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The Wedding Services market is projected to grow by USD 125 Billion from 2024-2028, driven by increased wedding spending and AI’s impact on market trends – Technavio

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NEW YORK, Oct. 23, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The Global Wedding Services Market size is estimated to grow by USD 125 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.44% during the forecast period. Increased spending on weddings is driving market growth, with a trend towards increase in smartphone momentum. However, threat from open-source event wedding management software poses a challenge – Key market players include 7x Weddings Pvt. Ltd., A Charming Fete, Augusta Wedding Planning, Bridal Bliss Inc., Colin Cowie Lifestyle, David Stark Design, Deer Creek Valley Ranch Management LLC, EVENTURES, Fallon carter, Joy Inc., JZ Events, Lindsay Landman Events, Marry Me Wedding Planners Private Ltd., Nordic Adventure, Panache Events Pvt Ltd., Shaadi Squad, SK Jaipur Decoration, Tamarind, VIP Hosting, WeddingSutra.com India Pvt. Ltd, Zola Inc., and Zzeeh Events and Weddings.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Wedding Services Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 5.44%

Market growth 2024-2028

USD 125 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.9

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 37%

Key countries

US, China, India, Canada, and UK

Key companies profiled

7x Weddings Pvt. Ltd., A Charming Fete, Augusta Wedding Planning, Bridal Bliss Inc., Colin Cowie Lifestyle, David Stark Design, Deer Creek Valley Ranch Management LLC, EVENTURES, Fallon carter, Joy Inc., JZ Events, Lindsay Landman Events, Marry Me Wedding Planners Private Ltd., Nordic Adventure, Panache Events Pvt Ltd., Shaadi Squad, SK Jaipur Decoration, Tamarind Global , VIP Hosting, WeddingSutra.com India Pvt. Ltd, Zola Inc., and Zzeeh Events and Weddings

Market Driver

The proliferation of smartphones and faster Internet speeds, facilitated by technologies like 4G, has significantly influenced how wedding services companies engage with their clients and employees. Social networking sites such as Twitter, LinkedIn, and Facebook have become essential tools for communication and networking in the industry. Wedding vendors develop mobile applications for iOS and Android devices to expand their market reach and remain competitive. Innovative smartphone features, like push notifications and emails, enable wedding service providers to promote new services and discounts to consumers, thereby increasing market awareness. These trends are expected to positively impact the global wedding services market throughout the forecast period. 

The Wedding Services Market is thriving with trends that prioritize personalized celebrations and specialized services. Event planning companies offer customized experiences, from high-end venues and curated entertainment to sustainable options. Marriage rates continue to rise, with an increase in same-sex marriages and millennials seeking unique experiences. Wedding planners use digital platforms for offline bookings and social media influence for Instagram-worthy moments. Specialized services include customized catering, wedding stationery, and floral arrangements. Vendor management, budget tracking, and culinary experiences are essential planning duties. Economic stability and cultural traditions are key factors in brand differentiation. Wedding ambassadors help create memorable experiences, while wedding planning tools simplify the process. Trends include personalized experiences, sustainable options, and destination weddings. Staffing challenges and quality control are ongoing concerns. Customization and wedding trends continue to shape the industry, with an emphasis on creating unforgettable moments for couples. 

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Market Challenges

The global wedding services market faces significant competition from open-source wedding management software vendors, such as eventplanner.net, WeddingWire, and Loverly. For instance, Loverly is a DIY event planning platform offering a free wedding planning checklist and guest list manager. These open-source solutions provide innovative technologies, which can serve as alternatives to commercial wedding services. Their availability on various platforms and zero purchasing cost makes them attractive to individuals planning high-ticket events. Consequently, open-source wedding management software is reducing the market share of proprietary wedding service vendors, posing a threat to the industry during the forecast period.The Wedding Services Market faces several challenges in today’s dynamic business environment. Customized weddings and unique experiences are in high demand among millennial couples, requiring wedding planners to offer flexible planning duties. Destination weddings and local weddings present logistical challenges, especially with economic stability and budget constraints. Social media influence drives the need for customization and quality control, while wedding trends and cultural traditions require brand differentiation. Staffing challenges arise from the need for skilled professionals in photography, catering, event decoration, transportation services, and wedding planning. Economic downturns and marriageable age variations impact booking patterns, with online and offline booking options essential for reaching a wider audience. Virtual weddings and wedding postponements add complexity to the planning process. Investment opportunities exist in full planning services, partial planning services, day of coordination, videography, and photography services. Developing strategies to address these challenges and capitalize on trends, such as second marriages and cultural shifts, can help businesses thrive in the competitive wedding services market.

