PUBLISHER: Allied Market Research | PRODUCT CODE: 1193364
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193364
The global event pro-AV services market size was valued at $28,633.2 million in 2021 and is projected to reach $56,853.4 million by 2031, registering a CAGR of 7.1%.
The term event pro-AV services refer to organizing a show which involves a public gathering at a pre-determined place and time. The most popular events include conferences & exhibitions, corporate events & seminars, promotion & fundraising, music & art performance, sports, festival, trade shows, product launches, 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.
The growth of the event pro-AV services market is driven by surge in the frequency of conducting corporate meetings, inductions, conferences, and exhibitions. Furthermore, the deployment of best-in-class technology that can handle an entire event propels industry growth. Moreover, multi-dimensional events act as a key driver for the growth of the event pro-av services market.
Moreover, the introduction of new media platforms and distribution methods offers scope for giants to interact and organize events involving artists, performers, speakers, and business coaches. However, the surge in market entry cost and rise in industry fragmentation hinders the growth of the industry. In general, events are activities that involve attendees who share a common interest and gather together for discussions and interactions. The venue for such events needs to be arranged beforehand, as venues provide the space and facilities necessary to meet the needs of those who attend the gathering.
Growth of the global event pro-AV services market is driven by the surge in the frequency of conducting corporate meetings, inductions, conferences, exhibitions, music concerts, and sports events. Furthermore, the deployment of best-in-class technology that can handle the entire event propels industry growth. Moreover, multi-dimensional events act as a key driver for the growth of the global event services market. In addition, sponsorships from various brands, including Redbull, Monster Energy, Nike, Cocoa Cola, and others for a global three-day festival and a small gig or act in a social club or arena boost the market growth. Moreover, the introduction of new media platforms and distribution methods offers scope for giants to interact and organize events involving artists, performers, speakers, and business coaches. However, surge in market entry cost and rise in industry fragmentation hinders the growth of the industry.
The event pro-AV services market is segmented on the basis of type, platform type, category, and region. On the basis of type, the market is categorized into corporate, entertainment, public, and others. According to platform type, the event pro-av services market is fragmented into the physical event, virtual event, and hybrid event. As per category, the market is divided into sound, visuals, lighting, webcasting, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, India, Singapore and Rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Rest of LAMEA).
By type, the entertainment segment dominated the market in 2021, garnering a market share of 40.1%. The market for event pro-av services is expected to expand in this sector due to the vast range of services offered by the entertainment industry. Future customer attendance at athletic events and concerts is anticipated to increase, which will fuel the segment's expansion. Club festivals, which include international music specialists and music conferences, are moreover a part of the entertainment industry. Events that provide entertainment include gatherings like parties and business conferences. These gatherings draw speakers and artists from around the world who want to network and exchange ideas. Speakers include corporate leaders, producers, artists, and entrepreneurs. The primary goals of these events are to motivate, instruct, and exciting professionals in the electronic music industry while simultaneously sparking discussions on cutting-edge technology, social responsibility, and environmental issues.
By platform type, the physical event segment dominated the market in 2021, garnering a market share of 57.5%. Moreover, since there is already a substantial corpus of methods and processes for executing physical activities, they are the most often held events. These events are essential for team building, networking, team building exercises, team exchanges, and team strengthening activities which are likely to boost the growth of the market.
By Type
By Platform Type
By Category
By Region