The event industry has been growing 16% CAGR leaving behind the Indian media and entertainment (M&E) industry, which is growing at 11-13% CAGR. The event industry is expected to cross to cross Rs 10,000 crore mark by 2020-21, as per the reports by Event and Entertainment Management Association.
The event industry is the most adapting industry and this is the reason why this industry is able to take advantage of the growing technology. The key areas in the event industry where the growth will be seen are digital activation, sports leagues, rural expansion personal events, product launches and other government marketing initiative surpassing overall growth rate of the M&E industry. The digital event industry is the most flourishing at this time, the overall growth in the digital events has grown since 2013-14.
The event industry is transforming itself day by day with creative content, latest technology and innovative ideas and is now concentrating more on providing larger than life experience to the targeted audience. The factors which have led to this tremendous growth of the event industry are the changes that have come in the Indian economy and also increase in number of personal events such as wedding and parties, etc
Growing digital events, increase in the spending power and development in the event technology will take the Indian event industry to new heights in the next 5 years.