Exhibition refers to the marketplace where exhibitors, organizers, audience, and sponsors come together in a face-to-face environment or in-person gathering to make agreements, obtain information about the business and gain a competitive advantage, promote their products and services, and so on. Exhibitors are firms and businesses that demonstrate their products and services at the event in order to attract investors and consumers.
Many businesses utilize exhibitions as a marketing tool for their products and services, and they are now experimenting with new formats such as hybrid exhibits. The global exhibition market is anticipated to reach upto US$25.19 billion in 2023, growing at a CAGR of 12.96% during the forecast period.
North America dominated the market with maximum share of the global exhibition market. The region is estimated to lead the global market during the forecast period, due to the presence of well-established venues and exhibition spaces to conduct exhibitions. The exhibition market in the Asia Pacific is expected to hold a significant share, owing to the presence of various developing countries and a growing number of exhibition centers. India exhibition market provides lucrative opportunities in the coming years. The rapid development in urban activities throughout various growing economies in Asia Pacific, such as India, China, Malaysia, and others gives a resilient opportunity for pest control service providers.
Top Impacting Factors:
Driver: Rise in High Net Worth Individuals (HNWI)
The exhibition industry targets the High Net Worth Individuals as many exhibitions include auctions of different products placed such as fine art, automobile, etc. for the same. Increase in the population of High Net Worth Individuals increases the potential of the exhibitions, as there will be increase in visitors, which implies more revenue generation in the exhibitions due to more tickets sold, giving a boom to the exhibition industry. Also, these individuals can afford to attend the expensive exhibitions and auctions taking place all over the world. Thus, the exhibition market sees growth with the increase in the population of high net worth individuals.
Companies conducting exhibitions in different countries have to incur high cost for the setting up of the exhibitions which differ from country to country. The real challenge is to bring together so many different elements in a cohesive and meaningful way. There a lot of expenses in the exhibitions or events that is needed to be taken care of, the expenses include Food and catering, Marketing and registrations, Decoration Vendors, Rentals, Administrative expenses, Audio and Visual, entertainment, Venue costs, features, technical and production costs, other add-ons etc. By knowing where exactly the money is going, the company can better analyze where the investment is to be done. Thus, the high cost involved is expected to hinder the market growth in the years to come.
Cloud-based technology allows the organizers to use programs and information that are stored on the internet rather than on their own computer. Cloud-based solutions open the gates for faster product development, and deployment in the future, potentially reducing costs. This is beneficial for end users is that the customer does not need to host and maintain the solutions. The strategic advantage of offering solutions in the cloud format is that the time taken to roll out new products and its implementation for customers can improve meaningfully. In the future, the online exhibitions will increase and also this trend would help to sort the data and make things easier for the exhibition industry.
The COVID-19 Analysis:
Due to the pandemic, most companies had to cancel or postpone the exhibitions conducted worldwide as large gathering was prohibited, which lead to huge losses for the exhibition industry. But post-COVID, the exhibition market accelerated and the demand for the online exhibitions was seen due to the innovations in technology, and the need for exhibitons as a marketing tool for businesses and companies. New trends were used such as hybrid events, internationalization, demand for upgrade in venue infrastructure and service, video conferences, etc., by the companies to execute the exhibitions and provide knowledge of different industries to the companies and customers.
Analysis of Key Players:
The global exhibition market is highly fragmented and has many local operators. The key players of the global exhibition market are:
In the exhibition industry the companies are adapting new technologies to provide better experience of the exhibitions to the audience and increase the demand for the exhibtions.