Report : Middle East & Africa 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 6.1% CAGR, the Middle East & Africa Events Market is speculated to be worth US$ 76.67 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa events market was valued at US$ 53.63 billion in 2022 and is expected to reach US$ 76.67 billion by 2028, registering an annual growth rate of 6.1% from 2022 to 2028. The increasing demand for hybrid events and technological advancements are the critical factors attributed to the market expansion.
Hybrid events combine the reach and flexibility of a virtual event with the intimacy and engagement of an in-person event. Corporate sponsors favour hybrid events because they can take advantage of the hybrid model's worldwide reach, the ability to connect with both in-person and virtual audiences, and the potential to promote their brand across both mediums. Since hybrid events provide precise event metrics, sponsors may use detailed event metrics to interact with their target audiences. Apart from the benefits mentioned above, one of the key aspects of the hybrid model that makes it even more popular is its lower environmental effect. Compared to physical events, these activities utilize fewer resources and have a lower carbon impact. Hybrid events are likely to be the main trend in the events market over the next few years.
On the contrary, high operational costs involved in organizing events hurdles the growth of Middle East & Africa events market.
The Middle East & Africa events market is segmented on the basis of event type as virtual, hybrid, and physical. The physical segmet held 83.6% market share in 2022, amassing US$ 44.85 billion. It is projected to garner US$ 47.61 billion by 2028 to expand at 1.0% CAGR during 2022–2028.
The virtual segment is further sub-segmented into webinars and others. The others segmet held 78.7% market share in 2022, amassing US$ 3.56 billion. It is projected to garner US$ 9.97 billion by 2028 to expand at 18.7% CAGR during 2022–2028.
On the basis of application, the Middle East & Africa events market is bifurcated into B2B and B2C. The B2B segmet held 54.9% market share in 2022, amassing US$ 29.42 billion. It is projected to garner US$ 43.41 billion by 2028 to expand at 6.7% CAGR during 2022–2028.
By the size of enterprise, the Middle East & Africa events market is fragmented into small and medium enterprises (SMEs) and large enterprises. With 70.9% share of the domain, the large enterprises segment dominated the market in 2022. It accrued US$ 38.02 billion in 2022 and is estimated to generate US$ 52.41 billion by 2028 to grow at a CAGR of 5.5% over the forecast period.
Based on revenue source, the Middle East & Africa events market is segmented into ticket sale, sponsorship, and others. With 46.4% share of the domain, the sponsorship segment dominated the market in 2022. It accrued US$ 24.88 billion in 2022 and is estimated to generate US$ 38.01 billion by 2028 to grow at a CAGR of 7.3% over the forecast period.
The Middle East & Africa events market is segmented on the basis of organizer as corporate, sports, education, entertainment, and others. With 31.9% share of the domain, the entertainment segment dominated the market in 2022. It accrued US$ 17.10 billion in 2022 and is estimated to generate US$ 26.92 billion by 2028 to grow at a CAGR of 7.9% over the forecast period.
The Middle East & Africa 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 29.3% market share in 2022, amassing US$ 15.69 billion. It is projected to garner US$ 24.67 billion by 2028 to expand at 7.8% CAGR during 2022–2028.
Based on country, the Middle East & Africa events market is categorizsed into Saudi Arabia, the UAE, South Africa, and the rest of Middle East & Africa. Our regional analysis states that the UAE captured 36.0% market share in 2022. It was assessed at US$ 19.32 billion in 2022 and is likely to hit US$ 26.15 billion by 2028, exhibiting a CAGR of 5.2% during the forecast period.
Key players dominating the Middle East & Africa 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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