Event Planning Industry Report

The multi-billion-dollar event planning industry has seen renewed growth, opportunity, and rapid transformation in the years following the COVID-19 pandemic and is currently on pace to burgeon into a multi-trillion-dollar industry.

Key Market Trends

Event planning companies worldwide are increasingly seeking to introduce new products and technology to the market for a higher competitive advantage. This means more trade shows, new product launch events, and product exhibitions, driving the event industry’s strong and sustained growth.

Technology is also driving growth in the event industry. Following the pandemic, people have indicated they prefer remaining remote and online or going in person. This drove an increase in hybrid events that are both in-person and virtual. And these types of events are here to stay.

Live streaming and virtual events have also become more popular and commonplace, expanding their reach to larger, global audiences. Immersive technologies such as augmented reality and virtual reality are being utilized to bolster attendee engagement by offering interactive spaces and personalized experiences. Hybrid events also allow for a greater global reach, lower costs, better environmental impacts, better data tracking, and increased return on investment. In the past, companies typically would host one yearly event or conference. However, with the increasing adoption of virtual events, they can take place more frequently and actually cost less.

Virtual platforms, artificial intelligence (AI), and data analytics have become central to event management. These advanced tools enable event organizers to streamline operations, improve attendee experiences, and analyze event metrics more quickly than ever. Event managers are now able to handle event logistics, registration, and ticketing processes more efficiently than ever, leading to better attendee experiences and higher satisfaction rates. Plus, real-time communication tools offer better coordination among event teams, which helps things run more smoothly with a reduced chance of errors.

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Real-time data collection is a critical tool for improving events. In person, it is difficult to track attendees’ engagement on various levels. Virtual events have changed this game. Valuable information can be gathered through online attendance. However, new ways to gather this data in person are being sought. Data collection is going to remain a priority for event planners, and we can expect innovations in tracking data on-site to continue to develop.

This all means increasing investments in event technology. Event tech is high on investors’ list of segments to watch. Many startups in the event space have been getting high valuations. Event tech can be expected to continue to thrive in the future.

While event tech and virtual and hybrid events grow as a segment, cybersecurity is becoming more of a priority for the industry. There is a growing use of precautions such as two-factor authentication, VPNs, and password management in order to avert data breaches. This type of security will be especially critical for both internal and external hybrid events. Internal events include key stakeholders, leaders, and staff. External events are for external audiences, such as consumers and vendors. In both circumstances, cybersecurity will remain vital in the event planning sector.

Sponsorships have begun to dominate the global events industry market, as they play a critical role in marketing by enhancing events and offsetting expenses. They are a powerful complement to other marketing efforts, with effective messaging and brand awareness building. By sponsoring events, companies can reach more customers and, in turn, increase sales, making them an important driver of market growth and competitiveness. There are also tax deductions on sponsorship expenses, which gives businesses more incentive to use them as a marketing tool to maximize investment returns.

The rising popularity of sports leagues worldwide is also contributing to the growth of the event planning industry. There is increasing availability of resources for organizing events and expanding broadcasting and digital media.

M&A

The event planning space is highly competitive, with many players contending for projects and clients. There has been plenty of opportunity for consolidation in the market in recent years, with so much emphasis on digital transformation in the event planning space and increasing investor interest. As a result, it can be expected that mergers and acquisitions will continue to play a key role in the sector's evolution well into the future. Strategic consolidations lead to increased market share, improved synergies, optimized resources, and enhanced capabilities.

Event companies also often seek expansion through cross-border M&A deals, giving them a shortcut to enter new regions, acquire local expertise, and acclimate to cultural nuances.

Companies in the sector are also turning to vertical integration strategies in order to provide more comprehensive service offerings to their customers.

Our Recent Success Stories in the Sector

Some of Benchmark International’s recent successful deals in the event planning space include:

• The transaction between Golden Openings Inc. and Front Row Sales and Marketing

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