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Segment Overview 

This wedding services market report extensively covers market segmentation by

Service 1.1 Catering service1.2 Gift service1.3 Decoration1.4 Event planning1.5 OthersType 2.1 Local wedding2.2 Destination weddingGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Catering service- Catering services play a significant role in weddings, extending beyond meal preparation and service. Comprehensive caterers manage decoration and ambiance, table settings, and food presentation. They also consider dietary restrictions and food allergies among guests, as well as wedding themes. Alcoholic and non-alcoholic beverages are standard inclusions. The increasing popularity of catering services for weddings fuels market growth. Contract catering agreements, such as cost-plus, cost-plus guarantee, and fixed cost per head, offer accountability, convenience, and regulatory compliance. Therefore, catering services are a crucial wedding component, ensuring a successful event.

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Research Analysis

The wedding services market is experiencing a demand due to the increasing number of millennial couples seeking customised and unique experiences for their big day. With economic stability on the rise, more couples are opting for destination weddings, both local and international, to create unforgettable memories. Customization is key, from personalised planning duties to bespoke catering services and photography. Social media influence plays a significant role in shaping wedding trends, with couples seeking inspiration and ideas from various platforms. However, staffing challenges and quality control can pose challenges for wedding planners. Brand differentiation is crucial in a competitive market, with cultural traditions and local weddings offering unique selling points. The average wedding cost continues to rise, leading to the popularity of partial planning services and virtual weddings. Wedding planning postponements due to unforeseen circumstances have become common, leading to increased booking and planning flexibility. Despite these challenges, the wedding services market remains a thriving industry, offering endless opportunities for creativity and innovation.

Market Research Overview

The wedding services market is experiencing a demand as millennial couples seek customised and unique experiences for their special day. From destination weddings to local weddings, the trend towards personalised celebrations continues to shape the industry. Economic stability and social media influence are key factors driving growth, with couples looking for high-quality services and brand differentiation. Wedding planning duties have become increasingly complex, with couples requiring full planning services, partial planning services, day of coordination, and vendor management. Quality control, staffing challenges, and budget constraints are major concerns for wedding service providers. Cultural traditions and same-sex marriages are also influencing the market, with specialized services and personalized celebrations becoming increasingly popular. Developmental strategies and investment opportunities abound, with economic downturns and marriage rate trends impacting the industry. Wedding planning tools, such as online booking platforms and digital platforms, are transforming the way couples plan their weddings. Virtual weddings and wedding postponements have also become common due to the pandemic. Catering services, photography, videography, event decoration, transportation services, and wedding planning services are all essential components of a successful wedding. Custom menus, floral arrangements, wedding stationery, curated entertainment, and sustainable options are some of the trends shaping the market. High-end venues and culinary experiences continue to be popular, with an emphasis on creating Instagram-worthy moments and personalised experiences for couples and their guests.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ServiceCatering ServiceGift ServiceDecorationEvent PlanningOthersTypeLocal WeddingDestination WeddingGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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SK keyfoundry expands high-voltage foundry services portfolio with the launch of HVIC process technology

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October 24, 2024

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SEOUL, South Korea, Oct. 24, 2024 /PRNewswire/ — SK keyfoundry, an 8-inch pure-play foundry in Korea, announced today that it has expanded and enhanced its high-voltage foundry services portfolio with the launch of HVIC (High Voltage Integrated Circuit) process technologies.

SK keyfoundry’s HVIC process is characterized by implementing 5V logic, 25V high-voltage devices, 650V+ nLDMOS (Lateral Double diffused MOS), and 650V+ Bootstrap diode in one process, enabling customers to reduce external devices and design various high-voltage functions on a single chip, and is expected to contribute to improving customer product competitiveness by securing high current performance in the case of the 25V high-voltage devices and 650V nLDMOS devices included. In addition, non-volatile devices, MTP (Multi Time Program) IP and OTP (One Time Program) IP, are provided as an option, enabling customers to change various product specifications in one design.

