The event planning market is a rapidly growing industry that is estimated to be worth billions of dollars. According to a report by MarketsandMarkets, the global event management market is expected to reach $9.9 billion by 2022, growing at a CAGR of 6.1% during the forecast period.

One of the main drivers of the event planning market is the increasing demand for organised and professionally managed events. This includes both corporate and personal events, such as weddings, parties, and conferences. The rise in disposable income, especially in developing countries, has also increased spending on events.

The event planning market is segmented into various categories, including corporate events, social events, and trade shows. Corporate events, such as conferences, meetings, and product launches, account for the largest share of the market. Social events, such as weddings and parties, are also a significant segment of the market. Trade shows and exhibitions are also a growing segment of the market, driven by the increasing number of trade shows and exhibitions being organised globally.

The event planning market also shifted towards digital and virtual events, as an after-effect of the COVID-19 pandemic. Virtual and hybrid events have grown in popularity, as they allow for greater flexibility and cost savings. This trend is expected to continue in the future, further driving the growth of the event planning market.

In conclusion, the event planning market is a rapidly growing industry that is expected to reach $9.9 billion by 2022. The increasing demand for organised and professionally managed events, rising disposable income, and the shift towards digital and virtual events are driving the growth of the market. Even after the pandemic, the market continues to evolve, providing new opportunities for businesses in the event planning industry.

 

Common FAQs about the size of the event planning market

What is the size of the global event planning market?

According to some estimates, the global event planning market is around $800 billion with a projected growth rate of around 5% per year.

How is the event planning market segmented?

The event planning market is segmented into various sub-industries such as corporate event planning, wedding planning, and other specialised areas.

Is the event planning market growing?

Yes, the event planning market is considered to be a growing industry.

What are the major players in the event planning market?

Major players in the event planning market include companies like Eventbrite, Cvent, and Bizzabo.

How did the COVID-19 pandemic affect the event planning market?

During the pandemic, the event planning market was significantly impacted, with many events being cancelled or postponed. As a result, the market saaw a significant decline in revenue. Happily, this is now rebounding, albeit with a larger percentage of virtual and hybrid events than before. 2023 is the first year that many in-person events have returned “as normal”. Even then, many now are being run as hybrid events.

 

 

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