LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global corporate entertainment market is expected to grow at a CAGR of more than 7% during the forecast period.
This research report titled ‘Global Corporate Entertainment Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research, “The global corporate entertainment market is in the growth stage. Enterprises hire event management professionals to organize corporate entertainment events. These events are held by organizations and enterprises as they play a crucial role in team building. These events are organized to motivate the employees, which has a positive impact on their efficiency and productivity. Corporate events are also used for marketing and promotions, and to increase the visibility of an organization.
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The market research analysis categorizes the global corporate entertainment market into the following type segments:
- Office parties
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Global corporate entertainment market by conventions
Conventions are a preferred choice among corporate event planners as these events help professionals in interacting and networking with other vendors. The conventions aid professional enhancement as the attendees can benefit from skill development sessions and motivational programs.
Companies organize conventions with the aim of targeting a large audience and providing them with relevant information. Seminars are usually short as these are talks/sessions by one or two speakers. Conferences organized during a convention invite speakers, who deliver talks on a variety of subjects.
Global corporate entertainment market by retreats
Corporate retreats are organized primarily for recreational purposes. The budget allocated for retreats and incentive programs is generally high as these events are often held in luxury resorts. Incentive programs and retreats increase the visibility of the company and are indirectly used as promotion and marketing strategies.
Organizations focus on business development and planning during retreats, which promote team building. Corporate retreats span over three to five days and require prior planning in terms of site selection, catering, transportation, lodging, and the nature of recreational activities.
Global corporate entertainment market by office parties
In 2016, office parties were the most common forms of corporate entertainment. Office parties are informal ways of interaction and help the management gauge the expectations and desires of its employees.
Office parties familiarize the employees with the business priorities and growth plans of the company. Appreciation events motivate employees by acknowledging their efforts. The common types of office parties include day visits to recreational locations, fine dining, musical events, sporting events, etc.
Global corporate entertainment market by others
Corporate entertainment programs also include milestone achievement celebrations. Also, these events help employees understand the market position of the organization. The events help employees understand the growth opportunities in the company.
“Team-building activities which are an inherent part of these events help to break the ice, increase teamwork and improve interpersonal communication. These activities benefit employees by making them aware of the strengths and weaknesses of their coworkers and enhance team spirit,” says Ujjwal.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- DNA Entertainment Networks
- Eventive Marketing
- Quintessentially Events
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