Steady growth rate set to propel global event and exhibition market

The events and exhibition market size is expected to grow from this year’s $ 45.71 billion to $ 52.68 billion by 2028, at a CAGR of 2.88% during the forecast period (2023-2028).

The Indian event and exhibition market size is expected to grow from$ 4.75 billion in 2023 to $ 8.71 billion by 2028, at a CAGR of 12.90% during the forecast period (2023-2028).

Exhibitions facilitate global trade and economic growth. Various Asian and European nations use them as business platforms to propel their respective economic developments and investments.

In a way, adoption of geo-cloning is driving the market. With less of the risk of a brand-new launch and an existing brand reputation to use as a launch pad and a statement of intent, geo-clones have proven to be a proven business tactic.

With Dubai World Trade Centre exhibitions contributing $ 3.28 billion to Dubai's economy alone, the UAE industry's willingness to embrace newer concepts is the economy’s driving force. Organizers and exhibitors are exploring the world of 'geo-cloning' to reach out to audiences, across the regional and global firmament. In this regard, exhibitors produce successful exhibits and events outside of their local markets, hoping to increase brand awareness and sales.

Further, Reed Exhibitions, a division of RELX, successfully implements geo-cloning to brands such as EuroBLECH, RAILTEX, PSE Europe, etc., contributing to market growth.

Exhibitions and events are critical enablers as they can trigger the economy. With India being one of the fastest-growing economies, the government initiatives to help enterprises in different industries are expected to improve the need for events and exhibitions in the country.

The rise in the number of national and international music events, concerts, festivals, and carnivals worldwide is a crucial growth-driver of the event and exhibition market’s music tourism sector. Travellers benefit when music is incorporated into the tourism business.

Millennials, who form the nucleus of music and travel audiences, are enticed by national and international performers' performances at these music festivals. Due to the development of events and exhibitions in line with Saudi Arabia's Vision 2030, a skill gap has been created among conference and event practitioners, which may negatively impact the market's growth.

The Covid-19 pandemic heavily affected global exhibitions and events worldwide with many scheduled ones getting cancelled or postponed. However, post-pandemic, event organizers have adopted new delivery models like going entirely digital or patronizing in-person solutions. Entertainment activities like film festivals, movie promotional events, music festivals, and concerts are gaining traction. An increased number of concerts and world tours by popular musicians are offering substantial opportunities for the market. It is further expected that events and exhibition will regain momentum over the forecast period.

The event and exhibition market comprises B2B and B2C, providing various revenue streams in terms of exhibitor fees, sponsorship fees and entrance fees through end-users (consumer goods and the retail sector, automotive and transportation industrial, entertainment) across the globe.

The study tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. It also tracks the revenue accrued from various types of events that are being used across end-user industries. In addition, the study provides the events and exhibition market trends, along with key vendor profiles.

The events and exhibition market is segmented by exhibition type (B2B, B2C, mixed/hybrid), revenue stream (exhibitor fee, sponsorship fee, entrance fee, services), the end-user (consumer goods and retail sector, automotive and transportation sector, industrial sector, entertainment sector, real estate and property and hospitality sector) and geography. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

Europe is a popular destination for events and exhibitions since the region boasts of innumerable popular venues, especially in the United Kingdom, France, and Germany.

The success of the MICE industry in Europe is primarily attributed to the high degree of customer service, secure and pleasant transportation, hospitality, fast and safe accommodations and the physical infrastructures to host events of any magnitude, successfully.

The region has many mega exhibition venues like Fiera Milano in Italy, Messe Frankfurt and Messegelande Hannover in Germany. The Hannover Exhibition Center, the largest convention center in the world, is one of the many significant convention centers in Germany, which is recognized for hosting numerous corporate events all year long. Germany's biggest cities, including Hannover, Frankfurt, Munich, Berlin, Hamburg, Dusseldorf, and Cologne, host thousands of industry exhibitions and trade fairs each year.