the event according to the client’s requirements. They gather technical knowledge and expertise to make sure that the online events are carried out to perfection.

Virtual events are more cost-effective than physical events and offer the opportunity to reach larger audiences without any geographical restrictions. This is an essential factor behind the trending pattern of virtual events, which is driving the demand for online event planning services worldwide.

Stiff Business Environment for New Market Participants

The event planning services space is a client-focused market and is largely dependent on customer experience. For new market participants, it is difficult to offer cost-effective deals within the required time and deadlines. This is a challenging factor for new businesses to enter the market and offer their services to match up with customer standards. Also, misconduct or any variation in organizing an event can result in an adverse impact on customer experience.

The requirement of a huge budget in the initial stage may hamper new market players from entering the market and gaining customer trust easily. New market participants will find it difficult to gain customer trust in the initial stage of their business and will face tough competition from large and existing market players that have years of expertise in the industry.

Image represents expected global addressable market value during 2022 at US$ 9 billion. Physical events are expected to dominate with a market share of 78%.

Country-wise Insights

United States Accounts for Largest Share of Event Planning Services Market

Digitalization has improved every aspect of event production in the U.S., reduced costs, and is increasingly being used in place of in-person meetings, which is fuelling the demand for event planners.

• The American Society of Association Executives (ASAE) emphasizes the role of technology by stating a crucial need for information measuring the importance of in-person meetings and business events to the U.S. economy.

Events and conferences are being made possible by digitalization in several sectors, including education, science, government, and healthcare. Event planning organizations are using digital technology to effectively organize and manage conferences, trade exhibitions, and other gatherings.

• The U.S. government and the Small Business Administration launched a US$ 16 billion federal assistance fund in March 2021 for live-event enterprises such as music concerts, theatres, and others.
• To grow the events sector in the post-pandemic era, Live Events Coalition, a non-profit organization in the U.S., promotes face-to-face interactions and supports alternatives such as event video streaming.
• Through financial programs and assistance, the COVID-19 Aid Relief and Economic Security (CARES) Act (2020), which was passed by Congress, is assisting conference and event organizers in remaining afloat.

To draw significant investments and boost the regional events industry, government authorities are sponsoring conferences and business meetings.

• For instance, the U.S. government hosts the Select USA annual investment event.

This is giving the industry of event planners in the United States solid support as the market grows.

Sporting Events Fuelling Demand for Event Planning Services in China

The growing number of sports events in China is a major factor driving market growth in the country. Sports is a massive business and a largely popular form of entertainment in China. China organizes various competitive sports such as national quadrennial multi-sport events, known as the national games. With this increasing number of sports events, the country exhibits a higher need for event planning organizations to execute sports events efficiently.

In addition, China accounts for a substantial number of corporate offices and businesses with an abundance of lower-wage workers, which drives the demand for corporate event planners.

Category-wise Insights

Corporate Organizations Account for High Revenue Generation

Substantial rise in companies across the world and increasing frequency of events and seminars are expected to drive segment growth rapidly over the coming years.

Event planning organizations efficiently communicate the requirement of clients, details of events, understand the purpose of the event, plan for venues, and coordinate to execute the events efficiently.

With the growing number of companies, interactive seminars and events have increased worldwide to help company engagement with stakeholders, employees, and customers.

• Around 90% of people believe that in-person corporate events are beneficial in achieving business goals.

Events are planned out with a motive to facilitate interaction between the company and its audiences; large footfall of attendees will drive the demand for event planners who coordinate the crowd and help the organization meet the goals behind the event.

Demand for Organization of Music Concerts to Grow Rapidly

The music concerts segment is expected to grow at the highest CAGR over the forecast period due to the increasing popularity of these events among people, mainly the youth and middle-aged individuals. Attending a concert as a teenager constitutes a sense of joy that is difficult to replicate as an adult. This results in excessive growth in the footfall of youth at music concerts and drives the demand for event planners to efficiently manage and coordinate these events.

Event planners scout for prominent locations for music concerts, solicit bids, manage vendor relationships & audience acquisition, negotiation with brand sponsors, and manage budgets for event execution.

Competitive Landscape

Key participants offering event planning services include Bassett Events, Inc., MKG Events, Colin Cowie Lifestyle, The Perfect Event, Rafanelli Events, Wonderland Events, Byrne Production Services, Logistic LLC, AJ Williams Events, Luxe Fête, Rafanelli Events, Corporate Connect, Qube Events & Productions, The Events Company, Maximillion, and Abigail Kirsch.

The event planning services market is highly fragmented. The presence of several established market players has resulted in a substantial expansion of the market through tactics such as acquisitions.

For instance :

• In June 2022, Brightspot Incentive & Events acquired EventLink International, based in Texas. Eventlink International offers corporate event management services. Through this acquisition, Brightspot is expected to expand its business operations in the United States.
• In June 2022, MeetingPlay + Aventri, which offers comprehensive event planning and management services (in-person, hybrid, and virtual), acquired Eventcore. Eventcore is a leading event registration platform, whose acquisition will offer technological expansion and impactful experience regarding event planning and coordinating to MeetingPlay + Aventri.

Fact.MR has provided detailed information about event planning service providers positioned across regions, revenue growth, and service offering expansion, in the recently published report.

Segmentation of Event Planning Services Industry Research

• By End-use Application :

  • Corporate Events
  • Social Events
  • Educational Events
  • Sports Events
  • Music Concerts
  • Others (Not Classified Elsewhere)

• By Event Type :

  • Physical Events
  • Virtual Events

• By End User :

  • Private
  • Corporates

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa