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The global meetings and events market is expected to witness a category spend growth of more than USD 385 billion between 2018-2023, with spend momentum accelerating at a CAGR of 7.8% during the forecast period. This spend growth is mainly attributed to globalization. Developing regions such as APAC is providing significant growth opportunities for SMEs. The region is also witnessing rapid growth in globalization. Many businesses are expanding their operations in the region, which has increased corporate activities such as client meetings and corporate deals. This is expected to increase corporate travel in the region. In addition, governments in emerging economies are undertaking various initiatives that favor the growth of corporate businesses. This is positively impacting on the number of meetings and events organized in such countries. These factors are expected to fuel category spend, thereby driving the growth of the global meetings and events market during the forecast period.
The meetings and events market is expected to witness faster growth in APAC due to the growth of industries such as manufacturing, agriculture, and healthcare in the region. In addition, the increase in the number of B2B trade shows and conventions held in countries such as Singapore, South Korea, and Vietnam is expected to boost the category spend in the region over the forecast period.
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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 meetings and events at cost-effective rates, an analysis of the pricing outlook and supplier cost structure is also offered in this report.
Insights offered in this meetings and events market report will help the buyers understand:
This procurement intelligence report contains in-depth pricing insights for the procurement of meetings and events. 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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Considering the fact that the accommodation cost is increasing the category price, buyers must leverage the hologram technology to address this potential procurement challenge. The hologram technology offers visualization and creates an optical illusion of speakers who are not present at the event. Such features consequently minimize the requirement to travel thereby; enabling buyers to save on the travel and accommodation costs and creates a more engaging environment for the attendees.
To help category managers optimize their spend on meetings and events, this report also offers:
The category growth in the US is mostly driven by the requirement to organize product launch events by the IT and automotive industries. The service provider's capability to modify venues based on the event concept, thereby making it cost-effective is one of the other factors that are driving the spend growth rate of the meetings and events category in the US.
Additional information offered in this meetings and events market procurement intelligence report will help buyers analyze:
Engaging with service providers that can offer a wide range of value-added services such as conducting outdoor games and leisure travel post-event can help buyers achieve significant cost savings while enhancing collaborations among attendees. Service providers of the meetings and events category are expected to be active and popular on the social media platform for better promotion of buyer's meetings and events.
This meetings and events market procurement intelligence report identifies the major costs incurred by suppliers and provides additional information on:
Transportation cost is another factor that is leading to an increasing category price. In a bid to save costs on transport, category managers must engage with service providers that collaborate with shuttle bus services providers. A shuttle bus can accommodate a large group of people at the same time than independent car services. Consequently, this significantly curbs the transport cost, thereby; offsetting the increasing procurement spend incurred by buyers while purchasing this category.
Key insights offered in this meetings and events market procurement intelligence report will help the buyers identify:
The presence of a large pool of service providers that offer technologies such as hologram and VR is primarily driving the spend growth of the meeting and events category in North America. Complexities in labor policies generated by Brexit is failing to attract event staff for meeting and events as category service providers are heavily dependent on the event staff. This is seriously impeding the category growth in Europe.
Key geographies analyzed in this meetings and events market procurement intelligence report include the following:
Information on the top meetings and events companies and major risks faced during procurement are offered in this report. Download a free sample to access the report's complete scope of coverage.
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.