With this HVIC process development, SK keyfoundry expands its high-voltage lineup to include gate driver products in the 650V to 1200V range, in addition to its existing lineup of 200V and lower products in the high-voltage BCD (Bipolar-CMOS-DMOS) process and ultra-high voltage products above 1500V with the Thick IMD (Inter Metal Dielectric) option. In particular, this process meets the automotive quality standard AEC-Q100 Class 1, making it suitable for automotive motor drivers and OBCs for electric vehicles, and is expected to enable business expansion into various applications where demand is projected to increase in the future, such as solar inverters.

Major products using HVIC process include gate driver ICs for high voltages that take control signals from an MCU (Micro Controller Unit) and directly drive gates such as high-voltage MOSFETs (Metal Oxide Semiconductor Field Effect Transistor) or IGBTs (Insulated Gate Bipolar Transistor), which are used in a variety of power products, including motor drives for large white goods, voltage converters for data servers, automotive motor drives and OBCs (On Board Charger), and industrial motor drives.

“The launch of our HVIC process technology is significant as it strengthens our competitiveness in the large home appliance and automotive motor markets,” said Derek D. Lee, CEO of SK keyfoundry. “As we continue to expand our HVIC portfolio, we will continue to build on our technology advantage for a variety of applications, including gate driver ICs for next-generation power semiconductor high-voltage devices.”

About SK keyfoundry

Headquartered in Korea, SK keyfoundry provides specialty Analog and Mixed-Signal foundry services for semiconductor companies to serve a wide range of applications in the consumer, communications, computing, automotive and industrial industries. With a broad range of technology portfolios and process nodes, SK keyfoundry has the flexibility and capability to meet the ever-evolving needs of semiconductor companies across the globe. Please visit https://www.skkeyfoundry.com for more information.

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SOURCE SK keyfoundry.

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Voler Strategic Advisors Takes Home Six Awards at the 20th Annual Davey Awards

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October 24, 2024

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 The fast-growing communications firm wins one gold and five silver awards in video and corporate identity categories.

SAN JOSE, Calif., Oct. 23, 2024 /PRNewswire/ — Voler Strategic Advisors is thrilled to announce it has been named a multiple winner at the prestigious 20th Annual Davey Awards. The firm secured a remarkable six awards across various categories, solidifying its position as a leader in creative and strategic communications.

The Davey Awards celebrate the best work from creative agencies of all sizes, including boutique firms like Voler Strategic Advisors. The international competition recognizes excellence in various fields, including Video, Advertising & Marketing, Mobile Apps & Sites, Social Media, Branded Entertainment, Emerging Tech, and Podcasts.

“We are incredibly honored to be recognized six times at the Davey Awards,” said Perla Rodriguez, CEO, at Voler Strategic Advisors. “This achievement is a testament to our team’s dedication, creativity, and strategic expertise.”

Voler Strategic Advisors won recognition in the following Davey Awards categories:

Film/Video-Social Good, Gold 2024Film/Video-General-Education, Silver 2024 (2 separate awards)Film/Video Campaign-Schools & Universities, Silver 2024Corporate Identity-Logos, Silver 2024Film/Video-Non-Profit, Silver 2024

Rolando Bonilla, Chief Strategy Officer, at Voler Strategic Advisors, remarked, “This recognition fuels our commitment to delivering exceptional results. Our team is passionate about building impactful campaigns for our clients, nearly all of which are public-serving institutions. We are proud that three of these six awards were for bilingual projects in Spanish and English that engaged diverse audiences.”

The Davey Awards are judged by the Academy of Interactive and Visual Arts (AIVA), an exclusive group of top professionals from leading brands, media agencies, and marketing firms, including Spotify, Nissan, Tinder, Condé Nast, Disney, Microsoft, and many others. Visit aiva.org for more information.

Voler Strategic Advisors has been lauded as one of Silicon Valley’s fastest-growing communications firms–it has doubled in size in recent months, hiring across its leadership, strategic communications, and video teams.

