Credit: Meetings & Conventions Asia
The size of the Asia events market was estimated at $273.8 billion in 2018 and is projected to grow to $567.10 billion by 2026, with a CAGR of 9.2% between 2019 and 2026. An event is a planned public gathering of people for a particular reason at a specific time and location.
An event may be staged for commercial profit enhancement, celebratory, entertainment, or charitable purposes. Conferences and exhibitions, business events and seminars, promotions and fundraisers, musical and artistic performances, sporting events, festivals, trade exhibits, and product launches are among the most well-liked events. Corporate entities, government agencies, non-governmental organisations, and similar entities are the main market participants in the events sector.
The increase in the number of business meetings, inductions, conferences, exhibitions, music performances, and sporting events is a key factor in the expansion of the Asia events sector. The industry grows as a result of the use of best-in-class technology that can manage the entire event. Additionally, recurring multifaceted events serve as a major market driver for the Asia event business.
Modest gig or performance at a social club or stadium as well as an increase in sponsorships from various brands like Redbull, Monster Energy, Nike, and Cocoa Cola for a significant Asian three-day festival help the industry develop.
The introduction of new media channels and distribution techniques also gives giants more opportunity to communicate and plan events with speakers, entertainers, and business coaches. However, two key barriers to entrance are a greater entry cost and sector fragmentation. The expansion of the Asia event sector, on the other hand, is anticipated to be boosted throughout the projection period by an increase in travel and tourist investment.
The term “event” refers to planning a performance that involves a large crowd congregating at a specific location and time. Conferences and exhibitions, business events and seminars, promotions and fundraisers, musical and artistic performances, sporting events, festivals, trade exhibits, product launches, and similar events are among the most well-liked events.
Understanding the audience and the behaviours that thrill and emotionally engage them is important in the early stages of a significant event. The last step is to carry out the event properly.
Due to an increase in the number of businesses and the frequency with which they hold seminars and events, the corporate events & seminars category accounted for the largest proportion of the events industry in 2018. Additionally, because speakers and audiences engage during these seminars and events, more people attend, which hastened the segment’s expansion.
However, it is predicted that the festival category, particularly the music festival segment, would increase at the greatest CAGR of 5.0% over the course of the projected year. This is linked to an increase in the attractiveness of these events among Asians, particularly young and middle-aged people, which spurs the expansion of the events sector. Such music events and concerts also present important chances for companies and promoters to connect with concertgoers, which in turn fuels the expansion of the Asian events sector.
According to income source, sponsorships generated the most money in 2018, perhaps as a result of the many chances found by the organisers to increase their competitive edge. Additionally, sponsoring an event broadens your audience of prospective clients and consumers, which supports the expansion of the events sector.
According to current trends in the Asia events industry, the industry has been divided into age groups. In 2018, the 21–40 years segment generated the most revenue, thanks to a rise in interest in entrepreneur and business seminars and conferences that provide the next generation with proper guidance and direction for starting up businesses, as well as the organisation of music concerts and festive gatherings.
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