The events market in North America is expected to grow from US$ 322.18 billion in 2022 to US$ 617.91 billion by 2028; it is estimated to grow at a CAGR of 11.5% from 2021 to 2028.
Over the last 50 years, the relevance and popularity of sports have given rise to a new business, the sports industry. 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 consumer awareness of their products and services, 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, which is further anticipated to drive the market in North America.
North America Events Market Segmentation
The North America events market is segmented based on event type, type, revenue source, organizer, enterprise size, application, and country. In terms of event type, the market is segmented into virtual, hybrid, and physical. The physical segment would dominate the market in 2022. The virtual segment is sub segmented into webinars and others. The others segment would dominate the market in 2022. Based on application, the North America events market is bifurcated into B2B and B2C. The B2B segment would dominate the market in 2022. In terms of enterprise size, the market is categorized into small and medium enterprises and large enterprises. The large enterprises segment would dominate the market in 2022. In terms of revenue source, the North America events market is segmented into ticket sale, sponsorship, and others. The sponsorship segment would dominate the market in 2022. Based on organizer, the market is segmented into corporate, sports, education, entertainment, and others. The entertainment segment would account for the largest market share in 2022. In terms of type, the North America events market is segmented into music concert, festivals, sports, exhibitions and conferences, corporate events and seminars, and others. The corporate events and seminars segment would dominate the market in 2022. Based on country, the North America events market is segmented into the US, Canada, and Mexico. The US would dominate the market in 2022.
The key players operating in the North America events market include Access Destination; Services; Anschutz Entertainment Group; ATPI Ltd.; BCD Meetings & Events; Cvent Inc; Entertaining Asia; Live Nation Worldwide, Inc.; Pollstar; and StubHub.