Meetings & Events
Meetings & Events includes services for all types of meetings such as internal/external meetings, Incentives, Congresses & Conferences and Exhibition and Events.
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Hyatt improves its Together by Hyatt meetings programApril 18, 2023
Freeman acquires Denver based strategic event companyApril 13, 2023
Swisspost acquires event platform SpotmeApril 12, 2023
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Meetings & Events Industry Benchmarks
The average annual savings achieved in Meetings & Events category is 15.00%
The industry average payment terms in Meetings & Events category for the current quarter is 65.0 days
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Meetings & Events market frequently asked questions
The global market size of the event management industry stands at $860 Bn, while for North America, Europe, and the Asia Pacific, the market valuation is $362 Bn, $262 Bn, and $172 Bn respectively.
As per Beroe's event management industry report, the industry is expected to grow at 7 ' 8 percent to reach an approximate value of $1245 billion in 2023.
According to the event management industry report, economic development, government investment, tech advancements are some of the key factors that drive the event industry growth rate
As per the event planning industry information, digitization and technology is gaining importance in every phase of the industry as it gives a considerable boost to efficiency, is cost-effective, and creates a long-lasting impression on the participants.
Meetings & Events market report transcript
Global Outlook on Meetings & Events Market
The global MICE market is expected to grow at a CAGR of 5–6 percent to reach approx. $1,477 billion in 2023(E), with an incremental growth of $327 billion in 2021–2022
COVID-19 completely disrupted the industry, and it came to a halt in 2020. Events were all canceled or postponed. Experts are of the opinion that the market contracted by about 70 percent
The global meetings and events industry is expected to be valued around $1,100–1,150 billion in 2022
Global Meetings & Events: Market Maturity
North America and Europe are highly mature markets, contributing to three fourth of M&E revenue. Supplier capabilities to serve complex client requirements in these regions are high. The APAC and LATAM M&E markets have a relatively smaller market share, hence, the maturity level of buyers, suppliers and technology is lower compared to matured markets.
Meetings & Events Industry Trends
Increase in focus on Sustainability, DE&I, and changes in policies are the major trends that will impact M&E in 2023. Companies are restructuring their meeting policies to include payment terms and KPIs more explicitly, so that loss can be minimized in case of adversities.
Global Meetings & Events: Drivers and Constraints
Currently, government initiatives and technology are the key drivers of the M&E industry. Travel restrictions and health concerns are the main hindrances in the industry.
Economy: M&E growth is largely dependent on the economy. Meeting spend is the first to be reduced during a downturn
Government investment: The M&E Industry acts as an Economic booster hence many countries are trying to develop infrastructure that will provide safety to attendees at physical events
Impact of digitalization: Advanced Technology helped in transitioning from face-to-face meetings to virtual which helped companies in achieving their meeting objectives during the pandemic
Global companies chasing M&A: Event agencies are upgrading their service offerings by providing virtual solutions, which are the key drivers of the industry in the pandemic. Hence, they are acquiring or merging with technology providers
Restrictions: Restrictions in travel, social distancing, and gathering are different in different countries. The current updates of locations are necessary before conducting a physical event
Unwilling Participants: Unwillingness of attendees to participate in a face-to-face meeting, due to health and other safety concerns
Health concerns: Risk of getting infected varies by location, but it still exists until a vaccination is discovered
Regulatory landscape: Industries are highly regulated and scrutinized, like pharmaceutical and financial companies. Meetings are affected by these regulations
Cost Structure of M&E
The cost structure of a face-to-face meetings has changed after the M&E industry went through a digital transformation due to COVID-19. Companies are spending more on event technology and security measures compared to previous years, where travel, accommodation, venue were the major cost components.
Cost Drivers of M&E
Cost of a meeting is driven by various factors, such as the location, where the meeting is to be held, number of attendees, mode of transportation, event technologies used, as well as the sourcing strategy of the company to engage with the suppliers.
Number of Attendees
The cost of the meeting segment is driven by the number of attendees attending the meeting and the size of venue that would be required to facilitate and manage attendees
The major driver for transportation is the mode of transport availed by attendees and the cost of the fuel. For example, transportation cost can increase if delegates request air travel
Technology and Event Production
The technology costs are driven by the type of event and the extent to which technology is required for the event. Large product launches and conferences may involve a larger component of technology than a smaller internal meeting/seminar
The cost varies from location to location. Popular meeting destinations are costlier compared to non-conventional destinations. Accommodation, food & beverage, transfers, entertainment are all such expenses that vary across various meeting destinations
Cost also depends on the type of supplier engaged. A large global supplier typically charges a higher rate compared to local suppliers
Supply Market Outlook: Supply Trends and Insights
The global suppliers provide a wide array of services, due to their vast resources of employees and contracts made with other companies that aid in organizing meetings, like hotel chains, venue providers and travel agencies.
Network: Most of them also operate through partnerships and joint ventures in many countries, where they do not have a direct presence.
Types of Suppliers:
End-to-end suppliers: This segment includes end-to-end event management firms, such as Amex, CWT, and BCD
Standalone suppliers: Standalone Suppliers specialize in providing specific services related to event management, like George P Johnson, PRG, Encore event technologies, PSAV
Engagement: Typically, companies engage with a local supplier when the complete event is organized within the country.
Service capabilities: As local suppliers have limited resources, their service capabilities are not as extensive as global players
Superior knowledge: They do have superior knowledge about the local culture and suppliers, and they can bring a local flavour to the events and also can get reduced rates through better local relationships.
Most adopted model globally: A fully outsourced model for M&E category management.
Most adopted engagement model: 2–3 preferred EMCs in every region.
Why: Engaging with 2–3 preferred suppliers provides better supplier management than multiple suppliers.
Pricing strategy: Fixed fee model and cost plus models are the most frequently used pricing models.
Why Should You Buy This Report?
This report on the event management industry underlines different aspects of the global market by analyzing through value chain analysis as well as Porter’s Five Forces analysis. In addition, it includes various quantitative and qualitative aspects of the event industry trends, drivers, opportunities, and challenges. Further, the report provides a holistic valuation of the industry competitiveness along with company profiling of global as well as local market players.
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