Market Trends of Saudi Arabia Event Management Industry
This section covers the major market trends shaping the Saudi Arabia Event Management Market according to our research experts:
Saudi Vision 2030 is Influencing the Growth of the Event Management Industry
As per Vision 2030, the total number of entertainment venues increased from 154 in 2017 to 277 in 2020, which is a remarkable increase and provides various opportunities to host future events. Since Saudi Vision 2030 was adopted in 2016, over 2,000 events have been hosted with over 46 million visitors. This shows that there is a huge appetite and demand for a solid entertainment sector in Saudi Arabia. During October and March 2021, the General Entertainment Authority organized "Riyadh Season 2021," which witnessed 7,500 diversified events, including concerts, exhibitions, and theatrical shows in Arab and foreign languages.
Corporate Sector Events is Expected to Dominate the Market
Saudi Arabia aims to become a powerhouse of meetings and business events. In 2021, the corporate sector acquired 65% of the Saudi Arabian event management market in terms of revenue share due to the rising number of exhibitions, seminars, and product launch events in the country. The country is expected to notice the same trend during the forecast period. The demand for business gatherings and networking events is also driving the corporate event management service market in Saudi Arabia.
