Overview of Indian Event Management Industry
Does the Events industry fascinate you? Do you feel that your personality type and skillset match that expected by the industry? Are you wondering whether this will be a lucrative career option? Read on to get a glimpse into the pace at which the Indian events industry is growing
Meaning of Event Management
Business management and organizational skills put together with a lot of creativity goes into successful Event Management. As an Event Manager you could be involved with parties, ceremonies, awards and felicitations, exhibitions, conferences, radio, television or reality shows, concerts and many more. The process involves all the small and big steps beginning from conceptualizing to finally managing the event
Inter personal and communication skills, networking and negotiation skills, public speaking and presentation are the essentials for you to step into and grow in the events industry.
Characteristics of the Event Industry
A birthday party or World Cup Cricket, all around there are events of different sizes and magnitudes. The Events Industry is gradually permeating into various sectors and other industries. You name the industry and they need events, whether it is hotel, tourism, fashion, film automobiles or any others. And so are huge number of companies and individuals needed to manage these events all around the globe.
An industry that will grow multifold
The events industry is creative and regularly innovating. It is adapting continuously to new technology and has the potential to survive adverse economic and political circumstances. Creative content and constant innovation have played a key role in enhancing the growth of the industry.
The largest users of events are the Media and Entertainment and Telecom industry.
Numbers tell the growth story
The EEMA [ Event and Entertainment Management Association] brought out a report in September 2017. Some of its significant findings were,
- The Indian Events industry is expected to cross the 10,000-crore mark by 2021.
- This figure represents the organized events in the country. only 50% of the total industry.
- The figure also excludes induced revenues.
- Direct benefits such as telecast rights are also excluded in this figure.
- By the year 2017-18, it had a value of US$ 1 billion.
- It has been growing at the rate of a 16% CAGA overpowering the Entertainment and Media industry growing at a 11-13% CAGA.
- In the coming years it is expected to grow at a rate of 20%.
Contribution of various segments to the total revenue of events industry
- Digital Events are the most popular and are earning heavy revenue for organizers today. These are expected to contribute 8% of the total industry revenue.
- The Managed Events segment has the potential to generate 53% of the total revenue in the coming 4 to 5 years.
- Activations have the second highest potential at 22%.
- Intellectual Property events account for only 2% of the total number of events. They contribute 17% of the industry’s total revenue.
- 75% of clients of event firms are corporates. Among these 36% are Indian companies and 19% are The Government and Public Sector contribute 11% of the total business. High Net Worth individuals contribute 9% and associations constitute the remaining 5% clients.
Reasons for growth
We can attribute growth of the industry to digital activation and rural expansion. Growth in the number of mini metros has also played a key role. The rise in number of sports events and increased Government marketing initiatives has given the events industry a new face. The last decade has seen a leap in the number of reality shows in the west and India too has followed the trend.
We find that purchasing power of people is increasing and hence there is an increase in product launches. The number of personal and family events has also increased.
Latest trends in Event Management
- Mixed reality, a combo of the virtual and real is becoming a constant in today’s events. The latest technology makes it easily available and affordable for masses.
- AI has a role to play from the time of conceptualization of events till the organizers collect feedback.
- Crowd sourcing is a norm today.
- Old is gold, novel ideas from the past are getting back to mainstream.
- Venues are no longer stadiums and convention centers.
- Real time data is being used for deciding shape and course of events.
- Event security is one among the priority of organizers.
Event Management companies in India
In the past one decade, the number of Event Management Companies and hence the opportunities for professionals at different career levels has exponentially multiplied. Some of the best Event Management Companies in India are the DNA Entertainment Networks Private Ltd, Wizcraft, Scorpio Events Management Pvt Ltd, and Cox and Kings.
What does this mean for you?
Are you creative? Do you want to do something different? Is glamour and adventure what you are looking for? Event Management may be the perfect career option for you. Soon you may be leading an exciting team. Further with experience and hard work you may start your own dream venture.
Who could help?
Team.i-the Entertainment and Media Institute, Bangalore, is the premier institute in Event Management. It comes with 16 years of experience on the ground.
The three courses it offers are carefully designed keeping industry needs and demands in mind. Its strong and unmatched industry network will make your goals and dreams come true. Take the first step. Just check www.teami.org