the sports segment is the highest contributor to the market and is expected to grow at a CAGR of 8.2% during the forecast period.
PORTLAND, OREGON, UNITED STATES, August 7, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Saudi Arabia Events Industry by Type, Revenue Source, Organizer and Age Group: Global Opportunity Analysis and Industry Forecast, 2022–2031,” The Saudi Arabia events industry was valued at $6.1 billion in 2021, and is projected to reach $17.6 billion by 2031, registering a CAGR of 8.7% from 2022 to 2031.
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The term event refers to organizing a show which involves public gathering at a pre-determined place and time. The most popular events include conference & exhibition, corporate events & seminar, promotion & fundraising, music & art performance, sports, festival, trade shows, product launch, and similar others. The initial stage of a major event involves understanding the audience and their behavior that excites and emotionally engages them. The final stage involves conducting an event appropriately.
To increase awareness about products and services offered by various companies, the leading players operating in myriad industry sponsor events such as music concerts and sports events. Sponsorship is done to provide material support to an event or an organization. In addition, sponsorship enables the leading players to advertise their products and reach a wide consumer base, thereby fueling the adoption of their products. Moreover, it helps to focus on consumer preference and to foster brand loyalty.
Furthermore, it draws attention to the existing and potential customers of a brand or company and creates a positive impact on them, thereby leading to increased brand loyalty. Sponsors further check the past proven records of a particular event as well as the probability of success of the event before they sponsor an event, as they invest in a plan, and expect positive return on the investment. The most common sponsorship can be seen in the field of sports and entertainment, ranging from local to regional and international events.
Sports events can act as a potential catalyst for economic development in Saudi Arabia. The Saudi government has committed to making large investments in sports, including $2 billion by 2023, $670 million to fund private sector sports clubs, and $320 million in club sponsorships. The rising government support to the sports sector in the country is expected to drive the growth of the overall economy and events industry during the forecast period.
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According to Saudi Arabia events industry analysis, the market is segmented into type, revenue source, organizer, and age group. On the basis of type, the market is divided into music concerts, festivals, sports, exhibitions & conferences, corporate events & seminars, and others. On the basis of revenue source, it is segregated into ticket sale, sponsorship, and others. As per organizer, it is categorized into corporate, sports, education, entertainment, and others. By age group, it is fragmented into below 20 years, 21–40years, and above 40 years.
Depending on revenue source, the sponsorship segment accounted for the highest revenue in 2021. This is attributed to unlimited opportunities the organizers find to broaden their competitive advantage. Moreover, sponsoring an event increase reach among potential buyers and customers, thereby boosting the growth of the market.
As per Saudi Arabia events industry forecast, based on the organizer, the sports segment dominated the market, garnering a market share of 31.1% in 2021. Tournaments such as FIFA, World Cup, IPL, and others attract a huge population base that helps in revenue generation, owing to increase in interest toward such sports tournaments. Sports events earn considerable revenue through selling tickets, sponsorships, endorsements, advertisements, and others.
As per Saudi Arabia events industry demand, by age group, the 21–40 years segment contributed the maximum revenue in 2021, owing to growing interest toward entrepreneur & business seminars, conferences that offer proper guideline & direction to the youth for establishing a start-up, along with music concerts and festive gatherings.
However, entering into this industry may require high initial costs and can be risky due to the presence of existing giants. Thus, potential entry barrier is anticipated to hinder the Saudi Arabia events industry growth during the forecast period.
The major players profiled in the report are Riyadh Exhibitions Company Ltd., HWADI Group, Konoz Retaj Organization, DConcept, Stamina, Events AVP Technical Event Management, Your Event Arabia Co., Benchmark, Gevents, and Add.
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Key findings of the study
The Saudi Arabia events industry size was valued at $6.1 billion in 2021 and is projected to reach $17.6 billion by 2031, registering a CAGR of 8.7% from 2022 to 2031.
By type, the sports segment was the highest contributor to the market in 2021 and is expected to grow at a CAGR of 8.2% during the forecast period.
By revenue source, the sponsorship segment was the highest contributor to the market in 2021 and is expected to grow at a CAGR of 9.3% during the forecast period.
By organizer, the sports segment was the highest contributor to the market in 2021 and is expected to grow at a CAGR of 8.1% during the forecast period.
By age group, the 21-40 years segment was the highest contributor to the market, with $489.8 billion in 2021, and is expected to grow at a CAGR of 9.7% during the forecast period.
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