Top Global Event Industry Trends In 2023; Explore More In 2024; Detailed Analysis By Spherical Insights and Consulting.
Corporate events, trade shows, conferences, weddings, and social gatherings are all part of the event industry. Organizing a well-attended event these days entails more than just hiring a meeting space and hiring a caterer. Advances in technology have made it possible to hold events wholly or partially in virtual spaces. Artificial intelligence (AI) systems such as ChatGPT are used by organizations for a variety of purposes, such as managing RSVPs and coming up with ideas for new events. The greatest event planners constantly come up with new ways to improve their events using the technology that is currently available to them, even though they also need to stay up to date with these industry trends.
The Development of Hybrid Events
Hybrid events allow attendees to participate virtually through live chat or streaming. Future hybrid events may appear very different from the traditional hybrid events when virtual attendees attend through laptops or mobile devices while the "main" event is held in a single in-person gathering. For example, the International Association of Conference Centers (IACC) is now providing a "MultiPOD Meeting," which enables real-time interaction between numerous groups of individuals in discrete physical locations known as "PODS." This allows each group to interact digitally with a bigger group that is spread across several cities, states, or even countries, all while having its own unique in-person experience.
Why is the events sector evolving so quickly?
The causes for the quick change in the events sector are technology, sustainability, and shifts in audience tastes brought on by the COVID-19 pandemic. The events sector has expanded in diversity, accessibility, immersion, and responsibility in recent years. The physical-digital divide has been crossed by the technological revolution, making events more accessible to a global audience. Event planners are under pressure to create distinctive events that appeal to the guests because the contemporary audience also wants immersive and customized experiences. The events sector has realized that sustainability needs to be given priority as environmental concerns gain traction. Furthermore, to lessen the environmental impact of large-scale gatherings, the events sector is incorporating environmentally friendly techniques into its planning. Therefore, the ever-changing needs of the audience, technology, and environment are driving the present transformation in the events sector.
The events industry is experiencing tremendous disruptions as a result of the ongoing progress of technology. Technology adds an exciting element to the event experience, from holographic performances at music festivals to the usage of augmented reality (AR), which fosters involvement. Additionally, event planners employ data-driven insights to customize material to the preferences of their audience. According to the use of cutting-edge data tools in the building of customized experiences, the audience can attend sessions that correspond with their interests and personal goals.
As environmental concerns have grown in recent years, the event sector has begun to prioritize sustainability strategies. Eco-friendly methods are now a fundamental component of event planning, influencing everything from the procurement of supplies to the use of electricity. In the event sector, responsible management and consumption are persistent worldwide trends. The two main focuses of sustainability activities in the events sector are using sustainable materials and reducing waste production. A lot of event planners encourage using recyclable and reused materials and going digital wherever they can. This phenomenon demonstrates their dedication to the environment and provides a positive message to the rest of the globe.
Top Event Industry Trends & Innovations
- Live Streaming:
Since live streaming can be used for a wide range of events and sectors, it is becoming more and more popular. It is anticipated that live streaming will continue to grow in popularity in 2024. The ever-evolving digital world has, of course, had a significant impact on how people consume content. Video has established itself as the go-to medium for learning and absorbing new content. To the extent that 75% of customers would rather watch brand live broadcasts than read a blog.
- Green Event:
An increasing number of events are being held around the world in an economic, social, and environmentally responsible manner. An increasing number of global corporations are including eco-friendliness in their bid procedures. In addition to lessening the event's detrimental effects on the environment, going green should benefit the neighborhood and create a lasting legacy. Large volumes of water, energy, and materials are needed to host an event, which produces waste and greenhouse gas emissions. Many venue managers and event planners want to lessen their environmental effects, but they might not know where to begin. Involving every stakeholder who is involved in the event's production or planning is essential.
- Augmented Reality (AR) and Virtual Reality (VR) for Events:
AR is a type of entertainment that is growing in popularity. Using smartphones and other devices, enables people to interact with virtual objects and situations. Businesses are utilizing this new technology to improve customer service, offer more information, and even make sales. Virtual reality is also a growing trend in the events sector. It's becoming more and more well-liked because it gives attendees of events a realistic experience. With virtual reality headgear, users can enter an entirely new universe. They have the ability to sense things and see things that others cannot. Virtual reality (VR) offers a more immersive experience as well as a special chance to interact with customers in ways that were not before feasible.
