Source: Meetings & Conventions Asia
Asia’s events sector set to double in value to reach US$567 billion by 2026.
For a sector that was valued at US$274 billion in 2018, the events industry in Asia is expected to reach US$567 billion in 2026, with a growth rate of 9.2%, according to a recent report by Allied Market Research entitled ‘Asia Events Industry Market by Type, Revenue Source, Organizer, and Age Group: Opportunity Analysis and Industry Forecast, 2019-2026’.
Events are playing an important role in generating revenue and building brands for corporations and associations, the report notes. Depending on the revenue source, the sponsorship segment had the largest share in 2018 and is expected to grow at a CAGR of 10.1% from 2019 to 2026.
Various factors are driving the growth of events in Asia, including a focus on providing unique, immersive experiences for attendees instead of just standard conferences or trade shows. The use of technology, such as virtual and augmented reality, live streaming, and artificial intelligence, is also improving the overall attendee experience.
The report highlights a growing interest in hybrid events, which provide a more flexible and accessible experience and the ability to reach a wider audience.
Additionally, sustainability is becoming an increasingly important consideration for hosting events, with more organizations looking to reduce their environmental impact and minimize waste. This includes measures like reducing carbon emissions, using eco-friendly materials, and promoting recycling and composting.
The report profiles several companies within the Asian events sector, including ATPI, BCD Meeting & Events, Capital, Cvent, Entertaining Asia, Live Nation Entertainment, Questex Reed Exhibitions, Riviera Events, StubHub, and Lixil Group Corporation.