Blog

Globalization: How It Influences and Challenges the Event Industry

Thousands of conferences and exhibitions are being organized by professionals around the world every day with attendees and exhibitors from a multitude of different countries. The meetings and events industry operates on a global scale, but is it a globalized business?

As business becomes increasingly globalized, the event industry is faced with international competition and business opportunities from old and emerging markets. BRICS and MINT markets form a large population with growing economies and a relatively stable political environment. Extraordinary growth rates of emerging markets with regard to the number of events and space rented require rethinking current business strategies.

New business development

According to the UFI Global Exhibition Barometer that has just been released in January 2014, “Around one company out of two in all regions declare an intention to develop operations in new countries.” Developing new business by expanding into new countries can be considered as a highly relevant priority in terms of strategy.

1 company out of 2 declare an intention to develop operations in new countries

Click to tweet

The study reveals as well that “the state of the national/regional economy” and “the global economic uncertainty” are perceived as the most important business issues that challenge the industry. This shows that globalization has happened already in the event industry and that factors that influence business performance are tied to the local economy as well as to the global economic situation.

Challenges of globalization

The GCB (German Convention Bureau) recently published a comprehensive future study on megatrends shaping the events industry. It outlines developments, select megatrends and their impact on events and conventions by the year 2030. Globalization is considered one trend that will seriously influence and challenge the events industry in the mid-term.

While international competition will increase through globalization - especially competition with emerging markets as the BRICS states - there will also be an additional demand generated by people in those markets with a new type of client. This means that event organizers will have to learn what the needs of their attendees and exhibitors are, which will require an increased demand for intercultural skills. Mastery of other languages will become the standard, along with the acquisition of intercultural knowledge and competence.

As the number of organizations operating internationally will grow through globalization, so too will the need to effectively exchange ideas in person, and the GCB predicts an increased demand for events as the platform for international networking processes.

Just like many other sectors, the meeting and events industry will have to face the challenges that arise from the increasing globalization of the world, but the industry might also see opportunities to benefit from a growing demand for in-person events

I’d love to hear how globalization impacts your area of work. Don’t hesitate to connect on LinkedIn or Twitter or contact me via email! This email address is being protected from spambots. You need JavaScript enabled to view it.

Related Blogs

How much more productive could your salespeople be if they had access to their customer data, follow ups, and sales opportunities on their mobile phone no matter where they are in the world? New mobile business solutions are readily becoming the most effective tool
If you have ever been to a flawlessly executed event, you know how the experience makes you feel. An event is flawless when every part of the event goes off without a hitch. All the necessary furniture and audio visual equipment are present and working properly,
Event planning is not just about throwing fun events or great parties- it's a lot of hard work. It takes serious and planning to hold even an adequate event, conference, or meeting. For that event to be spectacular it involves sweat, blood, tears, and not a lot of
What tools are you using to manage your events? If you are not using a dedicated event management software, you are probably regularly faced with this challenging situation: you’re using a large number of Word and Excel documents to manage information that is duplicated

To provide you with a better user-experience, this website uses cookies (small, nonhazardous text files stored by your browser so you are recognized on your next visit). By confirming with "OK", you agree. Visit our Privacy Policy for more information.