Meetings and events market growth is driven by the rising globalization, trade exhibitions, conferences, and international gatherings

Meetings and Events - Procurement Intelligence

Procurement of meetings and events services involves the process of acquiring or finding suitable venues, arranging catering, securing audio-visual equipment, and hiring staff. The global market size was estimated at USD 812.4 billion in 2023. Business expansion efforts, networking opportunities, and the growing importance of face-to-face interactions in the digital age have created a demand for the services. The worldwide business environment is experiencing a significant shift in how companies conduct meetings, trade shows, seminars, and other gatherings. Changing lifestyles, professional practices, and social interactions have been fundamentally altered in recent years, resulting in a ripple effect that has generated fresh prospects within the industry.

Hybrid events are rapidly establishing themselves as the prevailing standard in the industry. Through a combination of both physical and virtual components, hybrid events are experiencing growth in the industry. Utilizing live streaming, organizers can broadcast the content of the meetings, including keynote addresses and panel discussions, to remote attendees who are unable to participate in person. The majority of gatherings and hospitality initiatives will remain anchored by in-person gatherings over the forecast period. Direct interactions offer greater potential for profound engagement, networking, and interaction, rendering them indispensable for businesses.

Theme-based gatherings are increasingly gaining traction as people seek enjoyable gatherings that promise distinct experiences. In 2023, one such instance was a show created by IMEX Group. The company, renowned for organizing the largest trade show for the global meetings, events, and incentive travel sector, chose "Human Nature" as the theme for its gatherings in Frankfurt and Las Vegas.

In 2023, there was a notable shift within the industry towards prioritizing sustainability and embracing diversity, equity, and inclusion (DE&I). Numerous organizations have made public pledges in this regard and are now tasked with integrating sustainability objectives into the planning of their services. This includes decisions such as opting for destinations that prioritize sustainability and choosing venues that hold sustainability certifications. These efforts reflect a concerted push toward minimizing event emissions through comprehensive strategies and protocols.

Technological advancements such as gathering management software, AR, VR, AI chatbots, mobile applications, and facial recognition tools for streamlining security are making the gathering experience more realistic. As mobile applications become more interactive and personalized to individual preferences, participants will experience higher engagement and commitment levels, resulting in a more memorable and enriching experience overall. Although facial recognition technology faces privacy challenges, it is gaining traction for efficiently tracking conference attendees and simplifying check-in procedures. Its heightened security features surpass alternative digital check-in methods and contribute to addressing physical security apprehensions.

Email marketing, on the other hand, plays a vital role in the industry. It facilitates communication between organizers and attendees, promotes meetings, and shares crucial updates. Through email marketing, planners can craft tailored messages that connect with their audience, resulting in the success of the gathering. AI is a key technology in email marketing. It is exemplified by its integration with ChatGPT, which enables organizers to streamline email automation, enhancing personalization and efficacy for improved conversion rates. Overall, service providers are focused on providing the best experiences to the attendees with a smooth flow of the event, personalization, and integrating technologies to streamline workflows for the clients.

Staff salaries, venue costs, travel and accommodation, and marketing and advertising are some of the costs incurred in providing these services. Other costs include IT costs, food and beverage costs, printing branded elements (signage, banners, etc.), and staff training costs. The cost of the service depends on the scale of the gathering, the number of attendees, the venue, and other factors. Service providers usually adopt a cost-plus, fixed, or hourly pricing model.

As part of their procurement and sourcing strategy, clients including large corporations and organizations usually outsource their events to the organizers. By outsourcing event management, clients can benefit from a dedicated team that takes care of managing attendees, sending invitations, deciding venue themes, generating ideas, and other -related tasks.

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Meetings and Events Sourcing Intelligence Highlights

• The supplier landscape in this industry consists of different types of service providers like venue providers, catering services, equipment rental companies, and technology providers. While there are many of these providers, the uniqueness of certain venues or specialized services can give these service providers some leverage. Hence, planning companies try to maintain long-term relationships with these service providers.

• The barrier to entry in the market can be moderate to high in terms of setting up an event planning business, employing high technology, and establishing a strong reputation and client base, which requires significant expertise. Existing companies may have established relationships with clients and venues, making it difficult for new entrants to gain a foothold.

• The market is fragmented, with the issue arising from the Standardized Industrial Code (SIC). As the businesses in the event industry are registered with the codes of other industries, there is a mismatch in SIC codes, which adds to further fragmentation in the industry.

• Staff salaries, venue costs, travel and accommodation, and marketing and advertisingare among the key costs incurred in providing services. Other costs include IT costs, food and beverage, printing branded elements, and staff training costs. 

Meetings and Events Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market intelligence along with emerging technology and regulatory landscape

• Market estimates and forecasts from 2024 to 2030

• Growth opportunities, trends, and driver analysis

• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments

• Porter’s 5 forces

• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis

• Engagement and operating models, KPI, and SLA elements

• LCC/BCC analysis and negotiation strategies

• Peer benchmarking and product analysis

• Market report in PDF, Excel, and PPT and online dashboard versions

Cost Intelligence Highlights

As part of the meetings and events services procurement intelligence report, Grand View Research has identified the following key cost components in meetings and events.

• Staff Salaries

• Venue Costs

• Travel and Accommodation

• Marketing and Advertising

• Others

  • IT Costs

  • Food and Beverage Costs

  • Printing Branded Elements

  • Staff Training Costs

Staff salaries and venue costscomprise a major part of the cost components of the meetings and events.

Meetings and Events - Key Suppliers

• CWT M&E

• ATPI Ltd.

• Informa PLC

• BCD Travel Services B.V.

• Cvent Inc.

• Flight Centre Travel Group Limited

• Creative Group Inc.

• 360 Destination Group

• Bizzabo

• Nunify Tech Inc.

• Event Solutions