The U.S. event services market size was valued at $70,300.0 million in 2022, and is projected to reach $153,096.5 million by 2032, registering a CAGR of 7.0% from 2023 to 2032.
The event services sector in the U.S. is a thriving and varied one, serving a variety of occasions and gatherings across the nation. The market includes a range of services that aid in the planning, coordination, and execution of entertainment events, such as concerts, music festivals, theatrical performances, corporate events, trade exhibitions, private parties, and more. Consumer preferences, technical developments, and market trends all have an impact on the market for event services in the U.S. It keeps developing to satisfy the various needs of both audiences and event organizers.
MARKET DYNAMICS
Market trends for event services are significantly influenced by economic factors. Consumers and businesses may have more disposable income during times of economic growth and stability, which could result in increased expenditure on entertainment events. Economic downturns, on the other hand, can result in lower spending on and attendance at events.
Event planners must constantly adapt to changing customer preferences and the need for distinctive and immersive experiences. They must also make investments in cutting-edge event designs, technologies, and themes. Large-scale events have an increasingly negative influence on the environment, including waste production, energy use, and carbon emissions. Event planners are under pressure to use sustainable techniques, but doing so could raise prices and complicate logistics. International travel regulations and limits on attendees have an impact on the attendance and financial success of international events.
The market for event services is always affected by rapid advancements in technology. Innovations like event analytics, virtual reality, augmented reality, and live streaming have completely changed how events are organized, carried out, and enjoyed. In order to maintain their competitiveness and draw tech-savvy attendees, event organizers must adopt these tools. Expectations and inclinations of consumers are constantly changing. Changing trends and preferences, such as the U.S. event services market demand for immersive experiences, sustainability-focused events, and individualized encounters, must be kept in mind by event planners.
The U.S. event services market was significantly impacted by the COVID-19 epidemic. It caused numerous event cancellations and delays as well as the creation of virtual and hybrid events. Even when regulations loosen, the sector might still need to adjust to new standards and safety rules.
Consumer spending on non-essential activities like entertainment events is impacted by economic downturns or uncertainty. The economic difficulty may cause people and corporations to cut back on their event budgets, which will lower demand. The popularity of streaming services, internet entertainment, and digital content has drawn consumers' focus and money away from conventional live events. The accessibility of digital entertainment increases the difficulty for event planners in drawing attendees.
The organization and execution of entertainment events are impacted by laws and regulations relating to occasions, locations, safety, and crowd control. To ensure compliance and smooth operations, event planners must follow these rules. Seasonal or cyclical occurrences can cause changes in demand and revenue throughout the year. For instance, certain seasons might see an increase in the number of outdoor activities and music festivals.
Large-scale event planning is expensive, especially in major cities. Event budgets are under pressure as a result of rising venue costs, talent fees, marketing expenditures, and other overheads, which have an effect on profitability. For event organizers, obtaining the required licenses and following rules pertaining to event planning, crowd control, safety, and health takes time and money.
The types of occasions and topics that become popular are influenced by world events, cultural fads, and societal changes. Event planners can find fresh ideas and topics that connect with audiences by staying aware of global trends. As a result of the COVID-19 epidemic and other possible risks connected with huge gatherings, public health, and safety concerns have taken a priority position. In order to keep the public's trust and guarantee the success of the event, these issues must be addressed.
Events held outside are susceptible to weather-related cancellations due to precipitation, storms, or excessive temperatures. Events' safety and logistical security are also at risk from natural disasters. The security and safety of participants is of utmost importance to event planners. High-profile events draw security risks, and they invest in strong security measures, which raise costs and complicate logistics.
Events held in well-known tourist areas draw attendees looking for unusual opportunities for vacations and experiences. Event planners take advantage of the allure of spectacular venues to increase event attendance and produce unique experiences. Additional revenue streams are generated by live broadcasting events and providing premium content access. Event content monetization enables organizers to reach a worldwide audience and broaden the event's influence beyond its immediate surroundings.
The opportunity exists for providers of event services to make investments in innovative health and safety measures. These include crowd management systems, contactless ticketing, improved sanitary procedures, and health screening options to reassure visitors. It can be quite profitable to cater to niche audiences and certain event niches. Event planners can customize experiences and connect with highly targeted audiences by focusing on particular hobbies, industries, or demographics.
SEGMENTAL OVERVIEW
The U.S. event services market is analyzed on the basis of event type and service type. By event type, the market is divided into corporate events and private & personal events. Further, corporate events are segmented into conference/seminar, trade shows/exhibitions, incentive programs, company meetings, and others. In addition, private & personal events are further segmented into birthday parties, Quinceanera, Bar Mitzvah, graduation parties, festival events, shows, receptions, and others. By service type, the U.S. event services market is divided into strategy, planning, budget, & development, communication & logistics, location rental, event catering, attendees’ management & engagement, event entertainer, and others. Further, event entertainers are segmented into artists, dancers, chefs & mixologists, comedians, musicians, unique performers, and others.
BY EVENT TYPE
The corporate events segment, as per event type, dominated the U.S. event services market in 2022 and is anticipated to maintain its dominance throughout the U.S. event services market forecast period. Corporate events are essential for professional development, brand promotion, and business networking in the U.S. market. These activities include a wide range of get-togethers, including conferences, seminars, product launches, trade fairs, team-building retreats, and corporate events. Corporate events are venues for sharing knowledge, displaying innovations, and establishing commercial ties with a focus on involving clients, partners, employees, and industry stakeholders. In order to leave a lasting impression on attendees, U.S. event planners and organizers create customized experiences that complement corporate goals and incorporate cutting-edge technologies, interactive components, and imaginative themes. Additionally, the U.S. corporate events market supports sustainability principles, and there is a growing focus on developing events that appeal to eco-aware attendees. As companies continue to see the strategic importance of corporate events, the U.S. event services market growth is solid, serving a variety of industries and making a major contribution to the economy of the nation.
