New York was the largest market in the United States and is expected to reach $77.1 billion by 2030 growing at a CAGR of 16.7% during the forecast period.
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, USA, July 25, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “United States Corporate Events Market by Event Type and Industry: Global Opportunity Analysis and Industry Forecast, 2021-2030”, the US corporate events market size is expected to reach USD 510.9 billion by 2030 at a CAGR of 17.3% from 2021 to 2030.
The US corporate events market generated revenues of $95.3 billion in 2020 and is expected to grow at a CAGR of 17.3% to reach $510.9 billion by 2030. The giant corporations organize various events to create strategies, celebrate success or set new international standards. Their event managers organize an event themselves or prefer external services. Corporate events include trade shows, grand ceremonies, team building activities, induction programs and an annual function.
Trade shows are a crucial part of marketing strategies, as they allow brands to showcase their products, target customers and find new business partners. Over the past few years, the popularity of trade shows has steadily increased, which is why they are mostly held at huge venues. In addition, major ceremonies include corporate conferences and galas. In team building events, the main objective is to build a strong relationship and trust between team members. Additionally, onboarding programs take place at the beginning of the month, the most common start date for newly hired employees.
Hence, the corporate sector provides various opportunities for event management companies to organize events, contributing to the generation of huge revenue, which, in turn, increases the growth of the US event industry by company. The growth of the corporate events industry is mainly due to the increase in the frequency of corporate meetings, conferences, trade shows/exhibitions and other events. Moreover, the deployment of advanced technology capable of handling the entire event propels the growth of the industry.
Some industry sectors such as hospitality and transportation are directly involved in the corporate events market. These industries can benefit from the corporate events business by offering their services and facilities to corporate event planners and attendees. Hotels are the main suppliers and the main beneficiaries. The development of the travel and tourism industry plays an important role in the growth of the corporate events market. The factors that further promote the growth of the US market include lifestyle changes, increase in tourism promotion, and increase in accessibility of transportation facilities. The current trend of online booking option for transportation and accommodation services has increased the convenience of business travelers which is expected to contribute significantly to the growth of the corporate events market.
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By event type, the market is segmented into conferences/seminars, trade shows/exhibitions, incentive programs, corporate meetings, and others. The corporate meetings segment is estimated to exhibit the highest CAGR of 18.9% in the US corporate events market during the forecast period. This is attributed to the development of the travel and tourism industry, the boom in international business travel and the expansion of the information technology sector.
By industry, the market is divided into banking & finance, information technology, real estate & infrastructure, automotive, insurance, and others. The information technology segment held the major share of 33.3% of the US corporate events market in 2020, as many IT companies such as Apple, Oracle, Dell, Amazon, Facebook, IBM, Qualcomm and Microsoft are headquartered in the United States, which is the largest tech market in the world, accounting for 32% of the total tech market share in 2020.
Thus, all these factors have an indirect impact on the growth of the US corporate events market over the forecast period. At the state level, New York accounted for a significant market share in 2020. Priorities for corporate event attendees in New York are networking (82%), learning (71%) and entertainment (38 %).
Tourism is one of the growing sectors, which is expected to drive New York’s future prosperity. According to a report by Tourism New York, the state welcomed a record 67 million visitors in 2019, which directly impacted the state’s economy.
The players operating in the US corporate events market have adopted various development strategies to increase their market share, exploit the opportunities in the US corporate events market and increase the profitability of the market. Key Players profiled in this report are 360 Destination Group, Access Destination Services, BCD Travel Services BV, BI Worldwide, CWT, Cievents, Creative Group, Inc., ITA Group, Maritz Holdings, Inc. and Reed Exhibitions Ltd.
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