With 7.0% CAGR, U.S. Event Services Market Growth to Surpass $153,096.5 Forecast 2032 - By Allied Market Research

U.S. Event Services

U.S. Event Services

U.S. event services market size is projected to reach $153,096.5 million by 2032, registering a CAGR of 7.0% from 2023 to 2032.

PORTLAND, OREGON, UNITED STATES, November 24, 2023 /EINPresswire.com/ -- The U.S. event services market size was valued at $70,300.0 million in 2022, and is projected to reach $153,096.5 million by 2032, registering a CAGR of 7.0% from 2023 to 2032. The "entertainment event services" refers to a wide array of professional services provided by businesses and individuals to plan, organize, and execute a variety of entertainment events. Events including concerts, music festivals, live performances, business gatherings, trade shows, conferences, weddings, and private parties could fall under this category. Event entertainment services are essential for making attendees' experiences memorable and guaranteeing a successful event's implementation.

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The market is analyzed on the basis of event type and service type. By event type, the market is divided into corporate events and private & personal events. Further, corporate events are segmented into conference/seminar, trade shows/exhibitions, incentive programs, company meetings, and others. In addition, private & personal events are further segmented into birthday parties, Quince Nera, Bar Mitzvah, graduation parties, festival events, shows, receptions, and others. Among these, the corporate events segment occupied the major U.S. event services market share in 2022 and is projected to maintain its dominance during the U.S. event services market forecast period. Corporate events are a crucial part of U.S. business culture and are essential to achieving a range of organizational objectives. Businesses make use of these opportunities to engage with their stakeholders, build relationships, highlight their products and services, promote networking, and increase brand awareness.

By service type, the market is divided into strategy, planning, budget, & development, communication & logistics, location rental, event catering, attendees’ management & engagement, event entertainer, and others. Further, event entertainers are segmented into artists, dancers, chefs & mixologists, comedians, musicians, unique performers, and others. The event entertainer segment is growing at a moderate rate during the forecast period as per the U.S. event services market trends. In the U.S. market for event services, the segment of event entertainers is a crucial and dynamic element. Performers, artists, and professionals who specialize in entertaining audiences at events include musicians, actors, dancers, and other professionals. They are essential in producing unforgettable scenes and having an everlasting effect on the audience. To accommodate various event kinds and themes, this category includes a wide variety of talents and entertainment alternatives. This increase in U.S. event services market demand influences the U.S. event services market growth.

The COVID-19 pandemic hastened the introduction of virtual and hybrid events, which combine online and offline components. Due to its accessibility, affordability, and capacity to reach audiences around the world, virtual events remained popular even as limitations loosened. More and more customers are looking for specialized and distinctive experiences. Event planners concentrated on designing immersive and engaging events, utilizing technology, interactive features, and storytelling to engage audiences more deeply.

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Concern for the environment has grown to be a major concern for both event planners and spectators. To mitigate the industry's environmental impact, sustainable methods, eco-friendly programs, and social responsibility initiatives are incorporated into event design and implementation. Event planning, interaction, and data collecting have been altered by developments in event technology, including AI-powered chatbots, event applications, virtual reality experiences, and live-streaming platforms. Technology is helpful in improving event experiences and boosting productivity.

Protocols for health and safety at events have received more attention since the outbreak. The event's planners took strict safety precautions, such as contactless registration, social isolation, and improved hygienic procedures, to guarantee the guests' well-being. Event planning and marketing tactics now incorporate diversity and inclusion. In order to promote diversity and represent a wide variety of cultures, opinions, and identities, event planners worked hard to create inclusive spaces.

With the help of data analytics, event planners are better able to understand the preferences, actions, and participation of attendees. Event experiences and marketing tactics are improved because of this data-driven strategy. Pop-up events and micro-experiences have grown in popularity because they provide short-term, localized entertainment possibilities that appeal to certain target demographics and foster a feeling of exclusivity.

Virtual team-building activities and online workshops are now crucial for establishing team cohesion, raising employee morale, and preserving company culture as a result of the increase in remote work. It's still very popular to attend live entertainment events like athletic events, concerts, and music festivals. The availability of live events to a larger audience is greatly facilitated by streaming services and live platforms.

Key Market Players :
Party City Corporation
Live Nation Entertainment, Inc.
All Occasion Event Planning
Dream Party Productions
360 Destination Group
Access
Cvent Holding Corp.
Anschutz Entertainment Group, Inc.
ATPI Ltd.
Eventbrite, Inc.

KEY FINDINGS OF STUDY :
• By event type, the corporate events and seminar segment was the highest contributor to the market.
• By service type, the attendee’s management and engagement segment is the fastest growing segment with 8.8% CAGR.

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