Global Meetings & Events Industry Report: Analysis and Forecast 2022-2027
Regional Category Spend, Primary Demand, Price Analysis and Indicators, and Best Buying Practices of the Meetings & Events Industry Report
The global Meetings & Events industry was valued to be worth USD 1339 billion in 2021. In the projection period of 2022-2027, the industry is expected to grow at a CAGR of around 5 percent, achieving a value of around USD 1795 billion by 2027.
The Meetings & Events industry report broadly studies the industry, together with important segments, movements, drivers, constraints, the competitive landscape, and other critical market features. The reason behind the rapid growth of the market is the rise in the number of celebrations and get-togethers on small and big occasions in the society. Along with this there has been a growth in the number of sports matches, music shows, weddings, and many others. Europe is the biggest category spender by region which is impelling the demand for the Meetings & Events industry.
Meetings & Events: Industry Definition and Segmentation
Scope
The various types of meetings and get-togethers or social gathering that are organized to celebrate different occasions, promoting latest or innovate products, marketing, recognition, and awareness, social cause, and others. The other name for event industry is Live communication sector that creates live events and includes numerous specialists, performers and artists, and common audience. Moreover, there are different types of events such a meeting, corporate events, awards ceremonies, music live shows, exhibitions, trade shows, among others. However, meetings on the other hand have educational or business purposes. Also, a specific or a special event can be included in a meeting.
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The Meetings & Events industry report comprises segments by:
- Region – Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.
Snapshot of the Report
The regional market for the Meetings & Events industry can be divided the into the North America, Europe, Asia Pacific, and Latin America.
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Category Drivers
The rising competition in the worldwide market is resulting in the key market players to incessantly work towards accumulating data for acquiring appropriate information. Hence, the meetings and event management software permit vendors to gain from current data to receive valuable information required for the growth of the company.
The events sector is getting various prospective opportunities at present as all business and start-up companies requires cataloguing and advertising, and the event is the most advantageous and profitable platform for them to endorse their products by sponsoring numerous showbiz events shows such as live musical concerts, new product promotional events, sports events (IPL), so on. Moreover, such events also support the clients to get an occasion to interact with their prospective customers and investors.
The expanding utilization of social media platform largely because of the rise in sales of smart phones along with the increased access of the internet is raising the advancement of the meetings and events industry.
Category Insight by Region
Due to the abilities of the meeting and events suppliers to cater to the significant needs of the clients within Europe, the region holds the highest share in the global market.
Europe has been immensely lucrative in winning conferences and meetings of worldwide organizations and alliances with more than half of the prominent metropolises and countries is preferred as destinations for talks or meetings of international organizations.
Best Procurement Practices
The Procurement Resource’s global Meetings & Events industry report gives an extensive analysis of the best buying practices followed by Meetings & Events supplying and consuming regions around the world, including engagement models, buyer and supplier negotiation levers, and contract terms among others.
Category Management Analyses
Any public gathering held at a fixed place and time is called an event. These important and major events are exhibition and seminar, organizational events and conferences, music and art performance, marketing and fundraising, festival shows, sports events, trade shows, and marketing of products. The key investors existing in the events market are corporate and public companies, and NGOs. The preliminary stage of an important event consists of knowing the audience’s mood and their mindset that fosters and sensitively bonds them. The final stage includes conducting events like live music concerts, conferences, meetings, seminars, sports events, exhibitions, and aptly, others.
Strategic Market Players Incorporated in the Global Meetings & Events Industry Report
The prominent companies in the market are American Express Global Business Travel, CWT M&E, BCD Meetings and Events, MCI Group Holding SA and Jack Morton Worldwide.
The industry report contains mergers and acquisitions, plant shutdowns, investments/divestments, capacity additions, and other latest developments in the market.
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