The event industry has seen transformative changes in recent years, driven by shifting consumer preferences and the impacts of COVID-19.
To help you navigate these changes, we’ve compiled a list of the most important statistics. It’s everything you need to understand current event trends and how event professionals use event tech in their workflows.
What is the current market size of the global event industry?
The Global event industry was $1,190.4 billion in 2022. This industry is expected to grow tremendously reaching a $2 trillion market size by 2032. With an annual CAGR of 12%, there’s no better time than today to venture into this successful marketplace.
What is the forecast for the event industry in the next five years?
According to research by Statista, the event industry by 2028 is expected to reach a little more than $ 2 trillion making it a thriving marketplace. Between 2022 and 2028, this market is expected to grow at an annual CAGR of 11.1%.
How will event professionals be using event tech platforms for better participant experiences?
Here are a few features event managers turn to for building successful events:
- Event apps: 61%
- Onsite check-in tools: 47%
- QR codes: 47%
- Lead scanning: 42%
- Live interactions: 41%
How has the event industry grown over the past five years?
A lot many changes influenced the event industry over the past five years. However, a rapid and smooth transition to digital events was one of the most influential changes that created a whole new marketplace of 65.33 billion dollars globally.
What percentage of events are now held virtually?
40% of all the events are held virtually and despite the growing prominence of in-person events, statistics reveal that all the events will have some sort of virtual component in it. The growing landscape for virtual events has opened opportunities for new businesses to rethink the traditional way of hosting events allowing participants to attend international events without being there phyically.
What are the average costs associated with organising a large-scale event?
The cost per participant while organising even a small and simple event in 2023 was $538. Now, every company has a budget and nearly 66% of event planners spent anywhere between $100,000-$1 million for events in 2023. However, fewer than 21% of organisers spent more than $1M-$5M during the same time.
What are the projected trends for the event industry in the next five years?
The future of the event industry is full of exciting possibilities, thanks to the growth of event tech and hybrid models. As the market expands, the blend of virtual and in-person experiences will continue to change the way we connect.
To stay ahead, it’s important to embrace these changes and use innovation to create more engaging and accessible events. Whether you’re planning events or leading a business, now’s the time to tap into the potential of event tech and hybrid formats to create memorable experiences.
Here are the key takeaways for event planners:
- Hybrid events will continue to dominate
- Event tech will play a dominant role in delivering a satisfactory participant experience
- B2B events will experience increased growth by 2025
- Micro events will become a crucial supporting part of large events
- Experiential and transformational event experiences will dominate
- Sustainability as a core subject matter will gain more importance
By understanding and leveraging these trends, you can position yourself for success in the evolving event space.
Sources
Travel & Luxury. “Virtual events market research.” Apr. 2024, https://www.alliedmarketresearch.com/virtual-events-industry-market-A06596
Shah, Kruti. “60+ Must Know Event Industry Statistics in (2024)” upmetrics, January 4. 2024, https://upmetrics.co/blog/event-planning-industry-statistics
