Event Pro-Av Services Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Platform Type, by Category : Global Opportunity Analysis and Industry Forecast, 2021-2031

Event Pro-Av Services Market Research, 2031

The global event pro-av services market size was valued at $28.6 billion in 2021, and is projected to reach $56.9 billion by 2031, growing at a CAGR of 7.1% from 2022 to 2031.

Event pro-AV services are planning a performance or event that involves a large crowd congregating at a specific location and time. The most well-liked events are conferences and exhibitions, business events and seminars, advertising and fundraising campaigns, musical and artistic performances, sporting events, festivals, trade exhibits, product launches, and similar occasions. Understanding the audience and the behaviors that thrill and affect them emotionally is important during the beginning stage of a significant event, likely to propel the event pro-av services market size in forecast period.

Moreover, globalization of businesses, free flow of trade, favorable support from the government, and the presence of developed infrastructure are some of the vital factors that supplement the growth of the event pro-AV services market. An increase in demand for exhibitions and meetings among the big global companies also fuels the growth of the event pro-AV services market. Moreover, the market is witnessing growth, due to advancement of technology and increase in the trend of hybrid events. Moreover, such factors likely to boost the event pro-av services market demand across the globe. 

Among all age groups, the youth and middle-aged population are mostly part of the crowd. Along with music and festivals, various games & activities as well as catering services are available at such events. Giants operating in the market sponsor such events to create awareness among consumers about their products & services, which boosts the demand in the event pro-AV services market. 

In addition, various government bodies organize and host different types of ceremonies and events for various reasons such as award ceremonies, summits, cultural events, and free health camps. The governments of various countries spend heavily on different social issues and campaigns. For instance, the Swachh Bharat Mission campaign was launched by the Prime Minister of India in 2014. In addition, there are several NGOs that conduct fundraising events and launch various campaigns in spreading awareness toward various social issues such as health, hygiene, education, and drug abuse. A rise in expenditure of the NGOs and government bodies in conducting various events is expected to boost the growth of this segment significantly in the future. 

According to the Harvard Business Review, about 50% of corporate event attendees accepted that hybrid events will be an ideal format for hosting and attending events in the future. Over 50% of the businesses, in 2021, increased their hybrid events. Moreover, technological developments and the latest technologies like artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) are expected to fuel the event pro-av services market growth.

The expansion of event pro-av services industry is boosted by the increase in the number of different events, including concerts, sporting events, entertainment events, educational conferences, and trade exhibitions. The demand for and significance of various components and event services are fueled by the increased competition in the event pro-av services market forecast period for event services caused by the presence of a large number of market competitors. 

Global economies have been looking for ways to tap into young people's potential for entrepreneurship and start-up businesses for the last few decades. To provide direction and solutions for the youth, a variety of events and programs, including seminars, conferences, entrepreneurial programs, and others, are arranged. Various initiatives are organized and funded internationally to see if students can take advantage of unexplored commercial opportunities. Youth have been able to turn their original company ideas into workable plans because of an increase in the number of people attending business seminars and the expansion of effective counseling programs. As a result, young people are becoming increasingly interested in attending conferences, seminars, and career-related events. This is anticipated to increase demand for events globally and fuel the expansion of the market for event pro-AV services. 

However, increased uncertainty brought on by unexpected polling results—from Brexit to Trump—as well as protectionist and populist sentiments as well as global geopolitical and social unrest that threatens to bring about fundamental changes in trade and investment flows have, to some extent, contributed to the disparity in the industry's performance in recent years. Future expansion of the event pro-AV services market is anticipated to be constrained in the U.S. due to the rise in economic, political, and institutional uncertainties as well as an increase in terrorist attacks and global health concerns. 

The event pro-Av services business has been negatively impacted by widespread concerns about the pandemic. In addition, the coronavirus has severely impacted the events sector, with over 500 events either being canceled or permanently postponed. Events like investor presentations, international seminars, and trade exhibits have been postponed due to the COIVID-19 pandemic epidemic. The adoption of video conferencing systems by event organizers, on the other hand, is a key strategy that is anticipated to have a beneficial effect on the market's expansion. Due to the lockdown that has been imposed in many nations, various governments and police enforcement organizations are concentrating on organizing events using these platforms. 

The event pro-AV services market is segmented on the basis of type, platform type, category, and region. By type, the market is categorized into corporate, entertainment, public, and others. According to platform type, the event pro-AV services market is fragmented into a 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% 2021. Due to the wide range of services available in the entertainment industry, the market for event pro-AV services is expected to grow in this segment. Customers are expected to attend more sporting events and music concerts in the future, which will drive the segment's growth. Moreover, club festivals, which feature worldwide music experts and music conferences, are part of the entertainment sector. Parties and business conferences are both examples of entertainment events. International lecturers and performers attend these conferences to network and share ideas. Entrepreneurs, artists, producers, and leaders in the business are among the speakers. These types of gatherings primarily aim to inspire, educate, and innovate electronic music industry experts while also igniting conversations about emerging technology and social and environmental responsibilities. 

