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At the 6th edition of the BW Applause Awards, Samit Garg, President of EEMA and MD & Co-Founder of E Factor Experiences Ltd, delivered a keynote outlining the immense growth and evolving trends in India's event industry. Garg highlighted that, while creativity and emotional impact remain the foundation of the business, several emerging trends are reshaping the landscape.
In his keynote, Garg provided a comprehensive breakdown of the event industry's five main segments, emphasizing their impressive growth trajectories.
The MICE (Meetings, Incentives, Conferences, and Exhibitions) industry stands at Rs 37,576 crore, expanding at a remarkable annual growth rate of 21.3%, signaling its critical role in fostering business and corporate engagements.
Corporate events, another key pillar, are valued at Rs 92,000 crore, with a consistent annual growth rate of 19%, reflecting the increasing importance of corporate-driven experiences and conferences.
The Wedding Segment, by far the largest, holds an astonishing market share of Rs 400,000 crore, with wedding events alone contributing between Rs 90,000 crore to Rs 1,10,000 crore. This segment continues to grow annually at 17%, as the demand for lavish and personalized wedding experiences remains high.
The Sports Events Sector, driven largely by the Indian Premier League (IPL), contributes Rs 60,000 crore, experiencing a 30% growth rate. Lastly, government events add Rs 44,000 crore to the industry's value, growing at an impressive 32% annually.
Garg highlighted that, collectively, these segments are driving an event ecosystem that is becoming increasingly specialized and complex, requiring innovative approaches and collaboration to sustain this rapid growth.
Garg also delved into the key trends transforming the events industry, highlighting how innovation is reshaping the landscape. He began by discussing the importance of data-driven personalization, with platforms like BookMyShow and Zomato Live using data to tailor user experiences. This approach has significantly boosted ticket sales across various events, revolutionizing how events are designed to meet audience preferences.
Garg emphasized the rising significance of ROI-focused strategies post-COVID, noting that Return on Investment (ROI) has become a crucial metric for event planners and marketers, who are now more focused than ever on quantifying the success of their initiatives. He then spoke about Creative Storytelling, describing it as essential for building brand recall.
As Garg aptly put it, “People forget facts, but they remember stories,” underlining how storytelling can forge emotional connections and make events more memorable.
Another transformative trend according to him is Immersive Experience Design, which has surged in popularity over the last five to seven years. Garg acknowledged the immense innovation in this space, noting that the scale of experiential design is now beyond imagination.
He also touched upon the growing focus on Sustainability and Wellbeing in the Indian events industry. Garg praised the industry's collective efforts to reduce waste and prioritize wellbeing, urging even more collaboration in this direction to address these critical concerns.
He also highlighted the rise of Phygital Experiences—the blending of physical and digital elements—which is driving better ROI and creating hybrid experiences that engage audiences in innovative ways.
Finally, Garg emphasized the power of Collaboration as the key to future growth. Citing a report by Allied Market Research, he shared that the global event industry is expected to reach $1,552 billion by 2028, and India’s event industry, currently valued at Rs 5,50,000 Cr, is poised to triple in the next five years. However, he stressed that only through collective action and collaboration can India achieve a top position in the global events market.
