Emerging Event Industry Trends in 2024

Views: 664

Posted on March 27, 2024

Emerging Event Industry Trends in 2024

The Events industry has faced some challenges recently, and if the pandemic has taught us one thing, it is that events professionals are resilient. The landscape for events continues to change, with a host of factors impacting events managers and their clients. 

Take a look at some top trends that we are likely to see in the event industry in 2024. 

Technology plays a vital role

For online events such as webinars, technology is, by virtue, already central. However, while all events, whether online or in person, should be compelling in themselves, technology has the potential to make these events even better for the audience, and more productive for the producers.  Which is why, according to IT Salary Guide 2024 on Motion Recruitment, demand for tech experts is rising despite global economic uncertainty. 

The ever-innovative events industry has continued to develop the use of technology within events, utilizing an array of capabilities such as interactive floorplans, online booking capabilities, live streaming, and QR Codes to streamline processes, gather data, and improve the event experience. While incredibly valuable, the aforementioned appear mundane when considering the extents to which event coordinators can now utilize AI integration, Holograms,  AR & VR and gamification. AI and automation are each designed to make the event experience more impactful, pleasurable and rememberable for attendees. However, technology also has impact on event organizers that extends beyond the bottom line. The use of online event registration allows organizers to capture vital data before and during an event, which sales teams can use for targeted sales activities, extending the value of the event far beyond its lifecycle. 

An increased focus on ROI

With rising costs in fuel, resources and people, there is an expectation that the cost of events will continue to rise through 2024. Amid a global economic crisis, it is not always possible for organizers to pass these costs onto attendees. Things that have been part of routine, such as long-standing venues and suppliers, or entire teams travelling to events, may come under the microscope this year as coordinators try to cut spend wherever possible. In fact, according to the 2024 Amex Global Trends forecast, 83% of North American event planners said they would switch venues for  a saving of 6% or more. 

For trade show and sales events, the pressure is even greater; the pandemic might have bought a reduction in sales activity, but it also saw a huge drop in sales and marketing spend, largely thanks to the lack of trade shows and sales related travel.  This means that there is an increased focus on ROI; technology again can play a huge role in demonstrating this, helping organizations to gain oversight of events, measure return against KPIs, and get broad coverage to ensure event success. 

It’s time to cut carbon emissions

When looking at carbon footprints, events are one of the biggest culprits. Whether a tradeshow, recruitment fair, interactive experience, private event, play or concert, events require sets, which are often wholly or partly single-use, and huge amounts of travel. These elements aren’t just bad for the environment, they have a serious impact on the bottom line, too. Sustainability is a central concern within the events industry, with one survey showing that 78% of respondents stating that their organizations were aiming for net zero by the end of this year. 

By looking at sustainability, it is possible for event organizers and venues to take some responsibility for the sustainability of their event, often while reducing their own overheads. The use of recycled or reusable staging and booth frames can cut drayage. Sustainability is usually not the cheapest option, however, it is possible to make reductions in carbon footprint while reducing costs. Simple strategies, such as locally sourcing staff and resources as much as possible can help to reduce costs and carbon emissions and ensuring that everything, where possible, is reused will go a long way to helping the events industry to work with rising costs. 

With every industry need, the tech industry comes up with a solution and the emphasis on sustainability is not an exception. Organizations can track the carbon footprint of an event, a set, or a tradeshow booth to help them to achieve their sustainability goals. 

In-Person Events are back – but online is here to stay

There is no doubt that in person events are the most effective. However, the introduction of online events opened up a world of opportunities. Today, the event industry needs to offer the best of both worlds in order to stand out. Technology was fast-growing within the event industry pre-pandemic, but lockdown forced that growth to the next level. Faced with one of the biggest challenges the industry has ever faced and armed with a show-must-go-on attitude, exhibitors set to bringing the tradeshow and event experience to customers in their office. 

As the world slowly returns to pre-pandemic norms, there is no doubt that face to face marketing is the backbone of industry, however, there is a time and a place for remote marketing. Hybrid events offer the best of both worlds: those who can attend an event will enjoy the first-hand experience, whereas those who can’t travel for whatever reason, be it health, budget, or a busy schedule, can access the most salient elements. 

This hybrid approach is dependent on the developing technologies that make online events so valuable, enjoyable and compelling. It also helps event coordinators and attendees to consider their sustainability targets. 

Conclusion

For the events industry, 2024 is about keeping control of costs, cutting carbon emissions, and gaining that all-important balance between first-hand, in-person experience and online engagement. The single trend running through each of these priorities is technology which, if utilized appropriately, has the ability to not only facilitate but enhance the ROI, user experience and sustainability endeavours, helping event coordinators across industries to continue to create a valuable, memorable, profit-making experience. 

Leave a Reply

Your email address will not be published. Required fields are marked *

WebManager
© InEvent, Inc. 2024