NAEMD - Asia's Best Event Management Institute
Admissions Open - 2021
The Growth of Event Management Industry
With recent surveys confirming the growth of the event industry by 27% in India, the rate at which event managers would need can be estimated. The sector offers a splendid opportunity for neotypes to join and enjoy its various flavours. In other words, it ushers the young generation to pursue a seasoned career in the event management industry. Besides this, the sector substantiates multi-faceted reasons for its peaking revenue graph. Some of the qualitative factors behind this acceleration are as follows:
Familial Ties Getting Professional
People today hardly have time for each other due to their high-paid corporate jobs disrupting the work-life balance. But, they are financially capable of splurging on event management services to make their dear ones happy with professionally arranged celebrations. Besides, the small family size is the reason behind the inability to distribute a private affair or social gathering. And this choice to live on one’s terms and conditions eventually creates a demand for event management and planning. Moreover, these nuclear families exercise their optimal capabilities to acquire the best in the market. To accomplish this, such families capably engage the finest of the event planning services. For them, the event industry holds the talent to invigorate their societal status and prestige within their cordial circles. Thus, the trending nuclear family system boosts up event management planning to another level. It furnishes the primary rationale for this industry to stand at par with others growing businesses in the market.
Modern Business Strategies
Every service, product, an art form, brand, and even celebration needs promotion to survive the tough competition. The outward show being indigenous to the present era plays a pivotal role in making a famous brand. In yesteryears, public events were limited to the entertainment industry, but the evolution of social media platforms has encouraged organisations to publicise their products and services in the recent past. For instance, a corporate business event, product launch, exhibition & trade-fair, press conferences, movie promotion, dealer's meeting or a music video launch program is designed to draw public attention through entertainment and hospitality.
The Need for Marketing
Entertainment events or press conferences centred on the launch of a particular brand or its product in the market are powerful weapons to stand out from several counterparts or competitor products and services. The exclusive media attention garnered through an event cannot be acquired rapidly by any other means. This has caused business organisations and corporate giants to rely heavily on the event management industry.
Large-Scale Commercial Events
The annual trade fairs in various states and other festive carnivals hosted by the state governments are ever-evolving. These demand massive systematic arrangements made by the event management corporations. Reality shows, beauty pageants, educational training or career counselling events – the list is never-ending. Media exposure being the ulterior motive of every occasion, has enhanced the demand for event management over the years.
Sprouting Zeal for Entertainment
The contemporary era brims with zest and zeal when it comes to consuming engaging and entertaining services. And the event management industry catalyses this enthusiasm like no other. The industry’s planning team ensures the availability of endless and life-like entertainments for its clients. This includes outstanding hospitality in terms of catering distinctive and customised service packages. In addition, services such as birthdays, anniversaries, and new year bashes or events such as weddings, baby showers, and name ceremonies, makes the industry bloom with endless pride and entertainment. In short, entertainment is one of the prominent factors for the growth of the event management industry worldwide.
The event planning team puts goal-oriented efforts to ensure the provision of professional services for their clients. In addition, the industry hires trained event managers to maintain their professionalism and decor. Furthermore, this professional sensibility on the part of the industry engenders a good review from prospective stakeholders. And eventually, it receives tremendous applause and recognition for this for genuine clientele. Therefore, the growth of the event management industry substantially upon the level of professionalism it offers to its customers. Better services allow higher chances of development within the industrial market.
Flexible Clients and their Monetising Enterprises
Yet another element that boosts the growth of the event management industry in this decade. The flexible power of the client to pay for event planning services has witnessed a recent hike. Or else put it, customers desire to flaunt their show-biz identity and are ready to pay for it without hesitation. For instance, to celebrate their annual success, a business firm throws a massive party for their employees. The reason behind this great enterprise is not only its flexibility and readiness to pay but also the monetary factor. Here, a like-minded get together among people encourages employees to work hard. In addition, it also opportunities the collaborates for re-think and re-collaborate in future. Therefore, a good event creates excellent chances for future collaborations and monetises both the industry and its stakeholders.
Transformation of Mindset
The transformation of the consumer mindset plays an essential part in the growth of the event industry. Because people have become more comfortable with this hospitality sector, which wasn’t there a few decades ago, this has subsequently advanced the development of trust and amity between event managers and the stakeholders. In addition, the customers have got so used to this system that their dependence on its services keeps accelerating with time. As a result, the event management industry forms cordial alliances with their authentic and genuine clients. This transformation of mindset paves an optimal pathway to add firmness and diligence to the industry.