5th Largest GDP Contributor, Event Industry Poised to Grow by $7.8 Billion by 2029

by  EVENTFAQS Bureau Industry Watch | August 12, 2024 | News

EEMAGINE Event Management

India's event management industry is rapidly emerging as a key contributor to the nation's economy, with its market size projected to expand from USD 5.23 billion in 2024 to an impressive USD 7.8 billion by 2029. This sector, which encompasses weddings, corporate events, exhibitions, and entertainment, is becoming 5th largest contributors to India's GDP. 

On August 10, 2024, Day 2 of EEMAGINE 2024, Aalap Bansal presented the "Event Management Industry Outlook," offering a deep dive into the sector's future landscape and emerging opportunities. The presentation highlighted the potential for the event management industry to further bolster its contribution to India's GDP. Key themes included innovation, sustainability, and international collaboration. This insightful session was part of the broader EEMAGINE 2024 event, which took place from August 9th to 11th, 2024, at the ITC Royal Bengal in Kolkata.

The Surge of India's Event Management Industry

The event management industry in India is experiencing exponential growth, driven by several factors. The burgeoning middle class with rising disposable incomes, increasing importance of brand building through events, and the integration of cutting-edge technologies like AI, VR, and AR in event planning have all contributed to this boom. 

• Current Market Size: In 2024, the event management industry in India is valued at USD 5.23 billion.

• Projected Growth: By 2029, this market is expected to reach USD 7.8 billion, representing significant growth potential.

A Global Perspective

Globally, the event management industry is also on a growth trajectory, projected to increase from USD 438.8 billion in 2023 to USD 819.1 billion by 2035. This growth underscores the increasing importance of events in global business strategies and consumer engagement.

Key Drivers of Growth

• Rising Disposable Income: India's expanding middle class is fueling demand for lavish weddings, corporate events, and other social gatherings, all of which are contributing to the growth of the event management industry.

• Technological Integration: The adoption of advanced technologies such as AI, VR, and AR is revolutionizing the event experience, making events more engaging and immersive, which in turn drives market growth.

• Event Sponsorships: A surge in event sponsorships, particularly in sports and entertainment, is another key factor contributing to the industry’s growth.

Economic Impact

The event management industry is not just growing in size; it is also a significant contributor to employment in India. The sector directly employs around 10 million people and indirectly supports an additional 50 million jobs. This makes it a vital component of the Indian economy, providing livelihoods for millions and contributing substantially to the country's GDP.

The Wedding Market: A Major Contributor

One of the largest segments within the event management industry is the Indian wedding market, valued at a staggering USD 50 billion. Weddings in India are known for their grandeur and extravagance, often spanning multiple days and involving elaborate ceremonies. This segment alone contributes significantly to the overall growth of the industry.

Future Prospects: MICE and Live Events

India is also becoming a global hub for MICE (Meetings, Incentives, Conferences, and Exhibitions) and live entertainment events. The increasing international tourist arrivals and foreign investments in the sector are expected to boost India's competitiveness on the global stage, further driving the growth of the event management industry.

As India's event management industry continues to grow, it is poised to become one of the largest contributors to the country's GDP. With a projected market size of USD 7.8 billion by 2029, the industry is set to play a crucial role in driving economic growth, generating employment, and enhancing India's global standing in the events sector. The future of this industry looks bright, with opportunities for innovation, expansion, and greater international collaboration on the horizon.