Event Industry: 2024 is the Year of Trial and Growth

Many business segments faced various challenges due to pandemic spread. There are a few questions that the COVID-19 pandemic continues to wreak havoc on the event industry. The previous years have put the flexibility as well as agility of planners globally to test.

Most international shows, exhibitions, sporting events, concerts, and major festivals have been canceled in order to stop the pandemic spread. The event industry is accustomed to opting for new situations. It is a sector that has undergone a significant transformation.

With the beginning of the new year, event organizers believe they are cautiously hopeful about the future. However, the sector will recover and gain traction in the future post-pandemic.

Facts and Statistics About the Event Industry

The event industry was valued at 886.99 Billion in 2020. Nevertheless, the market is projected to jump and reach around 2,194.40 Billion by 2028, extending at 13% CAGR from 2021 to 2028.

The event sector has been growing for the last several years. The primary reason for its growth is that people these days want to celebrate each small and big occasion. There are many sponsors in the market who offer funding for events to promote their startups. Let's explore to know how 2024 will be a year of trial, exploration, and growth for the event industry.

Conventional Events are Turning into Agile Virtual Events in 2024

With the rising technology and hybrid models, the era of digitalization and virtual events have changed the sector; however, they haven't avoided people's requirement to interact face to face. Most people these days want to experience the live networking thrills and believe in the power of the human spirit. The value of functions and events has changed; however, modern technology is changing it.

During the survey carried out on 8227 marketers globally, around 40% of events were predicted to be virtual in 2022. It is predicted that 35% of events that will be organized will be hybrid, whereas 35% are predicted to be held in person. It will measure growth in virtual events.

The COVID-19 spread has proven to be a revolutionary era for every sector, and the event industry is not an exceptional one. From multinational businesses to local markets, all enterprises relied on in-person meetings. Nevertheless, nationwide lockdown staggered in-person events, leading to immense financial losses.

Technology is a Key Enabler

With modern technology, the event sector is pushed through by quickly shifting to virtual events. Event organizations embrace modern technology; they host virtual events, hybrid or other events. Hardly anyone has seen such a heavy dependence on event platforms or other technologies before the pandemic.

The event industry has transformed and adapted modern technology and applications to emerge as powerful as ever before. Today most event planners are opting for event management system in PHP and other advanced platforms to create and manage events more smartly. The event space also carries the power and agility of hybrid and virtual events. However, recent trends in the event industry prove the industry's resilience and adaptability.

Accelerated Trend of Virtual Events

Before the COVID-19 pandemic, in-person events delivered a multitude of networking opportunities, developing meaningful connections, and communicating with sponsors and attendees easier. However, with the increasing adoption of technology, a unique set of audiences emerged who attended events that were previously inaccessible to them.

With a few clicks of a button, attendees can step into the virtual experience. They can have the best experience by choosing to attend a virtual event. Virtual events help brands in achieving their communication goals as they get in-person events. Additionally, virtual events provide the benefits of connecting a broader audience wiping away venue and travel costs.

Conclusion

The onset of the pandemic has proven to be revolutionary for the events sector. Even during the ongoing apprehension, advanced technologies, mainly such as AR & VR, offer next-to-real experiences. However, it also provides great opportunities for the events industry to grow and scale. These advanced technologies are also anticipated to meet a myriad of requirements for stakeholders in the new normal.