Corporate Event Planning Services Market Size, Share, Growth, and Industry Analysis, By Type (Business Planning, Government Planning, Public Welfare Planning & Others), By Application (Large Enterprise & SMEs) and Regional Forecast to 2032

Updated On: 11 November 2024

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CORPORATE EVENT PLANNING SERVICES MARKET REPORT OVERVIEW

The global Corporate Event Planning Services Market size was USD 1.75 Billion in 2023 and the market is projected to touch USD 4.49 Billion by 2032, exhibiting a CAGR of 14.33% during the forecast period.

These Planning Services are services that offer a package service for business events and all types of events that may range from corporate meetings for a small team to a conference and a corporate retreat. Such services entail the identification of locations for the events, procurement of requirements for the events, such as foods and drinks, hiring of equipment such as projectors and other entertainment instruments, and promotion of the events, respectively. Designed to deliver the desired outcomes for each customer, these services ensure a smooth and effective interaction with brand owners, fostering the development of their brand image and fostering the establishment of business connections.

COVID-19 Impact: Market Growth Restrained due to Decreased Demand for Face-to-Face Meetings

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The coronavirus outbreak has majorly impacted the acquisition of new opportunities in this market since the outbreak in 2020 interrupted numerous events that have affected demand for face-to-face meetings. Measures such as limitations on attendance and the closures of major points of attraction, including the prohibition of any travel, put pressure on many companies who either had to call their events or transfer them to the virtual platform, thus minimising the demand for traditional event planning services. Also, due to the COVID-19 pandemic that affected health guidelines and economic fluctuations, businesses reduced their events’ budgets, thus reducing the market. 

LATEST TRENDS

"Hybrid Corporate Event Planning to Propel the Market Growth"

Some new trends that have recently emerged in this industry include the focus, especially on hybrid corporate event planning. People are now focussing on sustainability, including the recycling of waste and doing away with physical papers by adopting smart applications. There is also the continuously emerging need for experiential events, which can be the basis of the experiences the attendees will go through. 

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CORPORATE EVENT PLANNING SERVICES MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Business Planning, Government Planning, Public Welfare Planning & Others

• Business Planning:Concentrates on business-related functions such as conferences, product launches, team bonding, and companies’ days out. Is used in an effort to advance business partnerships, to meet new people, and to advertise one’s company.

• Government Planning:This involves coordinating government-related functions such as summits, public hearings, and official ceremonies, among others.High importance is placed on following etiquette and using security measures alongside cooperation with other governmental organisations.

• Public Welfare Planning:It is all about events that are social, charity, awareness, and community activities. More specifically, it concentrates on the processes of enabling citizens, customers, consumers, and stakeholders’ engagements and advocacy towards social causes.

By Downstream Industry

Based on application the market can be categorized into Large Enterprise & SMEs

• Large Enterprise:Can include activities that are massive and complicated in nature, like international conferences, global product launches, and large corporate meetings. This usually has larger budgets to enable customisation, better technological solutions, and better event venues. Emphasis is placed on matters relating to the strengthening of brand image, increasing the company’s interactions with its stakeholders, and the company’s marketing strategies, which aim to reach a massive audience.

• SMEs (Small and Medium-sized Enterprises):It is normally a series of related events, specialising in minor events like seminars, group recreation, and business networking activities. Over which there might be far less leeway in terms of funding and participants are willing and able to invest, thus they prefer effective solutions and such formats of events. Some of its objectives include creating awareness of a brand, promoting tightly knit connections, and generating business within specific niches. 

DRIVING FACTORS

"Increased Corporate Spending on Marketing and Brand Building to Expand the Market"

One of the key driving factors of Corporate Event Planning Services Market growth is the Increased Corporate Spending on Marketing and Brand Building. A rise in event expenditures is being recorded due to its role in the establishment of brands’ visibility, building relationships with customers, and interacting with different stakeholders. Business meetings and corporate events are considered an essential method of advertising, a means of establishing business contacts, and the and the introduction of new goods and services, hence the need for professional event planning services. 

