Report : Asia Pacific Events Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Event Type (Virtual, Hybrid, and Physical), Revenue Source (Ticket Sale, Sponsorship, and Others), Type (Music Concert, Festival, Sports, Exhibitions and Conferences, Corporate Events and Seminars, and Others), Organizer (Corporate, Sports, Education, Entertainment, Association, and Others), Application (B2B and B2C), and Enterprise Size (Small and Medium Enterprises and Large Enterprises)
At 12.8% CAGR, the Asia Pacific Events Market is speculated to be worth US$ 547.61 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific events market was valued at US$ 266.50 billion in 2022 and is expected to reach US$ 547.61 billion by 2028, registering an annual growth rate of 12.8% from 2022 to 2028. The increasing demand for hybrid events and technological advancements are the critical factors attributed to the market expansion.
With the advent of virtual events, planners have expanded their reach and scaled their events to a larger audience. Live translation as part of an event package may give virtual and physical event venues a competitive advantage. Businesses will also be able to collaborate with event planners in places they would not ordinarily go. QR codes may also be used to keep track of event registrations. Event venues may add QR codes to their safety arsenal as yet another touch and germ-free means to link planners with attendees according to contemporary health rules. Thus, continuous advancements in event management are likely to provide lucrative opportunities for the growth of the events market during the forecasted period.
On the contrary, high operational costs involved in organizing events hurdles the growth of Asia Pacific events market.
The Asia Pacific events market is segmented on the basis of event type as virtual, hybrid, and physical. The physical segmet held 79.5% market share in 2022, amassing US$ 211.84 billion. It is projected to garner US$ 296.72 billion by 2028 to expand at 5.8% CAGR during 2022–2028.
The virtual segment is further sub-segmented into webinars and others. The others segmet held 75.3% market share in 2022, amassing US$ 21.11 billion. It is projected to garner US$ 83.98 billion by 2028 to expand at 25.9% CAGR during 2022–2028.
On the basis of application, the Asia Pacific events market is bifurcated into B2B and B2C. The B2B segmet held 53.6% market share in 2022, amassing US$ 142.76 billion. It is projected to garner US$ 305.65 billion by 2028 to expand at 13.5% CAGR during 2022–2028.
By the size of enterprise, the Asia Pacific events market is fragmented into small and medium enterprises (SMEs) and large enterprises. With 69.1% share of the domain, the large enterprises segment dominated the market in 2022. It accrued US$ 184.07 billion in 2022 and is estimated to generate US$ 362.95 billion by 2028 to grow at a CAGR of 12.0% over the forecast period.
Based on revenue source, the Asia Pacific events market is segmented into ticket sale, sponsorship, and others. With 49.7% share of the domain, the sponsorship segment dominated the market in 2022. It accrued US$ 132.49 billion in 2022 and is estimated to generate US$ 293.79 billion by 2028 to grow at a CAGR of 14.2% over the forecast period.
The Asia Pacific events market is segmented on the basis of organizer as corporate, sports, education, entertainment, and others. With 33.1% share of the domain, the entertainment segment dominated the market in 2022. It accrued US$ 88.20 billion in 2022 and is estimated to generate US$ 199.11 billion by 2028 to grow at a CAGR of 14.5% over the forecast period.
The Asia Pacific events market is segmented on the basis of type as music concert, festivals, sports, exhibitions and conferences, corporate events and seminars, and others. The corporate events and seminars segmet held 28.0% market share in 2022, amassing US$ 74.54 billion. It is projected to garner US$ 168.66 billion by 2028 to expand at 14.6% CAGR during 2022–2028.
Based on country, the Asia Pacific events market is categorizsed into China, Japan, India, Australia, South Korea, and the rest of Asia Pacific. Our regional analysis states that China captured 31.6% market share in 2022. It was assessed at US$ 84.21 billion in 2022 and is likely to hit US$ 177.42 billion by 2028, exhibiting a CAGR of 13.2% during the forecast period.
Key players dominating the Asia Pacific events market are Anschutz Entertainment Group; ATPI Ltd.; BCD Meetings & Events; Cvent Inc; Entertaining Asia; Live Nation Worldwide, Inc.; Pollstar; Riviera Events; and StubHub among others.
- In 2022, ATPI Australia, a part of ATPI group have completed the acquisition of Travel Authority Group.
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