Depending on the category, the sound segment holds the largest event pro-av services market share in 2021, garnering 41.7% of the market share and the webcasting segment is expected to grow at the highest CAGR of 6.6% from 2022 to 2031. The rapid adoption of AV technologies by corporations and event planners around the world was blamed for this expansion. In addition, the COVID-19 pandemic is the primary reason for this market's explosive expansion. Moreover, large audiences can be addressed by speakers, audio control as well as transmitters which are vital for significant events since they facilitate communication and are especially useful in venues like auditoriums, stadiums, and outdoor theatres. One of the essential pieces of equipment utilized to improve the caliber of events is sound equipment. 

By platform type, the physical event segment dominated the market in 2021, garnering a market share of 57.5%. This market has grown as a result of the significant presence of small and medium-sized businesses and the rise in the number of corporate events held by them. Large corporations also hosted quarterly and annual meetings, conferences, and training sessions, which contributed to the expansion of the physical events market. Physical events are the most often held events since there is already a large body of methodology and procedures for doing them. These gatherings are crucial for activities including exchanges between teams, business networking, team development, and team strengthening exercises. Physical events require the use of lighting, sound, video, and decorations to accommodate a larger audience without causing informational gaps or interactional difficulties. In addition, attendance's physical presence at events aids in giving organizers physical clues on how to proceed with a gathering and aids in giving them real-time feedback, both of which aid in promoting these physical gatherings. 

By region, Europe holds the largest event pro-av services market share in the forecast period. Due to various participants in the market, the event pro-AV services industry is extremely fragmented globally. The ongoing use of numerous development methods by European market players, including partnerships, business expansion, acquisitions, mergers, and the introduction of new goods and services, heighten global competitiveness in the marketplace. 

The major players profiled in the report are Audio Visual Dynamics, AV Concepts, Inc., DSPAV, Event Solutions, Freeman Company, LLC, Meeting Tomorrow, Panavid, Inc., Pro AV Services LLC, Shepard Exposition Services, Inc., and Viad Corp, Event pro audio visual, WRG, Black box, AVP, ProAV, Velocis, Digital vision AV, Awesome AV, BI Worldwide, FCM, The events company, Creative Group, IBTM World, Meetings and Incentives Worldwide, Inc, Wyrestrom. 

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the event pro-av services market analysis from 2021 to 2031 to identify the prevailing event pro-av services market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the event pro-av services market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global event pro-av services market trends, key players, market segments, application areas, and market growth strategies.

  Event Pro-Av Services Market Report Highlights

Aspects	Details
Market Size By 2031	USD 56.9 billion
Growth Rate	CAGR of 7.1%
Forecast period	2021 - 2031
Report Pages	255
By Type	Entertainment Sub Type Music Concert Sports Others Public Others Corporate Sub Type Conference/Seminars Trade shows/Exhibitions Incentive programs Meetings Others
By Platform Type	Virtual Event Hybrid Event Physical Event
By Category	Visuals Lighting Webcasting Others Sound
By Region	North America  (U.S., Canada, Mexico) Europe  (UK, Germany, France, Italy, Spain, Rest of Europe) Asia-Pacific  (China, India, Japan, South Korea, Australia, Singapore, Rest of Asia-Pacific) LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Rest of LAMEA)
Key Market Players	EventPro Solutions Ltd, DSPAV, Advanced Visual Production, Velocis Systems Pvt. Ltd., Viad Corp, Event Solutions, Awesome Group, Digital vision Av, Freeman Company, LLC, Meeting Tomorrow, FCM, Creative Group, Inc., WRG, WyreStorm, Meetings and Incentives Worldwide, Inc, BI WORLDWIDE, AV Concepts, Inc.,, Panavid, Inc, ProAv Limited, IBTM World, Black Box, Audio Visual Dynamics, The Event Company, Shepard Exposition Services, Inc, Pro AV Services, LLC

Analyst Review

According to the perspective of top-level CXOs, the event pro-AV services market is growing at a significant pace and is anticipated to continue this trend in the future. Events play a vital role in revenue generation and brand equations for corporates and associations. It is observed that events conducted nowadays are interesting compared to those conducted in the past decade, driving the shift in consumers' choices and pressuring event planners and owners. Pro-AV services are becoming a key attraction of any corporate events as it helps in engaging and entertaining the audience. In addition, a broad market and inexpensive manufacturing costs make it simple to gain a competitive edge and economies of scale. In addition, countries like Germany, France, Italy, and Spain that have liberalized market entry methods encourage commercial organizations to increase the size of their markets. One of the key elements driving the expansion of event pro-AV services globally is the increased need to operate such businesses, which has resulted in a rise in activities like geocentric or cross-cultural employee training and global marketing. 

This industry is witnessing new and independent players leveraging technology to gain a competitive advantage in the present consolidated environment. However, companies are facing challenges in this industry to manage live inventory for simple and small events. Conversely, the focus of companies is to enhance the attendee experience and witness the successful completion of an event without any hindrance. Furthermore, lighting, visuals, and audio elements are crucial in this market because they keep the audience engaged through the use of lighting, sound, and visual effects. Moreover, depending on the nature of the conferences and seminars, entertains the audience with music, lighting, and images. The U.S. is the center of the world's business because the bulk of corporations have headquarters there and many big international players are situated there. As a result, more corporate events are taking place in the U.S, which is driving the demand for the pro-AV services market. 

Author Name(s) : Shikha Verma | Roshan Deshmukh

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