U.S. Events Market

The entertainment segment occupied the largest U.S. events market share in 2020, and is expected to grow at a significant CAGR during the forecast period.

5933 NE WIN SIVERS DRIVE, PORTLAND, OR, UNITED STATES, May 26, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “U.S. Events Market by Type, Revenue Source, Organizer, Age Group, and Income Group: Opportunity Analysis and Industry Forecast, 2021–2030,”. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

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The U.S. events market size was valued at $94.8 billion in 2020 and is expected to reach $538.6 billion by 2030, registering a CAGR of 13.0% from 2021 to 2030.

Rise in sponsorship for events and surge in interest among youth in entrepreneurship & business seminars drive the growth of the U.S. events market. The entertainment segment accounted for the largest share in 2020, contributing to around one-third of the total share of the market. Owing to lockdown implemented across the country during the Covid-19 pandemic, many events such as music concerts, sports, and others were either canceled or postponed.

The term event refers to organizing a show which involves public gathering at a pre-determined place and time. The most popular events include conference & exhibition, corporate events & seminar, promotion & fundraising, music & art performance, sports, festival, trade shows, product launch, and similar others. The initial stage of a major event involves understanding the audience and their behavior that excite and emotionally engage them. The final stage involves conducting an event appropriately. In 2020, on the basis of type, the corporate events & seminars segment garnered the maximum events industry share, owing to rise in number of companies and frequent seminars & events conducted by them. In addition, such seminars and events involve interaction between speaker and audience, thus attracting more attendees.

On the other hand, the music concerts category is anticipated to grow at the highest CAGR of 11.7% during the forecast period. This is attributed to increase in popularity of such events among the global population, especially the youth and middle-aged individuals, which boost the U.S. events market growth. Furthermore, such music concerts and events offer valuable opportunities for promoters and brands to align themselves with people attending concerts.

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The report offers detailed segmentation of the U.S. events market based ontype, revenue source, organizer, age group, and income group.

Based on organizer, the entertainment segment accounted for the largest share in 2020, contributing to nearlyone-third of the total share of the U.S. events market, and is expected to maintain its dominant share during the forecast period. Moreover, this segment is projected to manifest the fastest CAGR of 13.9% from 2021 to 2030.

Based on type, the corporate events & seminars segment contributed to the highest share in 2020, accounting for more than one-fifth of the total share, and is expected to continue its leadership status during the forecast period. However, the hybrid eventssegment is expected to register the highest CAGR of 17.3% from 2021 to 2030.

Based on income group, the lower-middle-class segment held the highest share in 2020, accounting for more than two-fifths of the total share, and is estimated to maintain its lead position in terms of revenue by 2030. However, the upper-class segment is estimated to portray the largest CAGR of 13.7% during the forecast period.

Leading players of the U.S. events market analyzed in the research includeAccess Destination Services, LLC, BCD Meeting & Events, Anschutz Entertainment Group, Creative Group, Inc., BI Worldwide, ITA Group, Cvent, Inc., The ATPI Group, Maritz Holdings, Inc., and 360 Destination Group.

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Key findings of the study:

○ On the basis of type, the hybrid events segment is projected to witness the highest CAGR of 17.3%, in terms of revenue, during the forecast period.
○ On the basis of revenue source, the sponsorship segment is expected to dominate the market through 2021-2030.
○ On the basis of organizer, the entertainment segment occupied the largest U.S. events market share in 2020, and is expected to grow at a significant CAGR during the forecast period.
○ On the basis of age group, the 21-40 years of age group held the major share in the U.S. events industry.

Key Benefits For Stakeholders:

○ The report provides a quantitative analysis of the current U.S. Events market trends, estimations, and dynamics of the market size from 2020 to 2030 to identify the prevailing opportunities.
○ Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
○ In-depth analysis and the market size and segmentation assists to determine the prevailing U.S. Events market opportunities.
○ Drivers and restraints are analyzed in the U.S. Events industry.

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David Correa
Allied Analytics LLP
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