Companies have learned that events excel at engaging stakeholders and enhancing customer experiences through experiential marketing and brand-building events. That’s one of the main reasons the corporate event market is projected to grow at a compound annual growth rate of 10.5% from 2023 to 2032.

The corporate event market, which was valued at $286 billion in 2017, is projected to reach $1,171 billion by 2032. Between 2023 and 2032, the market is expected to grow at a compound annual growth rate (CAGR) of 10.5%, according to a new report from Allied Market Research.

What’s driving this phenomenal growth? According to the report, the main drivers are an increasing demand for experiential marketing and brand-building activities as companies seek to engage stakeholders and enhance customer experiences by creating deeper connections with clients, partners and employees.

Companies are also expanding their reach and reducing logistical barriers through using event technology such as virtual and hybrid formats. Virtual and hybrid technologies make events both more accessible and more cost effective to attend for those who are unable to travel to face-to-face events. This is increasingly important as globalization and business expansion have led to a rise in cross-border conferences, trade shows, and product launches, the report found.

Companies also are investing more in training and development programs, such as seminars and workshops, and a growing emphasis on sustainability on the corporate level also has encouraged companies to incorporate eco-friendly practices into event planning, which both aligns corporate events with the company’s overall strategic green initiatives and drives market growth.

When the researchers looked into the types of events, such as trade shows/expos, incentives and internal company meetings, they found that the conference/seminar segment held the highest market share — more than half of the corporate event market revenue — a position they anticipate will hold between now and 2032. Among the key factors behind the strength of conferences/seminars are their ability to provide knowledge sharing, networking and professional development, drawing large numbers of industry leaders and decision-makers across industries to drive business growth and innovation.

This type of meeting also is an effective way for companies to showcase thought leadership, launch new products and foster industry collaboration.

While the ability to extend the reach of meetings and events through the use of virtual and hybrid technology is one of the drivers for growth, face-to-face meetings still hold the highest market share, accounting for more than a third of corporate event market revenue. The value of these face-to-face meetings, as event professionals know, is providing an environment conducive to in-person networking, real-time collaboration and immersive brand experiences.

Conferences, trade shows and product launches also provide a lot of value by offering attendees the opportunity for direct engagement, hands-on demonstrations, personal interaction and, especially for companies that have tangible products and services, provide experiential marketing opportunities. In-person events also draw larger audiences, generate more media coverage and facilitate business opportunities that are more difficult to make happen in virtual formats.