Report on Global Event Industry Trends
Just like the society, the event industry is always on the move, and event industry trends always reflect this. It has been growing rapidly. To cite, the global events industry size was valued at $1,100 billion in 2018 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.3% to reach $2,330 billion by 2026 (Allied Market Research, 2019). And with CWT Meetings & Travel, 5-10% growth in demand this year were predicted (CWT, 2019).
But more than just event industry trends, in this report, we examine into deeper details. Not just the growth in market supply or demand. But more importantly, trends like Technology and the Business to Business (B2B) industry before concluding with the evolution of software management tool.
Starting with the market supply and demand, digging into an available statistic, the country of Germany. Standing 14th in the best country for events (Amarendra, 2018), the German Convention Bureau claims Digitalization and Internationalism as driving forces to their growth. In their 2018/2019 annual report, statistics shown there was a high level of demand and a consistently strong supply. This can be seen where attendees shown an increase of 1.6% to 412 million and event facilities shown an increase of 0.9% to 7,472 (GCB, 2018).
More than that, studies have shown that using event technology can increase attendance by 20%, increase productivity by 27%, and decrease costs by as much as 30% (Socialtables).
Event technology can increase attendance by 20%, increase productivity by 27%, and decrease costs by as much as 30% (Source: Photo by Brooke Cagle on Unsplash)
To boot, the trend of the use of technology has been increasing over the years. Compared to 2018, there was an 3% increase in use of mobile event apps as part of event technology in 2019. (AMEX, 2018). And on the supply side, the amount of event apps has grown 20% year on year. While on regards to the demand, 68.2% of event organizers are aware of event apps with live interaction features but only 31.8% use them. And 75% of event professionals who don’t use event apps intend to adopt them. (Event MB, 2017 & 2018).
But what are the purpose of such apps? Businesses that do use event software are 30% more likely to prove event ROI while using Deal Room – Event Management App. And why? Due to a better surface that optimizes user interface and user experience. This software is certainly easier to use compared to old school paper brochures et cetera.
Deal Room area at Logistic & Transport event 2019 (Source: Deal Room Event)
More than just that, it allows users to start interacting before the events commences. For instance, users can start chatting with another participant and start icebreaking before the event. Other functions include booking 1 to 1 meeting for networking session to save time spend on random discovery. And during the event, checking-in can be easier and the best is all can be accessed with your closest pal all time, your smartphone. Moreover, feedback and lead collection can be collected effectively through your pal after the event ended.
This relates to the B2B market. 80% of professional organizers planning B2B events currently uses some sort of event management software. (Frost and Sullivan, 2014). And more and more experienced organizers plan on investing more not only in budget but also the number of events. With 53% of brands increasing spending on viral marketing efforts in the next budget cycle, we can see that events place an importance in their business where the success of the events matters. (Freeman XP & EMI, 2014).
All in all, with the up growing market, it is no doubt that the use of technology is following up as well, becoming one of the staples of event industry trends. As many would want their event to be successful, technology certainly plays an important role in doing so. Especially with more money being invested in such tools, it is a new age for event management software.