About Voler Strategic Advisors: Headquartered in the heart of Silicon Valley, Voler Strategic Advisors is a full-service strategic communications firm offering public relations, crisis management, and communications strategies that help organizations achieve their full potential. Learn more at: https://volersa.com/ 

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SOURCE Voler Strategic Advisors

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SK hynix Announces 3Q24 Financial Results

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October 23, 2024

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Revenues at 17.5731 trillion won, operating profit at 7.03 trillion won, net profit at 5.7534 trillion won – all reaching new recordsAchieving best-ever quarterly performance with increasing high value-added product sales based on no.1 AI Memory technologyStrong demand of memory for AI servers – HBM’s share of DRAM revenues in Q3 marks 30% and forecast to be 40% in Q4Company to lead the global AI memory market again next year promoting long-term growth by securing both business stability and profitability

SEOUL, South Korea, Oct. 23, 2024 /PRNewswire/ — SK hynix Inc. (or “the company”, www.skhynix.com) announced today that it recorded 17.5731 trillion won in revenues, 7.03 trillion won in operating profit (with an operating margin of 40%), and 5.7534 trillion won in net profit (with a net margin of 33%) in the third quarter this year.

Quarter revenues marked all-time high, exceeding the previous record of 16.4233 trillion won in the second quarter of this year by more than 1 trillion won. Operating profit and net profit also far exceeded the record of 6.4724 trillion won and 4.6922 trillion won in the third quarter of 2018 during the semiconductor super boom.

SK hynix emphasized that the demand for AI memory continued to be strong centered on data center customers, and the company marked its highest revenue since its foundation by expanding sales of premium products such as HBM and eSSD. In particular, HBM sales showed excellent growth, up more than 70% from the previous quarter and more than 330% from the same period last year.

As sales increased mainly on highly profitable premium products, the average selling price (ASP) of both DRAM and NAND rose in the mid 10% range compared to the previous quarter, which made the company mark the highest operating profit.

While the demand of memory for AI servers such as HBM and eSSD has grown noticeably this year, the company predicts that this trend will continue next year. This is because generative AI is developing into a multi-modal1 form and global big tech companies continue to invest to develop artificial general intelligence (AGI)2.

1Multi-modal: AI service that can understand multiple complex information such as text, photos, voice, video, etc.

2Artificial General Intelligence: Artificial intelligence that implements human-like or higher intelligence with a computer

SK hynix also forecasts that the PC and mobile product markets, which had been slow to recover demand compared to memory for AI servers, will be on a steady growth path as well next year as AI memories optimized for each device are released.

As a result, the company will continue to focus on profitability by increasing sales centered on high value-added products based on its world-leading technology in AI memory.

In the DRAM area, SK hynix is continuing the rapid transition from existing HBM3 to HBM3E 8-layer products. The company also plans to start supplying 12-layer HBM3E products, which were mass-produced last month, in the fourth quarter as scheduled. This makes HBM sales, which accounted for 30% of total DRAM revenues in the third quarter, expected to reach 40% in the fourth quarter.

For NAND, the company plans to expand sales of high-capacity eSSD, which is rapidly increasing market demand, while focusing on investment efficiency and production optimization.

“SK hynix has solidified its position as the world’s No.1 AI memory company by achieving the highest business performance ever in the third quarter of this year.” said Kim Woohyun, Vice President and Chief Financial Officer (CFO) at SK hynix. “We will continue to maximize profitability while securing stable revenues by taking flexible product and supply strategies in line with market demand.”

 3Q24 Financial Results (K-IFRS)

*Unit: Billion KRW

3Q24

QoQ

YoY

2Q24

Change

3Q23

Change

Revenues

17,573.1

16,423.3

7 %

9,066.2

94 %

Operating
Profit

7,030

5,468.5

29 %

-1,792

Turn to profit

Operating
Margin

40 %

33 %

7%p

-20 %

60%p

Net Income

5,753.4

4,120

40 %

-2,184.7

Turn to profit

Financial information of the earnings is based on K-IFRSPlease note that the financial results discussed herein are preliminary and speak only as of October 24, 2024. Readers should not assume that this information remains operative at a later time.

About SK hynix Inc.

SK hynix Inc., headquartered in Korea, is the world’s top tier semiconductor supplier offering Dynamic Random Access Memory chips (“DRAM”), flash memory chips (“NAND flash”) and CMOS Image Sensors (“CIS”) for a wide range of distinguished customers globally. The Company’s shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.

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SOURCE SK hynix Inc.

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