Allied Market Research published a report, titled, “Corporate Luxury Events Market by Type, (Gala dinner/Award Event, Business expo, Party & Outdoor retreat, and Conference), and End user (Banking & Financial sector, Information Technology sector, Real estate & Infrastructure sector, Automotive sector, Pharmaceutical sector, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030″. According to the report, the global corporate luxury events industry generated $152.5 billion in 2020, and is anticipated to generate $526.1 billion by 2030, witnessing a CAGR of 14.5% from 2021 to 2030.
Prime determinants of growth
Increase in globalization, rise in sponsorship for corporate luxury events, and emergence of sports leagues drive the growth of the global corporate luxury events market. However, popularity of virtual events and surge in operating cost for organizing corporate luxury events hinder the market growth. On the other hand, implementation of team-building activities in corporate luxury events and introduction of virtual reality (VR) and artificial intelligence (AI)present new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global corporate luxury events market, owing to implementation of global lockdown.
- Several events were either cancelled or delayed in order to maintain the social distancing norms.
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The conference segment to maintain its leadership status throughout the forecast period
Based on type, the conference segment held the highest market share in 2020, accounting for more than two-fifths of the global corporate luxury events market, and is estimated to maintain its leadership status throughout the forecast period. Conference is the most common form of corporate event as it helps to form new relation with the participants, which in turn, is acting as a driving factor for the segment. Moreover, the party and outdoor retreat segment is projected to manifest the highest CAGR of 16.1% from 2021 to 2030, owing to the increased demand of party and outdoor retreats in corporate offices.
The Information Technology Sector segment to maintain its lead position during the forecast period
Based on end user, the information technology sector segment accounted for the largest share in 2020, contributing to around one-fifth of the global corporate luxury events market, and is projected to maintain its lead position during the forecast period. However, the pharmaceutical sector segment is expected to portray the largest CAGR of 16.4% from 2021 to 2030. owing to the increased number of events occurring in the pharmaceutical sector.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global corporate luxury events market, due to the occurrence of maximum number of corporate luxury events in North America. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 16.7% during the forecast period, owing to the increase in demand and adaption of innovative corporate luxury events in the different sectors.
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Leading Market Players
- 360 Destination Group, LLC.
- A Perfect Event by Carmen Company.
- Access Destination Services, LLC.
- Basset Events, Inc.
- BCD Group, LLC.
- Colin Cowie lifestyle, LLC.
- Creative Group, Inc.
- CWT Global B.V.
- Eventbrite, Inc.
- Rafanelli Events Management, Inc.
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