US Events Industry - Market Size

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US Events Industry - Market Size

Key Takeaways

  • The global event industry "was valued at $1,135.4 billion in 2019 and is expected to reach $1,552.9 billion by 2028, registering a CAGR of 11.2% from 2021 to 2028.
  • The corporate events/seminar industry has been predicted to grow with a CAGR of 55.30% between 2019-2027.
  • The B2B trade show industry in the United States was worth $15.58 billion in 2019.

Introduction

The COVID-19 pandemic has altered how people live their lives and has in turn accelerated changes in consumer behavior. However, according to insights from Reed Exhibitions’ COVID-19 Customer Needs and Mindset Barometer, the COVID-19 pandemic has not diminished the value of in-person events for participants who are committed to returning as soon as restrictions are lifted."

Event Industry

  • The event industry is "expected to get back on track post-pandemic," with vaccination rates, vaccination passports, and the efficacy of vaccines playing a significant role.
  • The event industry "was valued at $1,135.4 billion in 2019 and is expected to reach $1,552.9 billion by 2028."
  • It is expected that the event industry will register a CAGR of 11.2% from 2021 to 2028.
  • The COVID-19 outbreak has "negatively affected the event industry due to travel restrictions."
  • On the flip side, "virtual events gained high traction as market players have been trying to strengthen their digital presence."

Trade Shows And Exhibitions

  • The global exhibitions market is "expected to reach over $50 billion, growing at a CAGR of over 3% during the period 2019–2025." According to the report, the United States region is the "largest market for exhibitions."
  • The B2B trade show market in the United States "was worth 15.58 billion U.S. dollars in 2019."
  • However, due to the impact of the COVID-19 pandemic, the industry "was estimated to see a sharp decline to 5.6 billion dollars in 2020."
  • In early 2020, following the COVID-19 outbreak, industries that are not based on digital presence "came to a screeching halt."
  • And as a result of the pandemic, event planners and suppliers had expected their revenues to decline by 50% to 75% due to industry professionals canceling their planned events for the year.
  • In Q1 of 2020, the exhibition events industry in the United States fell by 15.1%.
  • B2B marketers adapted by replacing some planned live events with webinars.

Concert And Live Music Events

  • Industry employment: 189,698.
  • The revenue of the music events sub-segment in the United States is projected to reach US$8,310m in 2021.
  • The revenue is expected to witness an annual growth rate (CAGR 2021-2024) of 14.79%, "resulting in a projected market volume of US$12,570m by 2024."
  • The music events industry is "expected to show a revenue growth of 30.2% in 2022."
  • The revenue and revenue growth for the music events industry in the United States in the year 2021 is $8,310m and 161.9% respectively.
  • According to a report from IBISWorld, companies that hold the largest market share in the concert and event promotion industry in the United States include Live Nation Entertainment Inc. and The Anschutz Corporation.
  • While rock and pop music dominates most of the global market, research found that the U.S. population prefers rap and hip-hop. The increase in music concerts and events "offers valuable opportunities for promoters and brands to align themselves with people attending concerts."

Corporate Events/Seminars

  • A market report by Research Dive states that the event management market "accounted for $1,311.4 billion in 2019 and is predicted to generate a revenue of $3,605.80 billion by 2027 with a CAGR of 37.2% in the forecast period.
  • The North American market accounted for "$506.2 billion in 2019 and is predicted to rise with a CAGR of 54.3%" in the forecast period, between 2019-2027.
  • The corporate events and seminars sub-segment has been predicted to have the highest market share between the forecast period.
  • The corporate events/seminar industry is predicted to grow with a CAGR of 55.30% between 2019-2027.
  • This reason for the growth is because corporate events and seminars act as opportunities for employees, which is why "most of the companies invest heavily in such activities," boosting the sub-segment market in the estimated period.

Research Strategy

We had scoured several whitepapers, industry reports, and news articles to obtain information regarding the market size of the event industry in the United States. While we were able to obtain market sizing on the global event industry, there is only limited information regarding the market size of the event industry for the United States specifically that's available to the general public due to it being paywalled. We then compiled and synthesized the information that we have obtained throughout the course of the research to produce this research report.
Sources
Sources