When we talk about events, we are talking about public gatherings such as conferences, exhibitions, corporate events, seminars, promotional campaigns, trade shows, music & arts performances, fashion shows, private events such as birthdays, weddings, anniversaries, and much more.
As per a report, the global event industry size was valued at $1,100 Billion in 2018 and was expected to grow at a CAGR of 10.3% to reach $2,330 Billion by 2026, but due to the COVID-19 outbreak, these projections seem to be unreachable. Now the big question is, what will happen to this industry and how much time it will take to spring? And what changes must be done in order to cope with the present situation? Now with the need for maintaining social distancing properly for each and every individual across the globe, the prospect of attending physical meetings has been disappeared.
Consequently, numerous events have either been canceled or postponed since the beginning of the year, especially since the pandemic-led travel bans came into effect in the last couple of weeks the world over. So, how are event organizers and planners faring in the wake of the industry’s disruption? And how the traditional vendors will cope with this pandemic?
Additionally, as we know, necessity is the mother of invention, the event industry players have turned to technology to adapt to the unprecedented situation by overcoming two main challenges. The first involves mitigating the losses by the pandemic and, secondly, meeting the event management needs of business stakeholders while complying with social distancing protocols. But there is another part of this industry, what about small event managers those deals in a city or state only means they do not deal at very large scale, or vendors, and about the huge job loss that will arise due to this digital transformation?
Events are all about planning. It is a given that we will over this virus effect of sooner or later. Keeping this view in mind, organizers are actively exploring the idea of going hybrid: by mixing physical and virtual components to execute events. This model facilitates a larger number of non-local members to remotely participate in an event that is happening at a physical location.
And we have to evaluate two things Quickly, first what kind of experiences are consumers seeking right now at their homes? Secondly, how does the event industry should design experience within this circumstance? We have to move ahead from just another “Going live on social media platform”.
With this emerging technology in the event management industry, some organizers and managers have already begun their journey towards tech-led transformation, while some are just waking up to the possibilities.
At the same time, when this crisis will be over the whole industry will back to track with some value-added virtual dimensions, until the industry has to adopt virtual/hybrid models as available alternatives as this is the demand of hour.
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