Exploring the Vital Role Played by Event Marketing Services in Strengthening of Global Businesses and the Growth Drivers of its Industry

Event marketing refers to a marketing strategy that involves organizing an event for the promotion of a brand, a service, or a product. Some common examples of event marketing include product launches or conferences wherein the company showcases an upcoming product to a niche audience. Sometimes, the company announces a seminar or trade exposition which can be attended by the general public also.

Role played by event marketing services

The primary aim of availing event marketing services is to increase the credibility of a product. Experts have opined that by increasing the interaction with their products, companies can strengthen the credibility of their brand. Thus, event marketing becomes important from the standpoint of building customer loyalty. Hence, event marketing is sometimes also referred to as relationship marketing. Moreover, it has been seen that event marketing services help the company to build an online presence also. In the era where the e-commerce sector has been surging, this advantage of event marketing becomes even more vital. Apart from helping gain customers, event marketing offers support to build reliable business contacts. Business events which are organized for marketing purposes are generally attended by people working in associated industries. Companies can thus interact with their peers and chalk out plans to work together in the future. Thus, event marketing services, in a way, act as facilitators of network building.

Factors affecting the growth of the market

Growing brand awareness among businesses across the globe is predicted to be the primary growth driver of the event marketing services market. Furthermore, the introduction of advanced and innovative technologies such as artificial intelligence for developing chatbots and customer support applications will also open up new growth opportunities for the industry in the coming period. Increasing shift towards online events and growing reliance on digital platforms will also strengthen the position of the market. In fact, all these factors combined will help the market to register a healthy CAGR of 7.2% in the 2023-2032 period.

The event marketing service industry is generally segmented on the lines of service, event type, and user. Based on service, the event planning and management segment is predicted to witness an absolute revenue growth of $173,174.9 million from 2023 to 2032. On the other hand, the event promotion and publicity segment will experience an absolute revenue growth of $105,477.3 million during the same period. Analysis based on region shows that the market in Mexico is predicted to be the fastest growing with a CAGR of 12.9% in the same period.

Acquisitions by leading companies in the industry are also expected to play a major role in boosting the growth rate of the market. For example, in August 2021, Hopin announced that it was acquiring two event management service providers, Boomset and Attendify. These two acquisitions will increase the foothold of the acquiring company, i.e., Hopin, in the market exponentially.

To summarize, the global event marketing services industry is expected to benefit massively owing to the growing importance of event marketing in strengthening businesses around the world. Moreover, the growing reliance on online and virtual events will also aid the market to achieve its full potential

Related Post