Exhibition, Convention, And Meeting Market Size, Share, Growth and Industry Analysis by Type (Exhibition, And, Convention & Meeting), By Application (Corporate Organizations, Public Organizations & NGOs, And, Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Exhibition, Convention, And Meeting Market Report Overview

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The global exhibition, convention, and meeting market size was USD 30880 million in 2022 and is expected to reach USD 41755.01 million in 2031, exhibiting a CAGR of 3.4% during the forecast period.

The exhibition, convention, and, meeting market is a part or a segment of the business travel sector. This market has its focus mainly on corporate events, expos, exhibitions, and gatherings. When a meeting has large number of people and audience involved, they are very often held at convention centers.

Many trends are being seen in the market. These trends and developments have boosted the market growth. The digitalization of travelling payments has become one of the factors boosting the market growth. This is considered as the latest trend in the market.

Several reasons have helped in the growth of the market. Some of these are given below. The increase in the business activities has in turn increased the client meetings, employee trainings, and brand promotions. The market helps in providing well organized trips where everything is properly coordinated. These factors have helped in the market growth.

COVID-19 Impact: Social Distancing Norms during the Pandemic Decreased the Market Share

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the exhibition, convention, and meeting market growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 was a deadly pandemic that had a negative impact on the global economy. As a result, all the industries faced a tough time. Many markets suffered low sales due to many factors such as low demand, unavailability of raw materials, and also scarce man power.

The global exhibition, convention, and meeting market is very much concerned with bringing people together and hosting meetings when the number of attenders is more. During the period of pandemic there were strict restrictions which did not allow people to gather in large numbers. Social distancing norms were imposed and this became a major backdrop for the global exhibition, convention, and meeting market growth.

LATEST TRENDS

"Digitalization of Travelling Payments to Boost the Market Growth"

We are in an era where digitalization is taking over everything. Most of the things from education to healthcare are now getting digitalized. The same is happening in the case of exhibition, convention, and, meeting market. This has tremendously benefitted the market in several ways.

Digitalization of travelling payments is making it very convenient for the customers to book their tickets for both the domestic, international, and business trips. The digital payment option is a very secure option for the companies to make their payment, as it drastically reduces the threat of thefts. This has become the latest trend in the market.

Exhibition, Convention, And Meeting Market Segmentation

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• By Type

The market can be divided on the basis of devices into the following segments:

Exhibition, and, Convention & Meeting. The exhibition segment is anticipated to dominate the market during the forecast period.

• By Application

Based on application, the market share is bifurcated into the following segments:

Corporate        organizations, public organizations &            NGOs, and, others. The corporate organizations segment is expected to dominate the market during the forecast period.

DRIVING FACTORS

"Surge in the Number of Corporate Companies and Events to Amplify Market Growth"

From the past few decades, the number of corporate companies and the events organized by them have seen a considerable growth. Corporate events and meetings include the gathering of large number of people from various companies. The increase in the business activities has in turn increased the client meetings, employee trainings, and brand promotions. All of these are dependent on the global exhibition, convention, and meeting market.

This market which is service oriented will help in planning, reserving, booking, and arranging conferences, business events, and seminars. This industry is highly complex and consists of many components such as planners, sponsors, and participants. With an increase in the corporate establishments the revenue for this industry has seen a spike. This is considered as a factor increasing the global exhibition, convention, and meeting market share.

"Rapid Growth and Development of The Tourism Industry to Impede Market Growth"

Tourism market is one such market which is flourishing especially after the pandemic. People are going on trips and tours which is increasing the market base for the tourism industry. Also, with the scientific and digital evolution happening in the recent times tourism industry has grown rapidly.

While people are travelling especially for work, they look for comfort and convenience. Well organized trips are what corporate companies look for. This market helps in providing well organized trips where everything is properly coordinated. Also, the changing lifestyle of people has become another major factor increasing the market growth. People are seeking to go on more leisure trips. 

RESTRAINING FACTOR

"Uncertain Geopolitical Conditions and High Costs to Bring Down the Market Share"

One of the major factors restraining the growth of this systems is high cost that is associated with these events. Travelling to foreign countries and conducting seminars, and meetings can become expensive and not all corporate companies can afford this. This is considered as a major backdrop for the market.

Another disadvantage for the market could be the uncertain and constantly changing geo-political situations around the world. The various geo-political scenarios that take place around the world can have an impact on the global exhibition, convention, and meeting market. 

Exhibition, Convention, And Meeting Market Regional Insights

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"North America to Dominate Market During the Forecast Period"

North America is the region that has a major share in the above-mentioned market. United States is the country contributing to the majority of market share in North America. Many reasons have created favorable conditions for the growth of the market in North America.  The main reason for the growth of North American market in the large number of corporate establishments in the region. Many countries in North America are the headquarters of some of the leading companies in the world. This has helped in the growth of the market. Also, the rapid digitalization, and, urbanization has aided the market growth.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• The Freeman Company (U.S.)
• Informa (UBM)
• RELX Group (U.K.)
• Cvent Inc.  (U.S.)
• ATPI Ltd (U.K.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations