Corporate Event Market Poised for Rapid Growth, Projected to Reach $21.43 Bn by 2030 at 17.3% CAGR

► Global Corporate Event Market to Experience Robust Growth

The global corporate event market is projected to experience significant growth, reaching a market size of USD 21.43 billion by 2030, up from USD 7.01 billion in 2023. This expansion is driven by increasing corporate investments in networking, branding, and employee engagement programs. The market is expected to grow at a compound annual growth rate (CAGR) of 16.8% during the forecast period from 2024 to 2030

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►Competitive Landscape: Key Players Driving Market Expansion

The corporate event industry is witnessing intense competition, with several key players focusing on strategic partnerships, technological advancements, and regional expansions. Some of the major companies operating in this sector include:

BCD Travel Services B.V.

Maritz Holdings Inc.

CWT

Reed Exhibitions Ltd.

Google, Microsoft Teams, Zoom, and Cisco Webex (which have revolutionized virtual corporate events).

► Regional Insights: Growth, Opportunities, Trends, and Market Consolidation

Corporate Event Growth in the United States:

Google and Microsoft expanding their corporate event solutions with AI-driven event management tools.
The rise of hybrid events, combining virtual and in-person experiences, has been a game-changer for the industry.
Mergers & Acquisitions: Several event management firms, such as 360 Destination Group and Creative Group Inc., have expanded their portfolios by acquiring smaller event technology companies.

Corporate Event Opportunities in Asia-Pacific

The rapid adoption of virtual and augmented reality (VR/AR) in events.
The expansion of international event management firms in countries like India and China.
Recent Mergers: Companies such as BI Worldwide have formed partnerships with tech firms to enhance event automation.

Corporate Event Trends in Europe

Sustainability Initiatives: Many firms are shifting to carbon-neutral events.
Tech Integration: Virtual event platforms like Cisco Webex are gaining popularity in corporate settings.
Mergers: Reed Exhibitions Ltd. recently acquired smaller event technology startups to strengthen its digital event capabilities

► Recent Mergers and Acquisitions in the Corporate Event Industry

North America:

North America remains a key market for corporate events, with companies actively acquiring technology-driven solutions to improve event management. In January 2024, Cvent, a leading event management software provider, expanded its portfolio by acquiring Jifflenow, a B2B appointment scheduling solution, and iCapture, a lead capture tool. This move aims to offer more integrated solutions for trade shows and conferences, reinforcing Cvent's dominance in the region.

Europe:

European event companies are focusing on expanding their market reach through M&A. BI Worldwide, CWT, and BCD Meetings & Events are among the leading firms investing in strategic partnerships to enhance their corporate event capabilities. Additionally, Informa Connect, in collaboration with Informa Markets, is set to launch the first Connect Marketplace in Hong Kong in March 2025, signifying European firms' expansion into the Asia-Pacific region

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►Corporate Event Market Segmentation

by Type

Conference/ Seminars
Exhibitions
Incentive Programs
Company Meetings
Others

The corporate event market is divided into various segments, including company meetings, incentive programs, conferences and seminars, and exhibitions. In 2023, conferences and seminars will hold a 53.2% market share, dominating the corporate event industry. This is because more meetings are being held in a number of industries, mostly for training and motivational reasons. These industries include information technology, banking and finance, food and beverage, real estate and infrastructure, and automotive. Exhibitions are crucial business events for the launch of new products and upcoming projects, which will result in a 15% market share in 2023. Incentive programs, which will have a 13% market share, also take place in corporate settings because incentives are a significant aspect of any employee's life and are used to raise morale.

by Platform

Offline
Online

The market for corporate events is divided into two segments: online and offline. Both online and physical platforms are available for corporate events. Due to COVID-19, offices were locked and most meetings were conducted online. In 2023, lockdowns were loosened globally, and offline corporate events began to reappear, but not on a large scale. As a result, online events dominated the corporate event market with a 54% market share.

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►Corporate Event Market Key Players

1. 360 destination group
2. Access destination services
3. BCD travel services B.V.
4. Bi worldwide
5. Cwt
6. Cievents
7. Creative group, inc.
8. ITA group
9. Maritz holdings inc.
10. Reed exhibitions ltd.
11. Google
12. Microsoft Teams
13. Zoom
14. Cisco Webex

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