"Growth of Hybrid and Virtual Event Models to Advance the Market"

The increase in the use of hybrid and virtual events has broadened the market, and hence all the organisations can reach the intended audience regardless of the geographical location. This change has created a growing need for these professionals to organise an event in a way that technology will complement a face-to-face event in an efficient way. 

RESTRAINING FACTOR

"Economic Uncertainty and Budget Constraints to Pose Potential Impediments on this Market"

Economic instabilities cause the corporations to scale down on their spending, and this can lead to the trimming of the budgets for corporate events or the latter’s postponement, at worst. This restraint slows down the expansion of the Corporate Event Planning Services Market share, especially in the moments when the recognised economic crises hit the businesses and minimise their expenses, making fewer investments into large-scale events.

OPPORTUNITY

"Rising Demand for Sustainable and Eco-Friendly Events to Create Opportunity in the Market"

With the sensibility to the environment on the rise, there is a higher need for the solution for maintaining sustainable events. Organisers are keen on keeping their events sustainable and environmentally friendly through the selection of sustainable event venues, managing waste generated during the event, and the integration of the principles of sustainability into the activities of the event. This shift is a challenge and a blessing in one, and the best way that can be embraced by the event planners is to provide new and more sustainable solutions to the events that are financially viable and socially responsible.

CHALLENGE

"Adapting to Rapid Technological Changes Technological changes to Pose Challenge foe the Market"

These include such factors as virtual reality, automated event planning tools, and comprehensive virtual event platforms, dubbed by the fast pace of the technological revolution. To cater for these changes, it is important to acquire new knowledge, incorporate new technologies, and learn how to incorporate them in the event experience. Such planners may be obsolete in today’s competitive business environment, where event buyers are demanding advanced, technology-infused solutions from planners. 

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CORPORATE EVENT PLANNING SERVICES MARKET REGIONAL INSIGHTS

North America

North America boasts more concentrated corporate offices and large event budgets than anywhere else in the world due to its event requirements, preferences, and capacity. Another thing that makes the region prospective in innovation of superior apparatus of event technologies and environmentally friendly measures. Other metrics also point to the fact that the United States Corporate Event Planning Services Market is head and shoulders above other countries in terms of market size and growth, with corporate events, technological investment, and event profiles, formats, and infrastructure to match. The market is wide, heterogeneous, and full of opportunities, which can be benefitted by an event planner. 

Europe

Blessed with colourful cultural heritage and historic sites, Europe is considered the world’s best destination for organising international conventions, trade fairs, and business meetings. It focusses on both conventional and modern events among different businesses in the region. 

Asia

It exhibits a high level of growth as a result of the growing level of economic development and firm expansion. It has a broad array of different markets, and with an emerging middle class, the need for huge international conferences as well as localised corporate meetings markets it as a very important part of the global event planning market. 

KEY INDUSTRY PLAYERS

"Key Players Transforming the Corporate Event Planning Services Market through Creativity"

The main stakeholders of the industrial automation market are involved in shaping the trends and conduct of this market through their control of events and creativity. Everyone wants to have the newest features, even if they’re not absolutely necessary, so large companies that host many events are the first to implement these services and promote sustainability throughout the industry. These large amounts of money and high-profile events become yardsticks determining the level of quality and unprecedented methods and themes that the small players need to emulate.

LIST OF MARKET PLAYERS PROFILED

• Olivia Buckley International (Ireland)
• Wendy Von Fries (Spain)
• DINEvent (U.S.)
• The Concierge Club (U.S.)
• Event Solutions (U.S.)

INDUSTRIAL DEVELOPMENT

2024: A recent Cvent product release is the new artificial intelligence-based event management tool that assists organisations in the event budgeting process. This tool involves examination of past event data in a bid to ascertain areas that could lead to expenditure cutting, such as gaining better pricing with suppliers or the event venue, which could be cheaper. To this end, Cvent has pursued the use of AI in an attempt to streamline the event planning industry and benefit enterprises of all kinds while saving money in the process. 

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Corporate Event Planning Services Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.