Delivered January 26, 2020. Contributor: Gbolahan G.
To determine whether companies, especially SMB firms, prefer to employ in house event planning professionals rather than outsourcing their events to external event production agencies or experts.
The event planning industry currently employs about 134,100 individuals. In terms of population growth and job outlook, the industry is expected to grow at a rate of 7% per annum, outpacing the growth rate of the average industry.
The event planning industry, which consists of third party planners, agencies, and experts, achieved moderate growth rate of 2.9% between 2014 and 2019. The entire industry was valued at $5 billion in 2019.
Only 8% of event planners regard themselves as self-employed. 19% of workers in this industry are employed in religious, grantmaking, civic, professional, and similar organizations; 11% are employed in the accommodation and food services sector; while another 11% are employed in the arts, recreation, and entertainment industry.
There are currently no identifiable trends that support the fact that companies prefer to employ in-house event planning professionals. According to a report by American Express,outsourcing is a common practice in the industry.
Companies choose to outsource or keep an event in-house depending on the size and complexity of such a project. According to the research, 57% of companies reviewed indicated their use of third party planners for meetings and events.
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