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Events industry set of strong growth in region: study

DUBAI, June 6, 2024

The Events industry in the Middle East region is expected to see a strong growth this year with 75% of event professionals planning to increase their total volume of events, according to a report.
 
Revenue generated from an event emerged as a top factor influencing planners to organise more events, expecting higher returns on investment event planners do intend to invest more in event tech by 45%, says the Cvent Event Industry Report.
 
The report aims to provide event professionals with insights into the latest trends to help them navigate the changing event landscape, make informed decisions, and discover opportunities to offer more engaging and impactful experiences to their target audiences.  
 
The report sees a projected 47% increase in in-person events, followed by hybrid events at 45%, webinars at 43%, and virtual events at 41%. Notably, 60% of respondents expressed their intentions to host more hybrid events this year, despite the last year’s popularity leaning towards virtual events.  
 
The positive market sentiment for Middle East is echoed by 97% of event professionals who view event expenditure as a priority. The report also indicates that revenue from an event emerged as the top factor influencing planners while organising events, followed by event attendance and cost containment. 
 
Ease in usage of event technology and yielding revenue from events emerged as top two challenges during event management, followed by competing with industry events and managing data security as additional areas of concern for the organisers. 
 
With event budgets going up and event expenditure becoming a priority, the report also highlights how organisations are willing to spend on event promotion if the budget allows with 22% iterating the sentiments followed by 17% emphasising on onsite experience. 
 
With Technology becoming a powerful facilitator and affecting budget increase, excellent customer support, features and ease of use come across as top governing factors to select event management tech. The report further showcases Middle East’s high receptiveness to tech advancements in the events industry with 79% of organisations identifying themselves as early adopters of Event Technology solutions, such as event website and registration, event mobile app and all in one event platform (supporting virtual and hybrid).   
 
SUSTAINABILITY
The report notes that sustainability continues to remain a prime focus and not to be overlooked, with 81% of respondents claiming to have a sustainability target for their events 66% willing to track event/attendee carbon footprint to become more sustainable, and 72% of organisations have implemented sustainability in events last year.  
 
Gokul Bajaj, Cvent AVP of Sales and General Manager – Dubai, said: "The findings of the Event Industry Report 2024 – Middle East edition provide encouraging insights into the future of the MICE industry in the region. It is gratifying to observe the optimism of the event planners, who, despite facing numerous challenges, have recognised the true value of leveraging events as a powerful tool for forging connections and enhancing brand awareness. In light of this, relying on and investing in event tech expertise is a prudent choice for the planners committed to delivering impactful event experiences. The findings also highlight an unwavering dedication of the industry towards prioritising sustainability in event organisation and participation. Cvent Event Industry Report continues to serve as the NorthStar for event industry professionals offering, essential insights into the current state of the industry and future trends. 
 
The survey for the study was conducted by independent market research consultancy Censuswide between December 12 and 29, 2023, with 150+ senior event planners, marketers, and other decision-makers from Middle East. The survey respondents were from firms that had revenue ranging from $50 million and above, a statement said. – TradeArabia News Service



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