By 2030, Saudi Arabia Event Management Market Hit USD 4.26 Billion, Fueled by MICE Growth

RIYADH, Saudi Arabia - Feb. 14, 2025 - PRLog -- MarkNtel Advisors has released a comprehensive market research report detailing the robust growth forecast of the Saudi Arabia Event Management Market, projected to expand from USD 2.04 billion in 2024 to an impressive USD 4.26 billion by 2030. This significant growth represents a compound annual growth rate (CAGR) of approximately 8.24% over the forecast period of 2025-2030.

Key Highlights:

• Market Size: Estimated at USD 2.04 billion in 2024, expected to grow to USD 4.26 billion by 2030.
• CAGR: Projected at 8.24% from 2025 to 2030.
• Dominant Sector: Corporate events hold a significant market share, fueled by economic diversification and globalization.
• MICE Boom: The MICE sector recorded nearly 17,000 events in 2023, attracting over 20 million visitors.
• Technological Innovation: Demand for hybrid and digital events is increasing, enhancing attendee engagement.
• Cultural Investment: Saudi Arabia invests heavily in entertainment venues, constituting around 11,623 dedicated cultural spaces.

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The report outlines key drivers of market expansion, notably the growth in the MICE (Meetings, Incentives, Conferences, and Exhibitions) sector and increasing sporting events. Government initiatives under Vision 2030 aim to diversify the economy, encouraging tourism, cultural gatherings, and international business events.

Market Segmentation:

• By End Users: Corporate (44.5% share), Individual, Public.
• By Types: Corporate Events and Seminars lead the market, followed by Music Concerts, Festivals, and Sports Events.
• By Revenue Sources: Key revenue segments include ticket sales, sponsorship, and advertising.

Technological advancements are reshaping the industry, enhancing attendee experiences through AI-driven logistics and virtual event platforms. However, high operational costs, including venue rentals and technology integration, pose challenges to profitability, particularly for small firms.

Recent Developments:

• Participation of Riyadh Exhibitions Company in IMEX Frankfurt promotes Saudi Arabia's business tourism diversification.
• SELA is nearing a deal with TKO Group, aiming to launch a new boxing league.

As the Kingdom invests in cultural infrastructure and world-class sports venues, it is poised to become a global leader in hosting premier events. The increasing demand for expert event planners and logistics specialists is expected to drive the Saudi Arabia Event Management Market forward.

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