Event Management Market in India 2012
- Id : RNR-249322
- Category : Service Industries
- Publish Date : 20-Jul-12
- Publisher : Netscribes
- Pages : 71
- Format : PDF
As globalization set in, event management got a head start as multinationals started pouring into India. The general need to sculpt an event with utmost success has deliberated on the advent of event management as a profession. Today even general family events such as marriages are treading the lines of getting assistance from event management concerns. Formerly what started as a means of streamlining the entire set of activities to make a grand event, has inadvertently transpired into infusing elements of glamour and glitz to make it stand out from the rest. The report begins with an introduction of concept of event management along with a brief description of the event planner as well as the activities that is required to manage. It is then followed by a detailing of the key steps in event management. The market overview section entails an understanding of the sector in India as also provides the market size and growth. A description of the key segments that event management concerns look to cover comes next. This gets followed by an analysis of the costs incurred and revenues garnered by a concern in this field on a normal basis. The focus then moves towards discussing the revenue model adopted by majority of the players in this sector. The next section elaborates on the value chain analysis of the sector. The section gets concluded with a Porter's Five Forces analysis of the sector. Brief descriptions of the drivers that help the sector to prosper include growth in disposable income and consumer spending, increase in below the line activities, increase in corporate vents, spurt in sport events, rise of wedding and other family events and rising need of organized and structured events. Event management service is deemed as a luxury product whose chief driver remains increased disposable income that can be expended beyond one's expenditure for necessity. It is possible for people to splurge on extravagant events only if they have enough income at their hands coupled with their willingness to spend on parties. Another significant aspect in this regard is the increase of below the line (BTL) activities. Marketing as a genre has improved vastly with innovative avenues like BTL churning more publicity and visibility for products. BTL indulges in public events that are required to be organized keeping the interaction quotient in mind. A significant driving factor in this sector is the increase in corporate events which are organized on a grand scale and as such require the help of event management concerns. As India awakens to a light towards prosperity, it is beset with a growth in the corporate sector per se. While corporate events get associated with business events, sports events are the latest addition in commercial events that also ask for event management services. Gala events in the likes of ICC World Cup or Commonwealth Games have their opening and closing ceremonies over and above the entire gamut of services required to be meted out during the entire course of event. As people hoard more money, they look at celebrating their personal events with equal extravagance and splendour as seen in weddings and other family events. Finally, the general need of an organized method to structure events that would not only be designed with precision and perfection but also stand out form the rest making it unique and successful in it own manner. While these factors can be termed as growth drivers, there are certain aspects that act as hindrances to the sector namely high entertainment tax and lengthy procedure of import of equipments. The next section speaks about the Government participation in the sector which caters to providing brief deliberations on the Event and Entertainment Management Association and service tax in event management services. The major trends identified in the sector include sports broadcaster entering event management domain, event management courses in the offering, foreign companies entering India, events going green in their outlook, hybrid elements coming to the fore and foreign universities collaborate with Indian universities. The competition section offers a competitive landscape of the players by providing their financials and key financial ratios. It also provides basic information regarding the organizations. Key financial parameters constitute the financial performances of the players which are followed by business highlights. The report concludes with a section on strategic recommendations which comprises an analysis of the growth strategies of the event management market in India.