Key Highlights
- The global meetings industry was valued at approximately $1.5 trillion in 2022
- Over 85% of businesses reported that meetings help improve collaboration and team cohesion
- The average corporate meeting costs $1,315 per attendee
- Virtual meetings increased by 80% during the COVID-19 pandemic
- 70% of meeting planners say sustainability is a priority for upcoming events
- In 2023, the global MICE (Meetings, Incentives, Conferences, Exhibitions) market was projected to grow at a CAGR of 11.4%
- 65% of event organizers reported increased use of hybrid event formats post-pandemic
- 55% of attendees prefer hybrid meetings over fully in-person or virtual events
- Top reasons cited for holding meetings include knowledge sharing (82%), team building (76%), and strategic planning (74%)
- The average return on investment (ROI) for face-to-face meetings is estimated at 4.52 times the initial expenditure
- For every dollar spent on meetings, organizations see an average return of $4.00 in increased revenue or productivity
- The global event technology market size was valued at $6.49 billion in 2022, and is projected to reach $15.78 billion by 2029
- Nearly 60% of event professionals cite ROI measurement as a key challenge
The meetings industry is thriving like never before, with a global valuation of $1.5 trillion in 2022, rapidly evolving digital and hybrid formats, and a projected CAGR of 11.4% in 2023—driving unprecedented opportunities for collaboration, innovation, and revenue growth worldwide.
Attendee Preferences and Engagement
- 55% of attendees prefer hybrid meetings over fully in-person or virtual events
- Top reasons cited for holding meetings include knowledge sharing (82%), team building (76%), and strategic planning (74%)
- 38% of attendees prefer to attend meetings and events in outdoor venues
- The average length of a corporate meeting is about 3 hours
- 66% of planners believe that enhancing attendee engagement increases ROI
- The top three factors influencing venue selection are location, price, and facilities
- 40% of event planners report that attendee experience is their top priority
- 45% of corporate meetings are now planned with an emphasis on inclusivity and diversity
- Over 50% of event marketers claim mobile optimization is critical for event success
- The average duration of a breakout session is approximately 45 minutes
- 85% of meeting attendees expect more personalized experiences at events
- 54% of event professionals plan to focus more on experiential marketing strategies in 2024
- 51% of corporate meetings in 2023 included a wellness component
Attendee Preferences and Engagement Interpretation
Industry Trends and Planning Metrics
- Over 85% of businesses reported that meetings help improve collaboration and team cohesion
- Virtual meetings increased by 80% during the COVID-19 pandemic
- 65% of event organizers reported increased use of hybrid event formats post-pandemic
- Nearly 60% of event professionals cite ROI measurement as a key challenge
- The average size of a corporate meeting is about 100-250 participants
- 45% of meetings in 2023 included a virtual or hybrid component
- The average number of meetings held per person in the corporate sector is about 4-6 annually
- The use of event apps increased by 30% from 2021 to 2023
- The average cost of AV equipment for small meetings is approximately $3,000
- 72% of companies plan to increase their meetings budget in the next year
- 55% of meetings are now booked six months or more in advance
- 81% of event organizers believe that virtual events are here to stay, even as in-person returns
- The average corporate event attendance fee is approximately $150 per attendee per event
- 65% of in-person meetings in 2023 were held in urban areas
- The average number of sponsors per event is 3.2
- The average number of hotel room nights booked per event is 150
- 77% of event professionals believe that data analytics will help improve their event ROI in the coming years
- The average sponsorship ROI for in-person events is estimated at 6:1
Industry Trends and Planning Metrics Interpretation
Market Size and Economic Impact
- The global meetings industry was valued at approximately $1.5 trillion in 2022
- The average corporate meeting costs $1,315 per attendee
- In 2023, the global MICE (Meetings, Incentives, Conferences, Exhibitions) market was projected to grow at a CAGR of 11.4%
- The average return on investment (ROI) for face-to-face meetings is estimated at 4.52 times the initial expenditure
- For every dollar spent on meetings, organizations see an average return of $4.00 in increased revenue or productivity
- The global event technology market size was valued at $6.49 billion in 2022, and is projected to reach $15.78 billion by 2029
- The MICE industry is expected to generate over 2 million jobs worldwide by 2025
- The global conference industry is expected to grow at a CAGR of 10.2% from 2023 to 2030
Market Size and Economic Impact Interpretation
Sustainability and Environmental Practices
- 70% of meeting planners say sustainability is a priority for upcoming events
- 68% of organizations are adopting sustainability practices in their meetings
- The average environmental impact of virtual meetings is 55% lower than live events
Sustainability and Environmental Practices Interpretation
Technology and Innovation in Events
- 74% of event planners say that social media is an essential tool for marketing their events
- Approximately 90% of planners believe meeting industry growth is linked to increased adoption of digital and hybrid formats
- 48% of respondents plan to increase their use of AI and automation tools for meetings in 2024
- 70% of event professionals say they are more likely to integrate new technology if it provides measurable benefits
- 59% of meeting planners use data and analytics to improve future event planning
- 80% of professionals agree that technology has made it easier to plan and execute meetings
- 42% of event professionals plan to increase their investment in event technology in 2024
- 73% of event organizers said that data security is a top concern when planning virtual meetings
- 62% of meetings are planned using online event management platforms
- The use of AR and VR in meetings increased by 40% in 2023
Technology and Innovation in Events Interpretation
Sources & References
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