Blockchain technology has revolutionized conventional business practices. It offers a transparent, traceable, and safe network for users to trade Bitcoin or other cryptocurrencies. Because it has revolutionized the way people transact, its online presence is having an impact on a wide range of businesses, including government, finance, healthcare, and more. Currently, blockchain technology is capable of much more than just holding virtual money. Peer-to-peer transactions, supply chain tracking, product quality detection, and many other applications across multiple industrial verticals are supported. We'll examine the fundamentals of blockchain technology and how it affects the events sector here.
- Event Analytics:
The method used to monitor and examine customer-product interactions is called event-based analytics. Any action or activity a user takes at various touchpoints throughout the customer journey is considered an event. In the app, these user engagements could include using a function, checking off items on a checklist, buying a subscription, or clicking on a support article. Enhancing user activation, segmenting the consumer base to boost product acceptance, tracking feature usage to promote feature adoption, and customizing the user experience are all made possible by event-based analytics.
- Social Media as an Event Promotion Tool:
Social media is becoming more and more crucial for event organizers as it continues to play a significant part in customers' lives. In a recent Eventbrite study, 64% of participants stated they would base their decisions about which events to attend on what they saw online. As a result, using social media to advertise events is a trend that will continue in the events sector. Companies understand that traditional types of advertising, such as flyers or even word-of-mouth marketing, cannot be replaced by social media. It still influences how individuals gather information and make decisions about whether or not to attend an event, though.
Several companies and event planners are already attempting to implement these changes. While some are already familiar with them, others are still learning about them. Sincerely want to expedite this process, business can always rely on technology to help business capitalize on these event trends more rapidly. They are able to offer prompt software solutions for events. It offers an event listing system for websites along with powerful event management software. With just a few clicks, anyone can start organizing an event, promoting it online, collecting payments, managing the guest list, and even issuing refunds. Not only does the event management system adhere to the strictest information security and control standards, but it also complies with all significant international privacy regulations. Additionally, it is fully accessible, which enhances both the online navigation for your attendees and event SEO.
Growth of the Event Industry
The events business is experiencing considerable revenue growth due to various factors, including an increase in government and private sponsorships, rapid developments in the event management sector, and a rise in trade shows, exhibitions, and innovative product launches. The popularity and relevance of sports over the past fifty years have given rise to a new industry called the sports industry. A significant portion of fantasy sports' success can be attributed to efficient customer relationship management (CRM). If a supplier can provide its customers with timely, accurate, and informative information, customer loyalty and retention will rise. Professional sports organizations depend on revenue from commercial operations to sustain their operations; significant sporting events are now a vital part of the global economy; and sports sponsorship has increased. To put on sporting events, sports organizations must raise money through ticket sales, sponsorship deals, and the sale of telecasting and broadcasting rights.
Key Players in the Event Industry
- Access Destination Services
- BCD GROUP
- ATPI Ltd.
- Riviera Events
- Entertaining Asia
- Live Nation Worldwide Inc.
- Anschutz Entertainment Group
- Cvent Inc.
- Capita Plc.
- Reed Exhibitions
- Questex LLC
- Outback Concerts
- The Freeman Company
- Penguins Limited
- CL Events
- In May 2023, a four-day engineering expo at Pune's Auto Cluster Exhibition Centre has been announced by Globe-Tech Media Solutions. The Engineering Expo seeks to unite creative and dynamic participants from the manufacturing and engineering sectors, offering professionals and business owners a singular chance to network and learn about the most recent developments in the industry.
- In April 2023, the Radisson Blu in Indore will host a fashion designers' exhibition with men's, women's, and children's apparel. The show's objective was to bridge the gap between tier 2 cities and well-known designers so that customers could discover new products and companies could expand their clientele.
- In December 2023, the marketplace that offers the widest variety of live events worldwide, StubHub, has launched its 2023 Year in Live Experiences report. It highlights the trends and stories that set this year apart, including the top-selling live music and sports events worldwide.
- In November 2023, ATPI GROUP ACHIEVES RECORD-BREAKING 35% SALES GROWTH IN FIRST HALF OF 2023, PROPELLING EXPANSION AND CUSTOMER-CENTRIC EXCELLENCE IN ASIA.
- In May 2021, the in-house corporate events and meetings agency BCD Meetings & Events announced the formation of "The Collective" in order to bolster its own expertise in experience design, graphic design, high-end production, and creative content. The company's main goal is to provide brand experiences that go beyond conventional gatherings.
- In March 2020, the acquisition of CLI Groups, a top destination management company with headquarters in Las Vegas, was announced by Access Destination Services. CLI is renowned for its superior customer service, quick response times, and exacting standards. It is anticipated that this merger will increase both businesses' visibility in Las Vegas and improve client services.
About the Spherical Insights & Consulting
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