Global Market Outlook on Meetings and Events Industry

  • In 2017, the global MICE market was valued at approx. $797 billion, and it is expected to grow at 6–7% to reach
  • $840 billion in 2018
  • North America is the leading Meetings and Events (M&E) market, growing at a rate of 4–5%, Asia Pacific is growing at an accelerating rate of 8–9%

Market Dynamics

North America

  • Conferences and tradeshows are expected to be the mostly hosted type of meeting in North America, followed by training type of meetings in 2018
  • An increase of 1–2% in the number of attendees is expected in conferences in 2018 over 2017
  • An expected increase of 1% in meetings budget in 2018 compared to 2017

Europe

  • Even in Europe, conferences and tradeshows are expected to be the mostly hosted type of meeting in 2018
  • Europe will witness a decrease in the number of attendees, especially in sales and internal meetings and no significant changes as of 2017, with regards to other types of meetings
  • Meeting budget is expected to remain flat in 2018

APAC  

  • Sales & marketing meetings are most popular in this region, followed by conferences and trainings
  • 2–3% increase in the number of attendees in all types of meetings is expected in 2018
  • An expected decrease of 1% in meetings budget in 2018 compared to 2017

LATAM

  • In LATAM, sales and marketing meetings are expected to be the mostly hosted meeting type over others in 2018
  • Number of attendees will increase in product launch events, but decrease in incentives
  • Meeting budget is expected to remain flat in 2018

Key Trends

Meeting Destination Concerns
While selecting a meeting destination, an event planner has to keep in mind a number of factors, such as air fare, distance, proximity of the venue to the airport, safety, and security at the venue and service offerings of that particular location.

Alignment with Overall Strategy
M&E are one of the major channels of promoting a company’s product and services that reflects on the bottom line. As M&E continue to be central to the success of a business, aligning them with an overall strategy is crucial, but developing that strategy and putting it into practice can be challenging.

Framing a Meeting Policy
Shifts in the economy do drive companies to look at meeting spend and strategy. As companies consider the benefits of M&E and the related risks and costs, they recognize the importance of cementing meetings policy and strategy and aligning these with their budgets.

Electronic Sourcing
Technological innovations, new meeting demands, and increasing cost consciousness are driving continued efforts around electronic sourcing for all meeting types, including small meetings.

Market Dynamics: Global

Economic development, government investment, and technology are the key drivers of the M&E industry. Regulations and sustainability are the major challenges hampering the industry.

Demand Drivers

Economy

  • M&E growth is largely dependent on the economy. Meeting spends are the first to be cut during a downturn

Government investment

  • Government initiatives to develop infrastructure and promote new venues for corporate events are providing more choice/attractive prices for M&E organizers

Impact of digitalization

  • The use of technology in every phase of an event production or as a substitute to physical meetings are gaining importance, as it increases efficiency and is cost effective, and also aids in creating an impact with the participants

Global companies chasing M&A

  • The need to register growth in a slow growing economy is driving companies to consider M&As, instead of organic growth. The faster results achieved through M&A activity, coupled with the availability of money at low interest rates, are resulting in a rise in M&E activity

Constraints

Political instability

  • Recent major political developments (such as the Brexit vote in the UK, the failed coup in Turkey, and the US presidential elections) have impacted the M&E industry. Buyers and suppliers now have to adhere to reformed policies while decision making

Regulatory landscape

  • Industries are highly regulated and scrutinized, like pharmaceutical and financial companies. Meetings are affected by these regulations

Impact of immigrant policies

  • Due to adversities in immigrant policies, M&E industry in the US is expected to get affected