BY SERVICE TYPE
The location rental segment dominates the U.S. event services market in 2022. The U.S. market for location rental is a growing industry that serves a wide spectrum of businesses and individuals looking for venues for different purposes. Location rental services offer a wide range of possibilities to satisfy particular event needs for corporate events, weddings, concerts, and private parties in addition to film and television projects. The American market offers clients a wide range of options for their meetings, including studios, mansions, hotels, event spaces, natural locations, and historical landmarks. In order to create a seamless and memorable experience for both event organizers and attendees, location rental firms frequently offer additional amenities, technical support, and event coordinating assistance in addition to their adaptable locations. The industry's scalability and flexibility to accommodate a variety of event sizes and types contribute to its continued popularity in the U.S. market.
COMPETITION ANALYSIS
The major players analyzed for the U.S. event services industry are Party City Corporation, Live Nation Entertainment, Inc., All Occasion Event Planning, Dream Party Productions, 360 Destination Group, Access, Cvent Holding Corp., Anschutz Entertainment Group, Inc., ATPI Ltd., Eventbrite, Inc. Key players operating in the U.S. event services market have adopted product business expansion, acquisition, partnership, and investment as key strategies to expand their U.S. event services market share, increase profitability, and remain competitive in the market.
There are many competitors offering a wide range of services in the fiercely competitive U.S. event services industry. As companies compete for customers and distinguish themselves from one another, innovation and price competitiveness are fostered. For large-scale events to be financed, sponsorship agreements and funding alliances are essential. The nature and level of entertainment events can be influenced by sponsors' availability and businesses' desire to invest in events.
In 2020 and 2021, virtual and hybrid events spread quickly as a result of the COVID-19 epidemic. With the help of many event services firms, organizers may now reach a wider audience by adapting their offers to include online and virtual experiences. The market for entertainment event services has placed an increasing emphasis on sustainability. Event planners and service suppliers have started using eco-friendly methods, waste reduction techniques, and eco-friendly event solutions.
Companies in the sector have been investing in technologies and approaches to provide guests with individualized experiences. Personalization has emerged as a crucial strategy for raising audience engagement, from customized marketing efforts to interactive event features. Analysis of audience behavior, preferences, and comments has become more popular using artificial intelligence (AI) and data analytics. Companies have been using data insights to optimize event planning, improve customer experience, and make data-driven choices.
Due to the COVID-19 epidemic, event service companies have put strict health and safety guidelines into place for live events. In order to assure attendee safety, this also entails contactless tickets, improved cleaning procedures, and social segregation techniques. To diversify their product offerings and expand their customer base, certain event services firms have partnered and collaborated strategically with venues and other industry participants.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the current U.S. event services market trends, estimations, and dynamics from 2023 to 2032 to assist to identify the prevailing U.S. event services market opportunities.
- Major countries in each region are mapped according to the individual U.S. event services market revenue.
- The region-wise and country-wise market conditions are comprehensively analyzed.
- This study evaluates the competitive landscape and the value chain analysis to understand the competitive environment across geographies.
- An in-depth U.S. event services market analysis of each segment of the U.S. event services market is provided to assist the prevailing market opportunities.
U.S. Event Services Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 358.6 billion |
 Growth Rate | CAGR of 7% |
 Forecast period | 2021 - 2031 |
 Report Pages | 131 |
 By Service Type |
|
 By Event Type |
|
 Key Market Players | B-Watson Event Services, GES Event Services, MGM Event Services and Logistics, All Occasions Event Rental, PSAV, EventQuest, Avery Event Design, CORT Event Furnishings, Dynasty Event Services, National Event Services |
Analyst Review
The perspectives of the leading CXOs in the U.S. event services market are presented in this section. The U.S. event services market is a vibrant, expanding industry that offers a wide range of services to meet the varied and changing entertainment needs of the American public. This industry, which encompasses everything from live performances and music festivals to corporate events, trade exhibits, and private gatherings, is essential in influencing the cultural environment of the nation and fostering economic development. The U.S. industry for event services is heavily reliant on trade shows and corporate events. Conferences, product launches, and promotional events are organized by businesses with significant financial investment in order to engage with their target audience, create commercial ties, and present their most recent breakthroughs. These gatherings provide a venue for business networking, knowledge sharing, and connection building.
According to CXOs, events were widely canceled and postponed as a result of the COVID-19 pandemic outbreak in 2020, which had a negative effect on the business. Event planners had to quickly switch to virtual or hybrid formats in order to keep up with the times and maintain continuity. In addition, the industry confronts challenges with regard to sustainability, event security, and safety, necessitating ongoing efforts to successfully handle these issues. Despite the difficulties it faces, the sector's adaptability and tenacity ensure that it continues to lead American entertainment and celebration.
The U.S. event services market size was valued at $70,300.0 million in 2022, and is projected to reach $153,096.5 million by 2032, registering a CAGR of 7.0% from 2023 to 2032
The forecast period in the U.S. event services market report is 2023 to 2032.
The base year calculated in the U.S. event services market report is 2022.
The top companies analyzed for the U.S. event services market report are Party City Corporation, Live Nation Entertainment, Inc., All Occasion Event Planning, Dream Party Productions, 360 Destination Group, Access, Cvent Holding Corp., Anschutz Entertainment Group, Inc., ATPI Ltd., Eventbrite, Inc.
The corporate events segment is the most influential segment in the U.S. event services market report.
Location rental holds the maximum market share of the U.S. event services market.
The company profile has been selected on the basis of key developments such as partnership, product launch, merger and acquisition.
The market value of the U.S. event services market in 2022 was $70,300.0 million.
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