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The global conference planning services market is expected to witness a category spend growth of more than 62 billion between 2018-2023, with spend momentum accelerating at a CAGR of 4.41% during the forecast period. This spend growth is mainly attributed to the rising demand for organizing large-scale events from various sectors. An exponential and a worldwide growth of the BFSI sector has intensified the competition among enterprises. This is compelling such enterprises to organize large-scale conferences with a view toward widening their reach to both online as well as offline audiences and also improve their partnerships within the industry. However, organizing such events will typically entail high expenditure coupled with management complexities. These factors are creating requirements for conference planning services providers that have the requisite resources and capabilities in organizing and conducting such conferences on a large scale. This is expected to drive the category spend momentum, thereby fueling the growth of the global conference planning service market during the forecast period.
In terms of category spend, North America holds the largest share in the global conference planning services market. This can be attributed to the growing demand for conference planning services from corporations, non-profit organizations, and association organizations in the region. Service providers in the region are increasingly using technology to stream conferences and meetings over social media platforms and enhance the reach of buyers. For instance, in 2017, nearly half of the total conferences, trade shows, and other large gatherings that took place in the region were streamed on social media platforms such as Twitter and Facebook. Many such factors are contributing to the growth of the category in the region.
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Written from the perspective of the buyers and suppliers, this procurement intelligence report offers comprehensive coverage of the factors driving spend across various regions and helps buyers to identify opportunities for cost savings. To help buyers procure conference planning services at cost-effective rates, an analysis of the pricing outlook and supplier cost structure is also offered in this report.
Insights offered in this conference planning services market report will help the buyers understand:
This procurement intelligence report contains in-depth pricing insights for the procurement of conference planning services. These pricing insights provide an overview and comparison of pricing models, supply chain margins, and the volume and cost drivers impacting pricing:
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Buyers are advised to partner with service providers that use technologies, such as SMMPs and holograms. Usage of such technologies will aid buyers in tracking their expenditure and save travel costs. This will significantly reduce overheads and enhance cost-savings opportunities for buyers.
To help category managers optimize their spend on conference planning services, this report also offers:
The IT and the automotive sectors in the US collectively account for the highest number of product launch events which have increased by 36% from 2015 to 2018. This will act as one of the primary growth drivers for the conference planning services category. Buyers in the US prefer partnering with conference planning service providers who can provide unique venues for product launches as well as cost-effective services to buyers. Such capabilities are also expected to drive the category spend momentum in the US.
Additional information offered in this conference planning services market procurement intelligence report will help buyers analyze:
Promotion and marketing capability are one of the primary criteria which the supplier must have for this category. They should adopt social media marketing strategies to promote buyer's conferences effectively. Suppliers must also exhibit capabilities of designing exclusive websites for buyers conferences in order to carry out the registration process. In addition, service providers should be able to design logos and creative posters for conferences to carry out promotions.
This conference planning services procurement research report identifies the major costs incurred by suppliers and provides additional information on:
While organizing large-scale events, buyers, particularly, from the FMCG, BFSI, automotive, and entertainment industries, tend to face immense management complexities. Such complexities range from handling a large number of teams involved, ensure the smooth workflow of all the activities to forecasting of the workforce at conferences which can lead to increased operational costs of buyers. To tackle such complexities, buyers are advised to partner with service providers that have adopted workforce scheduling solutions to effectively forecast their labor requirement, allocate tasks depending on the area, communicate changes in schedules effectively, and avoid overstaffing issues at buyers' conferences. This enables buyers to optimize their spend and reduce their TCO while purchasing.
Key insights offered in this conference planning services market procurement intelligence report will help the buyers identify:
Service providers in South America are leveraging virtual meeting technology to offset budgetary limitations of buyers which is boosting the category viability in the region, and thereby; is driving its growth in South America. In Europe, the market is driven by the increase in the number of conferences held in the UK, Germany, France, and Spain primarily in the automotive sector. However, the increase in hotel rates is expected to hamper the growth of the category as it leads to a rise in cost per attendee for buyers in Europe.
Key geographies analyzed in this conference planning services market intelligence report include the following:
Information on the top conference planning services suppliers and major risks faced while procuring conference planning services is offered in this report. Download a free sample to access the report's complete scope of coverage.
Research Framework
SpendEdge presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
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