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DESCRIPTION
Meetings & Events Market Size
In meetings & events procurement market research report, recent statistics projected by ELINT Market Research unveil a promising global market outlook. The research projects a meetings & events market value of over $1100 to $1150 billion in the year 2022, depicting the industry as having strong potential for growth. The predicted 5–6% CAGR from 2016 to 2023 underlines sustained growth and further optimistic trend. Improvements in the global economy post-pandemic and high levels of globalization emerge as the primary reasons driving up the demand for events and meetings across all industries. Corporations are realizing the strategic importance of face-to-face interactions and are responsible for driving a surge in demand for event services.
The bullish outlook is not restricted to the global outlook; regional insights from the India Brand Equity Foundation and Retailers Association of India are some of the factors that cause the bullish outlook to prevail for the booming retail market in India. The latest statistics forecast market size in the retail sector of USD 1,750 billion by the year 2026. Such findings drive a boost for the meetings & events market. The growing retail industry in Asia Pacific further triggers the market, leading to the trickle effect of opportunities. This confluence of drivers paints an optimistic picture for the sector, representing an upward trend.
Market Definition
The meetings & events market is for networking – people, businesses, or ideas. It is a platform for sharing knowledge, collaborations, and innovations to find a place to expand. A meeting is a gathering of people with a common purpose to exchange ideas, information, and views. On the other hand, events entail everything from conferences and seminars to celebrations and trade shows, all designed to get people together for one reason or another.
Meetings & Events Market Drivers
- Technological Developments: The most trending technology in the industry is the application of advanced technologies taking up Virtual Reality and Augmented Reality that have changed the face of this line.
- Corporate Expansion: Corporate events help uplift internal communication and team-building activity and better align with organizational strategies.
Meetings & Events Market Challenges
- Budget Constraints: Based on economic fluctuations and budget limitations, the financial budget may influence the frequency and size of such in determining how much money is allocated to meetings and events.
- Changing Consumer Preferences: The changing consumer preferences influenced by digital fatigue and varying communication styles are challenges in designing events with a high level of engagement by their participants.
Meetings & Events Market Opportunities
- Collaborative Partnerships: The strategy should embrace collaborative partnerships with the vendors, sponsors, and local community to maintain opportunities for mutual growth.
- Hybrid Event Models: Hybrid event models create new growth opportunities where the in-person components bring live viewers to the virtual functions.
Meetings & Events Market Segmentation
- Event Type: The research report classifies the market into Corporate Meetings, Conferences and Conventions, Trade Shows and Exhibitions, and Social Events and Celebrations.
- Event Size:The research report divides the market into Small-Scale Events, Medium-Scale Events, and Large-Scale Events.
- Industry Vertical: The research report segments the market into corporate, technology, healthcare, entertainment, and media.
- Geographical Region:The research report classifies the market into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.
Regional Outlook of the Meetings & Events Market
North America has a massive portion under its command, thus contributing 35% towards the meetings and events market. The regional dynamics of the market bring out a complete break-up of the significant supply markets, discovering a nuanced landscape. The European Union (EU) follows the trend at 40%. Asia is at 15%, a point concerning its emerging status in the industry. Small, though by comparison, contributions from Latin America and the Middle East/Africa regions are at 8% and 2%, respectively. This distribution speaks for the transnational character of the Meetings & Events sector, where the key market trend designers are North America and the EU.
In North America and the EU, supplier power is significantly high, indicating the market environment where suppliers exert much power. On the other hand, Asia and Latin America carry a more balanced supplier power categorized as medium. In buyer power, North America and the EU had low to medium, indicating a balanced relationship between buyer and seller. On the other hand, Asia and Latin America had low buyer powers, showing the market structure that lacks buyer power. Suppose there is anything that stands out from these regional differentials. In that case, there has to be a need for a nuanced approach tailored to the specific dynamics of the respective markets to well position industry players.
Impactful Cost Component in the Meetings & Events Market
The forthcoming year, 2024, will see a lot of dynamics in the financials switching taking place in the dynamic market landscape, and one of the key determinants will be the Cost Per Attendee per Day. This overall cost per attendee forecast increases by 2-3% from 2022. It is an expectation that will, in turn, affect not only virtual but also face-to-face events at large, being an across-the-board paradigm shift in the financial sphere of the industry.
Pricing Outlook of the Meetings & Events Market
Going further into the 2023-2024 pricing outlook comparison with 2022 sheds light on eventful dynamics concerning the changes in the market outlook across the regions. Outlook in North America reflects a 2-3% growth in pricing, reflecting the changing economic landscape. Europe’s trajectory is to be equal to that of the Middle East, and the Asia Pacific region is foreseeing a 1-2% hike.
Emerging Engagement Strategies of the Meetings & Events Market
Another exciting development is the form of engagement strategies taken by 1-2 Global End-to-End Event Management Companies (EMCs) in the market. The strategic approach tends to rationalize and optimize event implementation through their expertise and international exposure. The move towards global engagement strategies underpins the industry’s quest for efficiency and effectiveness in managing events at a more global scale.
Contract Period in the Meetings & Events Market
The contract period within the market will be one of the most critical elements that industry stakeholders must focus on. Indeed, the duration of contracts within this sector will be the essential element that will determine the dynamics between the event organizers and the service providers. The industry has to face a change in the duration of contracts, showing more of a balanced position in assuring flexibility and sensitivity toward the dynamic needs of the market.
Leading Players in the Meetings & Events Market
The market is highly competitive, with several industry leaders and new entrants. Here are some of the top names: American Meetings, Inc., Maritz Global Events, Infinix, Global Meetings and Incentives, Allied Holidays, ATPI Corporate Events, Banks Sadler, American Express Meetings and Events, BCD Meetings and Events, Jack Morton Worldwide, Freeman, Cadence, First, AgencyEA, TRO Group, Cornucopia Events, Events Works Europe, Hippo Events, A&K Mice, ESA Latin America, VOK Dams, QT Event Studio, DDS GmbH Event und Messebau, ID Events, Events Planet, Uniplan, Milton Exhibits, Milestone Production.
