U.S. Meetings, Incentives, Conferences and Exhibitions Market Size and Trends
The U.S. meetings, incentives, conferences and exhibitions market size was estimated to be valued at US$ 125.76 Billion in 2023 and is expected to reach US$ 174.61 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.8% from 2023 to 2030.
U.S. Meetings, Incentives, Conferences and Exhibitions Market Trends:
- Shorter booking cycles: Shorter booking cycles is an emerging trend with organizers preferring venues and vendors with real-time availability. This allows quicker turnaround times and flexible planning. Instant booking solutions provided by online platforms like Cvent (a software-as-a-service (SaaS) company that specializes in meetings, events, and hospitality management technology by offering web-based software for in-person, virtual, and hybrid events, including online event registration, venue selection, event marketing and management, virtual and onsite, and attendee engagement) and Bizzabo (a management, marketing and interaction platform for event professionals looking for an all-in-one solution to host their website, event mobile app and live interaction activities.) facilitate this trend. It also enables planners to take advantage of lower pricing by booking nearer to the event dates when there are venue cancellations. Shorter cycles also aid in postponement of events if required. According to data provided by the Cvent's 2021 Event Planner Sentiment Survey, over 850 U.S. event professionals, 92% believes expanded digital options helped them move their 2021 events to a virtual, hybrid or in-person status despite ongoing pandemic uncertainties.
- Sustainable event practices: Sustainability is becoming a priority for the events industry with rising eco-consciousness among planners and attendees. Venues are implementing green practices like energy conservation, waste management, and local sourcing. Organizers are also opting for recycled and eco-friendly event supplies to reduce carbon footprint. Some corporations tie sustainability goals to meetings and events. In 2021, according to a study conducted by the Events Industry Council, 66% of meeting professionals indicated sustainability which was an important factor in their selection of event venues.
- Experiential events: Experiential events that provide immersive experiences through audience interaction are gaining prominence. Gamification, workshops, branded event technologies and local cultural experiences are being integrated. The annual (Environmental Systems Research Institute) ESRI User Conference for (geographic information systems) GIS technology witnessed over 60,000 attendees in 2022, a significant increase from prior in-person events, thus demonstrating strong interest in high-quality experiences for professional development.
- Health and safety: COVID-19 protocols have led to increased emphasis on health, safety, and hygiene at event venues. Use of contactless technologies is rising along with procedures for crowd management, temperature checks, deep cleaning, air quality monitoring, and others. Hybrid events are also preferred for enabling social distancing. Planners prefer venues with strict safety standards. In 2022, (Export Inspection Council) EIC developed an all secure health and safety standard for the global events industry focusing on cleanliness and customer protocols.
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