Corporate event refers to public gathering of at a predetermined time and place for incentive group events, marketing events, product launches, company general meetings, corporate retreats, or training programs, conference/seminar, and tradeshows/exhibition. The purpose for staging an event can be increase in business profitability, celebratory, and community causes. Corporate events help to build and strengthen relationship with existing and future clients and agencies. It serves as a way of conveying a message to inspire and motivate employees, stakeholders, and business associates. The key stakeholders within the corporate events market are corporate organizations, public & private organizations, and similar others.
In general, corporate event are activities that involve attendees who share a common interest and gather together for discussions and interactions. The venue for such events needs to be arranged beforehand, as the venue provides space and facilities necessary to meet the needs of those who attend the gathering. The U.S. corporate event market generated revenue of $211.57 billion in 2019, and is expected to grow at a CAGR of 18.50% to reach $322.45 billion by 2027.
The growth of the U.S. corporate event market is driven by massive increase in business activities such as conference/seminar, brand promotions, and employee training activities, rapid development of the tourism & hospitability sectors, and expansion of IT hubs in the U.S. Other significant factors that promote the growth of the market are rise in business travel coupled with change in lifestyle of business travelers to seek leisure trips, rapid urbanization, and increase in disposable incomes.
Moreover, surge in government initiatives to promote SMEs by providing fund to deploy advanced technology in rural entrepreneurship and liberalization of market entry to increase foreign direct investment (FDIs) are anticipated boost the growth further. However, high cost associated with corporate events and uncertain geopolitical conditions hamper the market growth. On the contrary, investments in infrastructural development and technological advancements in event management software are expected to provide lucrative opportunities for market growth during the forecast period.
The U.S. corporate event market is segmented into type, industry, and state. On the basis of type, the market is classified into conference/seminar, trade shows/exhibition, incentive programs, company meetings, and others. Depending on industry, it is fragmented into banking & financial sector, information technology, real estate & infrastructure, automotive, insurance, and others. State wise, it is analyzed across Wisconsin, California, Texas, New York, Florida, Illinois, and the rest of U.S.
Key market benefits for stakeholders
- The report provides an extensive analysis of the current & emerging trends and opportunities in the U.S. corporate event market.
- It provides detailed qualitative and quantitative analyses of current trends and future estimations, which help understand the prevailing market opportunities.
- A comprehensive analysis of factors that drive and restrict the growth of the U.S. corporate event market is highlighted in the study.
- An extensive analysis of the U.S. corporate event market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential & niche segments as well as states exhibiting favorable growth