Exhibition market rebound to hit 107% – report

The global exhibition market continues to make a sustained recovery and is expected to rebound 107% by 2024, according to a report.

Forecasts from Globex 2023 show the market size is projected to reach $30 billion by 2024, up 7% from 2019.

It is anticipated to further grow to $32.5bn by 2025 – 16% higher from the pre-pandemic figures of $28bn in 2019.

Athan Siah, Globex 2023 co-editor, said: “From a nominal perspective, the exhibition industry is close to where it was before the pandemic.

“This is also true when we look at organisers’ calendars and the volume of new launches in 2022-23.

“The next important question pertains to when the majority of shows will recover to their pre-Covid scale.

“According to our Globex 2023 report, we forecast global NSM volumes to reach 100% of 2019 levels by 2025.”

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Easing headwinds propelling growth

The resurgence of exhibitions has been fuelled by strong demand for face-to-face shows as well as dampening headwinds. Some of these are:

• Easing concerns over the European energy crisis amid a sharp fall in natural gas prices and implementation of the European Commission’s gas storage requirements policy.
• Reduced inflationary pressures e.g. the US staved off the much-prophesied recession with increased household and government spending, rise in exports and uptick in equipment investment.
• China lifting its zero-Covid policy to facilitate international travel and increase visitor footfall to exhibitions.

Athan added: “Regardless of when exactly full real recovery happens, one thing is for sure.

“The enduring value of face-to-face has been proven once again.

“Digital and data will undoubtedly play a complementary role, but they will remain that – complements which strengthen the value proposition of face-to-face exhibitions.”

This growth of tradeshows and exhibitions has been especially prominent in the US, where cancellations for live events have been extremely low since the beginning of the year (see graph).

Allen Shaw, CEIR economist, added: “The positive momentum of participation in face-to-face trade shows will continue.

“Widespread B2B exhibition cancellation due to Covid-19 is a thing of the past.

“Normalization of the exhibition schedule back to pre-pandemic timing and the performance of completed events will continue to improve.”

Tech-led experiences to grow at live exhibitions

A key point highlighted by Sian is the role of digital tech in enhancing the value proposition of live events.

Face-to-face shows have become more interactive and personalised experiences for attendees with the use of tech.

Every touch point is designed to provide maximum value – from event registrations and onsite networking to lead capture and sponsorship.

Figures from the latest Event Tech Forecast show the biggest opportunities for event tech are believed to be in AI-powered features, proving exhibitor ROI and community building.

Read more: How generative AI is making its mark in meetings and events

Some popular tech tools found in modern-day event management solutions are:

1. Online Registration: deliver a seamless registration process by helping create customisable registration forms, managing attendee data and tracking event registration metrics.

2. Mobile Event App: help attendees get access to event schedules, interactive maps, real-time updates and more.

3. AI-Powered Matchmaking: connect attendees with exhibitors, content and products through intelligent AI recommendations.

4. Online Exhibitor Manual: onboard exhibitors with the necessary information, guidelines, and deadlines for their participation.

5. Interactive Floorplan: create a customisable layout of the venue to help attendees navigate the floor space seamlessly.

6. Lead Retrieval: enable exhibitors to scan contacts, capture attendee information and follow up leads.

7. Hosted Buyer Programme: create a personalised concierge experience for pre-qualified buyers to facilitate high-value meetings with exhibitors.

8. Digital Sponsorship: get new revenue streams by building digital branding packages that include premium features, ads and banners, personalised app features and more.

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