A Quick Look at the Various Aspects of the Corporate Event Industry

Corporate events have, in the past decade or so, risen in popularity owing to their crucial role in the corporate world. In order to fulfil the different kinds of organizational needs, different types of corporate events have come up in the industry. Though the peripheral objective of each corporate event differs, their core aim is to build a community feeling among employees, connect individuals to set up a network for information sharing, develop methodologies for skilling, reskilling, and upskilling of employees, and to recognize and celebrate talent among the existing pool of individuals.

Emerging trends in the corporate event industry

As said earlier, the corporate event market consists of numerous different events which serve different purposes for an organization or a company. Conference events are one of the most popular types of corporate events. Conferences are primarily arranged to bring together people from the same or different organizations in order to discuss policies, share opinions, implement decisions, and review actions. Not just private organizations, conference events form an important part of government business travel also. 

One interesting trend that has emerged in the last few years is the increasing emphasis on virtual conferences and conventions. Virtual events are mainly conducted using video conferencing platforms wherein employees attend the events via the internet. Virtual events have helped organizations cut down their costs for organizing such events. This factor has been crucial for companies which are facing financial constraints and are hence hesitant to organize large-scale corporate events. Another important advantage of virtual events has been that participants from across the world can join in, without having to travel long distances. This has, in fact, helped large multinational corporations, which have employees working in different countries, connect together their entire workforce for an event. With the advent of 5G technology and increasing internet penetration across the world, the scope of virtual corporate events is bound to increase.

Important factors pushing the growth of the corporate event industry  

Since 1991, the force of globalization has been increasing with each passing year. Also, global trade has been growing and countries are rapidly aligning their national economies to fit in the international trade. As a result, international cooperation and coordination has become vital for businesses to maximize their profits and stay on top of their industry. The growing pace of globalization and increasing volume of global trade has been the biggest factor in driving the corporate event industry forward. Additionally, with the growth of start-up culture in developed and developing economies of North America and Asia-Pacific, the demand for corporate events has grown considerably. This is further expected to boost market growth.

Strategic alliances among leading market players

Apart from globalization, increasing start-up culture, and shift towards virtual events, an important factor in the growth of the corporate event market is strategic alliances among leading players of industry. In January 2023, for instance, Convene, a leading UK-based premium events infrastructure management company, announced that it had acquired etc.venues, a popular conference events venue provider. Similarly, GL events UK, a large-scale event manager, announced the acquisition of Field and Lawn, UK's leading event infrastructure provider. Such acquisitions, mergers, partnerships, and collaborations have played a huge role in the success of the market and are expected to continue to do so in the years to come.

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