The global meetings and events market is valued at almost USD 702 billion currently and is expected to surpass USD 899 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on meetings and events for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the public relations services market during the global meetings and events market for the forecast period. Some of the top vendors listed in this industry analysis include American Express GBT, Carlson Wagonlit Travel, BCD Travel, Reed Exhibitions, and UBM Plc.
In terms of geographical analysis, Europe is the largest shareholder in the global market, with a market share of around 34%, followed closely by the Americas.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Live streaming of events through social media is becoming increasingly popular across the globe. CEOs and other major stakeholders of several companies are making use of social media platforms such as Facebook and Twitter to address employees and other stakeholders.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growth in demand for customized events
Buyers in the market are increasingly seeking customization of events, such as product launches, as it helps save costs and achieve better ROI. The fragmented nature of the supply market is further adding to the availability of customized services as more providers are trying to differentiate their offerings from their competitors through customization.
Rise in adoption of technological advancements
The global market for meetings and events is currently witnessing a surge in the adoption of technological advancements. Technologies such as holographic technology, live streaming, and smart reservation systems for hotels and car rentals by M&E providers enhances the buyer experience, leading to the growth of the M&E industry. Furthermore, innovations such as business intelligence platforms and virtual payments in the M&E also help suppliers expand their client base.
Favorable government regulations and taxation policies
Government regulations and taxation policies in developing economies such as India and The Philippines are simple and attract subsidies for destination events. Furthermore, favorable policies, such as relaxed luxury tax and visa policies promote the growth of the corporate tourism and hospitality industry.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Meetings and Events Market – Procurement Market Intelligence 2017’.
