Top event industry trends to look out for in 2022

In 2019, the events industry was valued at $1,135.4 billion and was expected to reach 1,552.9 billion US dollars by 2028, registering a compound annual growth rate of 11.2 per cent from 2021 to 2028. The music concert event category was predicted to experience the most significant growth with a CAGR of 13.1 per cent.

With the enforcement of travel and movement restrictions worldwide, most event venues were forced to close. As a result, many prominent and private events were postponed or cancelled and waking up to new postponements and cancellations became normal.

As a result of the cancellations and postponements, many businesses in the industry experienced significant revenue losses and terminated contracts. Several companies in the events industry were declared bankrupt, some were forced to lay off a substantial number of their staff, and others were forced to close down operations. Millions of Americans were laid off or furloughed, while some reported some loss of income.

Some event professionals even departed from the industry on their own accord. Rather than halting an industry entirely dependent on face-to-face interactions, many organizations are embracing virtual events of various sizes for their audiences to substitute in-person events. These virtual events are helping event organizers to connect and maintain a business relationship with their audience until in-person events become feasible again.

With the help of numerous video conferencing platforms and social media, companies have organized and held virtual events. According to a survey by Events MB, 73 per cent of event planners have successfully transitioned their events to the internet.

The $1.5 trillion worldwide event industry isn't expected to fully return to normal until at least 2023. There will continue to be major (and permanent) shifts in the industry for years to come. Despite this, the event industry is expected to experience a CAGR of 11.2 per cent from 2021 to 2028.

As we enter 2022 with the Omicron variant spreading rapidly around the world, we predict that event organizers will be doing more to ensure the health and safety of attendees, sponsors, and staff members. In addition to an increase in hybrid and virtual events that can more easily guarantee attendee safety, we anticipate that an increasing number of event organizers will start requiring proof of vaccination at the door or as a prerequisite for registering for in-person or hybrid events. It's also possible that more event organizers will offer on-site rapid testing and other Covid-19 screening services.

Concerns around climate change have been one of the major themes of the past decade as an increasing number of individuals and corporations make a commitment to lessen their impact on the environment. This eco-friendly approach has spilled over into the world of events, which traditionally has been a fairly wasteful industry – just think about all the plastic water bottles and catering waste, not to mention the merchandise and freebies that often get thrown away as soon as the event is over.

Now the tide is turning, and sustainable events are becoming the more popular (some would say the only) option. So how do you make a more sustainable event? There are many opportunities, from switching to digital ticketing systems to replacing plastic bottles and cutlery with biodegradable alternatives, using seasonal, local produce in catering, and donating leftover food to local charities.

Travel contributes majorly to the carbon footprint of an event. Event planners can reduce this impact by planning more localized events, and even ditching physical events entirely in favor of online events. As consumers demand brands to develop more sustainable practices, they will also expect events to be planned in a way that will have a minimal environmental impact. Your event is a representation of your brand as a whole. Make sure it aligns with your core values.

Augmented and virtual reality technology solutions are becoming more commonplace and affordable. AR can be used for interactive product demonstrations, to help attendees learn more about each other and network, to create interactive venue maps, provide entertainment and opportunities for engagement, and more.

The improvements in technologies such as live streaming video and VR also mean virtual events are growing in popularity. In the future, we're likely to see more blended events where a small number of people physically attend the event, but many more check in virtually. Networking opportunities are a big attraction for many event attendees, aside from the event itself, so make sure you schedule in plenty of free social time and provide casual spaces that promote interaction.