The global conference planning services market was valued at over USD 245 billion in 2016 and is expected to surpass USD 313 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on conference planning services for the period 2017-2021. This market analysis examines the major drivers and key emerging trends that will influence the growth of the conference planning services market during 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.
Geographically, Europe is the largest shareholder in the global market, with a market share of around 34%. The increase in incentive tourism, special events, and senior leadership meetings will fuel the growth of the market in the European region.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The rise in the customization of corporate conference space will help in the growth of the conference planning services market. The advent of customization will result in an effective brand building, which is consequential in lifting employee spirit. In the recent times, conferences are considered to be a marketing event for companies and corporates. These organizations are engaging with planners to design conference space based on a pre-defined theme or brand of the company.”
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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 customization of conferences
The growing demand for customization will have a positive impact on the growth of the conference planning market, especially in geographies such as Hong Kong, Singapore, and Australia. Buyers are looking for ways to customize conferences. The introduction of new techniques such as developer conference will help companies to save costs and achieve improved ROI. The fragmented nature of the supply market is driving the need to customize services because it enables them to differentiate their offerings from competitors.
Rise in adoption of advanced technology
The enterprises are adopting advanced technologies to expand their consumer base and increase their profitability. The adoption of technologies like holographic technology and live streaming, along with smart applications will offer effective budget management and tracking by service providers. These innovations will help in enhancing buyer experience and contributing to the market growth. The introduction of business intelligence platform and virtual payments by conference planners are improving the client experience and helping suppliers increase their client base.
Increase in globalization of businesses
The rise in the globalization of business processes has led to a constant increase in business activities across the world. The growth in global operations has led to the increase in the number of corporate conferences held globally and the demand for conference planning services. Conference planning services are being availed to organize and manage conferences and to handle associated services like logistics for attendees and dignitaries.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Conference Planning Services Market – Procurement Market Intelligence Report 2017-2021.’
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