14 March, 2019
RALEIGH, North Carolina, March 14, 2019 - The global market size for meetings and events (M&E) is currently growing at 6 - 7 percent annually, according to Beroe Inc, a procurement intelligence firm. The global economic growth is the key driver for the meetings and events market, and the high demand for meeting spaces is driving the prices of meeting venues and hotels.
North America is the leading M&E market growing at a rate of 4 - 5 percent, and the Asia Pacific region has a relatively smaller market share growing at a high rate of 8 - 9 percent. North America and Europe are highly mature markets holding nearly three-fourths of M&E revenue.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
The moderate economic 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 along with the availability of money at a low-interest rate, are resulting in a surge in the M&E market. However, recent major political developments (such as the Brexit vote in the UK, the failed coup in Turkey, and the US presidential elections) has impacted the meetings and events industry.
The operational costs account for nearly 50 percent of the total cost for a meeting, which comprises the largest share of all the components. It varies depending on the scale of the event. Capital costs comprise of furniture, fixtures, and equipment, which vary from 35 percent to 40 percent depending on the maturity of the supplier.
The research methodology adopted for the report included:
The M&E market is highly fragmented with plenty of downstream suppliers. Each sub-category has many suppliers and local players, and the top 10 - 12 companies are about the same size. Due to the presence of so many suppliers, the M&E industry is highly competitive, which enables low switching costs to the supplier.
The report also includes:
Beroe is the world’s leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: http://www.beroeinc.com