LONDON--(EON: Enhanced Online News)--According to the latest procurement intelligence report from Technavio, the global meetings and events market is expected to grow at a CAGR of 5% over the next five years due to the growing trend of offshoring events to low-cost exotic destinations in APAC.
“The global M&E market is driven by an increase in outsourcing of event-related activities by large organizations to third-party planners and managers. These organizations belong to sectors such as pharmaceuticals, automobile, FMCG, and FBT”
The research report titled ‘Global Meetings and Events: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The global M&E market is driven by an increase in outsourcing of event-related activities by large organizations to third-party planners and managers. These organizations belong to sectors such as pharmaceuticals, automobile, FMCG, and FBT,” said lead Technavio procurement expert Angad Singh for category spend intelligence research. “Europe and the Americas are considered as key markets due to a proliferation of large-scale industries across various sectors in these regions,” added Angad.
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Cost saving opportunities for the meetings and events market
The adoption of various cost-optimization levers helps buyers of meetings and events market realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the meetings and events market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Technologies such as SMMP is an innovative cloud-based M&E program that helps organizers manage complex workflows, hotel bookings, travel, event budgets, and program registrations effectively. It also allows clients to track event-related spend, processes, and activities, and measure and achieve better ROIs.
Big data is prominently used by global event service providers. It consists of data related to activities of attendees, speakers, event staff, and partners. Suppliers can combine this data with analytics to analyze spending habits on the event floor, general attitude toward vendors, and engagement levels with guest speakers. This helps buyers and suppliers manage events better and enhance customer experience.
Optimization of procurement practices saving aspects
Buyers can utilize the knowledge of regional or global suppliers as per their requirement. This also allows them to benefit from the expertise of regional and global suppliers regarding compliance with regulations and management of risks. Buyers can benefit from the technological skill of global suppliers during their engagement with them.
Bundling of services saving aspects
Major companies prefer end-to-end service providers that can offer one-stop solutions for their entire M&E requirements, thereby reducing overall management and administrative complexities, and enhancing their ability to track and manage expenses. End-to-end services include event promotion and marketing, destination management, creative services, and booth construction.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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