Global Meetings & Events Market: Country Overview; Recent Events; Value Chain Analysis; Production Process; Cost Structure; Market Dynamics: Drivers & Constraints, Industry Events, Innovations & Trends, SWOT Analysis, Porter’s Five Forces; Industry Best Practices: Sourcing Strategy, Procurement Model, Contract Structure, Key Factors Influencing the Quotation; Key Supplier Analysis, 2024-2032

Meetings & Events Industry Report by Regional Category Spend, Price Analysis, Key Demand, Price Indicators, and Best Buying Practices

The global Meetings & Events market reached a value of USD 1339 billion in 2021. The industry is projected to grow at a CAGR of around 5% in the forecast period of 2022-2027 to reach a value of USD 1795 billion by 2027.

The Meetings & Events industry report comprehensively analyses the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is expanding rapidly because of the increase in the get-togethers and celebration of all small and big occasions in the community together with rise in the number of music shows, sports events, wedding parties, among others. Europe is the highest category spender by region which is driving the demand for Meetings & Events industry.

Industry Definition and Segmentation

The various societal or non-societal meetings or get-togethers or public gathering held for celebrating an occasion, marketing, latest or innovative product promotion, recognition, and awareness, social cause among others. The event sector is also called Live communication industry implies creating live event involving several specialists, artists and performers, and general audience. These events are of numerous forms like meetings, official dinners, corporate get-togethers, awards ceremonies, concerts, exhibitions, trade shows, etc. Nevertheless, meetings include an educational or business objectives. A meeting may put together a specific or a special within it. The global Meetings & Events industry report comprises segments based on region (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa).

The European Region is Driving the Growth of the Industry

Owing to the meeting and events suppliers’ abilities to fulfil the critical client needs in the region, Europe holds the maximum share in the global market. In addition, Europe has been enormously successful in earning seminars and meetings of global organisations and groups with more than half of the leading metropolises and countries is chosen as destinations for discussions or meetings of worldwide organisations.

The growing competition in the global market is leading the key market players to continuously work towards collecting data for obtaining relevant 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. At present, the events sector is getting various prospective opportunities since all business and start up requires labelling and marketing, and the event is the most beneficial and lucrative platform for them to promote their products by sponsoring several showbiz events shows such as sports events (IPL), live musical concerts, new product promotional events, so on. These events also help the clients to have interactions with prospective customers and investors. Besides, the increasing use of social media platform primarily because of the rise in sales of smart phones along with the intensified access of the internet is boosting the progress of the meetings and events industry.

On the other hand, policies, and rules and sustainability are the main issues that are acting as hurdles in the growth of the industry. Various sectors like pharmaceutical and finance based are primarily governed and examined by laws and regulations which negatively impacts the meetings for such industries. Additionally, owing to the difficulties in immigrant policies, the market in countries like the U.S. is projected to get impacted.

Best Procurement Practices

The global Meetings & Events oil industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by Meetings & Events providing and utilising regions across the globe, such as contract terms, engagement models, and buyer and supplier negotiation levers, among others.

Category Management Studies

Events primarily means any common gathering of people at a regulated or fixed time and venue. The important and prevalent events are seminar and exhibition, company events and conferences, marketing and fundraising, music and art performance, sports, festival, trade shows, promotional event of products. The major shareholders present within the events market are corporate firms, public companies, and NGOs. The first stage of a key event includes knowing the audience and their demeanour that stimulates and psychologically connects them. The last stage involves holding events like sports events, live music concerts, conferences, meetings, seminars, exhibitions, and suitably, others.

Increased Number of Sponsors and Popularity of Corporate Culture are Anticipated to Further Drive the Meetings & Events Market

The expansion in the number of sponsors around the world resulted in the increase in the meetings and events market, hence these sponsors are regarded as the strength of the industry as it is the first supplier of funds to conduct any event at either a small or a big level. Along with this, prominent corporate houses conduct numerous events on a yearly basis and have enormous budget for these events, hence increasing corporate culture is also helping in the growth of the events market as these corporates provide prospects to the event companies to organise events for them.

The key zones in the industry are the North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Industry Players Mentioned in the Meetings & Events Industry Report

• American Express Global Business Travel
• CWT M&E
• BCD Meetings and Events
• MCI Group Holding SA
• Jack Morton Worldwide

Market Landscape

The prominent companies existing in the meetings and events industry focusses on critical strategy to avoid competition and to sustain and boost their events industry share globally. The international providers and organisers of events and meetings offer a broad range of services, because of their huge resources of professionals and contracts done with other firms that support them in conducting meetings, such as chains of hotels, venue providers and travel bureaus. A large number of these companies also function with the help of partnerships and collaborations in several countries, where they do not work directly.

Key Initiatives by Companies

• Veeps, the Livestream platform for concerts in the music industry, was acquired by Live Nation Worldwide Inc. Through this acquisition Live Nation Worldwide Inc. has positioned itself in the rapidly growing livestreaming space.
• BCD Meetings & Events has collaborated with Core Rewards, that is presenting a technology platform to follow and compensate people in inducement and reliability plans or programs that highlights as retail bonuses.