Report : Europe 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 10.3% CAGR, the Europe Events Market is speculated to be worth US$ 678.27 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe events market was valued at US$ 375.69 billion in 2022 and is expected to reach US$ 678.27 billion by 2028, registering an annual growth rate of 10.3% from 2022 to 2028. The rapid rise in events sponsorship and increasing interest among youth in entrepreneur and business seminars are the critical factors attributed to the market expansion.
Over the last 50 years, the relevance and popularity of sports has given rise to a new business, the sports industry. Much of the success of fantasy sports is due to effective customer relationship management (CRM). Customer loyalty and retention increase if a supplier can give rapid, accurate, and informative information to its customers. Professional sports organizations cannot run successfully without funds earned from commercial operations, major sporting events have become an essential component of business, and sports sponsorship has expanded. Sports organizations rely on the sale of telecasting/broadcasting rights, sponsorship money, and ticket sales to organize sporting events. Sports have become more commercialized, generating more promotion and sponsorship. Businesses that participate in sponsorship programs gain recognition for their brands and expand their footprints. On the other hand, sponsoring firms get both concrete and intangible advantages, such as increased brand exposure and presenting a favorable picture of the company to stakeholders. Businesses may benefit from sponsorship by increasing awareness regarding their products and services among consumers, using modern advertising, and differentiating their brands from others. Sports sponsorship is a smart and diverse marketing strategy that offers organizations a lot of possibilities. Sponsorships enable businesses to engage with international clients beyond national borders, and they use these programs to achieve various corporate goals and marketing initiatives.
On the contrary, high operational costs involved in organizing events hurdles the growth of Europe events market.
The Europe events market is segmented on the basis of event type as virtual, hybrid, and physical. The physical segmet held 67.6% market share in 2022, amassing US$ 253.98 billion. It is projected to garner US$ 344.70 billion by 2028 to expand at 5.2% CAGR during 2022–2028.
The virtual segment is further sub-segmented into webinars and others. The others segmet held 73.3% market share in 2022, amassing US$ 46.51 billion. It is projected to garner US$ 109.76 billion by 2028 to expand at 15.4% CAGR during 2022–2028.
On the basis of application, the Europe events market is bifurcated into B2B and B2C. The B2B segmet held 58.3% market share in 2022, amassing US$ 218.87 billion. It is projected to garner US$ 410.23 billion by 2028 to expand at 11.0% CAGR during 2022–2028.
By the size of enterprise, the Europe events market is fragmented into small and medium enterprises (SMEs) and large enterprises. With 65.5% share of the domain, the large enterprises segment dominated the market in 2022. It accrued US$ 246.15 billion in 2022 and is estimated to generate US$ 429.48 billion by 2028 to grow at a CAGR of 9.7% over the forecast period.
Based on revenue source, the Europe events market is segmented into ticket sale, sponsorship, and others. With 50.2% share of the domain, the sponsorship segment dominated the market in 2022. It accrued US$ 188.55 billion in 2022 and is estimated to generate US$ 367.05 billion by 2028 to grow at a CAGR of 11.7% over the forecast period.
The Europe events market is segmented on the basis of organizer as corporate, sports, education, entertainment, and others. With 30.9% share of the domain, the corporate segment dominated the market in 2022. It accrued US$ 116.04 billion in 2022 and is estimated to generate US$ 219.50 billion by 2028 to grow at a CAGR of 11.2% over the forecast period.
The Europe events market is segmented on the basis of type as music concert, festivals, sports, exhibitions and conferences, corporate events and seminars, and others. The sports segmet held 27.0% market share in 2022, amassing US$ 101.29 billion. It is projected to garner US$ 186.28 billion by 2028 to expand at 10.7% CAGR during 2022–2028.
Based on country, the Europe events market is categorizsed into Germany, the UK, France, Italy, Russia, and the rest of Europe. Our regional analysis states that the UK captured 30.5% market share in 2022. It was assessed at US$ 114.69 billion in 2022 and is likely to hit US$ 223.42 billion by 2028, exhibiting a CAGR of 11.8% during the forecast period.
Key players dominating the Europe events market are Anschutz Entertainment Group; ATPI Ltd.; BCD Meetings & Events; Cvent Inc; Live Nation Worldwide, Inc.; Pollstar; and StubHub among others.
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