Events organized by companies include trade shows, grand ceremonies, team building activities, induction programs and annual events.
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, Sept. 22, 2022 /EINPresswire.com/ — According to a new report from Allied Market Research titled “US Corporate Event Market by Event Type and Industry: Global Opportunity Analysis and Industry Forecast, 2021-2030, the US corporate events market is expected to reach $510.9 billion by 2030, at a CAGR of 17.3% from 2021-2030. Corporate Events Market generated revenue of US$95.3 billion in 2020 and is expected to grow at a CAGR of 17.3% to reach US$510.9 billion by 2030. Huge corporations organize various events to develop strategies, celebrate successes or set new international standards. Your event managers either organize an event themselves or prefer external services. Events organized by companies include trade shows, grand ceremonies, team building activities, induction programs and annual events.
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Trade shows are an essential part of marketing strategies as they allow brands to showcase their products, engage with customers and find new business partners. In recent years, the popularity of trade fairs has continuously increased, which is why they are mostly organized in huge venues. In addition, large ceremonies include conferences and corporate galas. In team building events, the main goal is to build a strong relationship and trust between team members. In addition, induction programs take place earlier in the month – the most common start date for new hires.
Therefore, the corporate sector offers the event management companies various opportunities to organize events, which contributes to huge revenue generation, which in turn fuels the growth of the US corporate events industry. The growth of the corporate events industry is mainly driven by the increasing frequency of corporate meetings, conferences, trade shows/exhibitions and other events. In addition, the use of world-class technology that can handle the entire event drives the growth of the industry.
Some industries such as the hotel and transportation industries are directly involved in the corporate events market. These industries can benefit from the corporate events business by offering their services and facilities to the planners and attendees of corporate events. Hotels are the main suppliers and the biggest beneficiaries. The development of the travel and tourism industry plays a significant role in the growth of the corporate events market. Factors further fueling the growth of the US market include lifestyle changes, increased tourism promotion and increased accessibility of transportation facilities. The current trend of online booking option for transportation and accommodation services has increased the convenience for business travelers, which is expected to significantly contribute to the growth of corporate events market.
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By event type, the market is segmented into conferences/seminars, trade fairs/exhibitions, incentive programs, company meetings and others. The corporate meetings segment is estimated to register the highest CAGR of 18.9% in the US corporate events market during the forecast period. This is attributed to the development of the travel and tourism industry, the rise of international business travel and the expansion of the information technology sector.
By industry, the market is segmented into banking and finance, information technology, real estate and infrastructure, automotive, insurance and others. The information technology segment held the largest 33.3% share of the US corporate events market in 2020 as many IT companies such as Apple, Oracle, Dell, Amazon, Facebook, IBM, Qualcomm and Microsoft are headquartered in the United States , the largest technology market in the world, accounting for 32% of the total technology market share for 2020.
Thus, all these factors indirectly affect the growth of the US corporate events market over the forecast period. State-wise, New York had a significant market share in 2020. The priorities of attendees at corporate events in New York are networking (82%), learning (71%) and entertainment (38%).
Tourism is one of the growing sectors expected to drive New York’s future prosperity. According to a report released by Tourism New York, the state welcomed a record 67 million visitors in 2019, which has directly impacted the state’s economy.
Players operating in the US corporate events market have adopted various development strategies to expand their market share, capture opportunities in the US corporate events market, and increase the profitability of the market. Key players featured in this report include 360 Destination Group, Access Destination Services, BCD Travel Services BV, BI Worldwide, CWT, Cievents, Creative Group, Inc., ITA Group, Maritz Holdings, Inc. and Reed Exhibitions Ltd.
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Key Findings of the Study
The US corporate events market was valued at US$95.3 billion in 2020 and is estimated to reach US$510.9 billion by 2030, growing at a CAGR of 17.3% over the forecast period.
By event type, the automotive segment is estimated to witness the fastest growth, registering a CAGR of 18.8% over the forecast period.
In 2020, the information technology segment was valued at $31.8 billion by industry, accounting for 33.3% of the US corporate events market share.
In 2020, New York was the top market in the US and is projected to reach US$77.1 billion by 2030, growing at a CAGR of 16.7% over the forecast period.
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