Corporate has acquired the largest market revenue share in the Saudi Arabia Event Management as a Service Market in 2021– 6Wresearch
Saudi Arabia Event Management as a Service Market registered a decent growth in 2019 as a result of increased awards and felicitations, exhibitions, conferences, reality shows, and concerts in the country due to its Vision 2030 initiative. Additionally, since the Vision was adopted, over 2,000 events have been hosted, with over 46 million visitors. Increasing disposable incomes and draining work schedules are pushing the millennial generation to seek out new and improved entertainment choices. Therefore, the demand for events such as music festivals, concerts, live events, and galas is increasing at an increasing rate. According to media sources, the number of entertainment venues have increased from 154 in 2017 to 277 in 2020, offering additional options to organize future events.
According to 6Wresearch, the Saudi Arabia Event Management as a Service Market size is projected to grow at a CAGR of 8.3% during 2022-2030. Saudi Arabia Event Management as a Service market is currently at the growth stage of the industry life cycle The Saudi Vision 2030 initiative aims to increase household spending on entertainment and cultural activities from 2.6% to 6.0% by 2030, opening up new growth opportunities for the event management as a service market. To make the country ‘a top events destination’, the government intends to invest more than $64 billion in the entertainment industry by 2030. which would strengthen the market in coming years as well the market is anticipated to grow during forecast period.
According to Chhavi Malpani, Manager, 6Wresearch, By End Users, corporate sector garnered maximum revenue size in 2021 and the same trend is projected to continue in the upcoming years due to government's increased focus on its corporate sector. For instance, Saudi Arabia's Ministry of Investment issued 466 foreign investment licenses in Q4 2020, a 60% increase from the previous year this would raise the number of business events, conferences, and product launches in the upcoming years creating more opportunities for the Saudi Arabia event management as a service market.
According to Ramit Behl, Research Analyst, 6Wresearch, Individuals and the public sector are expected to experience steady growth in the coming years due to an increase in the need for professionals to organise weddings, anniversaries, birthday parties, fundraising events, and other social events for the millennial generation.
Some of the major companies in Saudi Arabia Boat and Yacht Market includes SoundKraft LLC, Global Event Management, AK Events, Alpha Conferences & Exhibitions, Masaahaat, Addenterprise. Eventech and G-EXPO.
“Saudi Arabia Event Management as a Service Market (2022-2030)” report provides an in-depth analysis with 12 figures and 2 tables, covered in 60 pages. The report estimates and forecast the overall Saudi Arabia Event Management as a Service Market – By End Users. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
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