Cvent report shines positive outlook for Asia’s event industry

Event planners are increasing their events across formats, with a projected 47% increase in in-person events, followed by hybrid events at 45%, webinars at 43%, and virtual events at 41%, according to the newly released Cvent Event Industry Report 2024 – Asia Edition.

Notably, 50% of respondents from Hong Kong and Singapore expressed their intention to host more in-person events this year, compared to the previous year, despite the popularity of virtual events; this positive market sentiment is echoed by 98% of event professionals who have placed event expenditure as a priority.

Money flows where the data goes

Revenue, brand awareness and efficiency took the top spots in factors impacting planners’ decision-making processes – but the topic of data security was most pertinent, said Cvent, with event professionals most concerned about the increasing use of technology and data collection.

Asia’s high receptiveness to technological advancements should not be understated – with 63% of organisations identified as early adopters of event technology solutions across event management software, virtual event platforms, and attendee engagement tools, the technological impact of these offerings in the industry space is only set to grow.

Organisations have also been found to be more willing to spend big – 22% are willing to spend more on event promotion, while 17% would prefer for their budget to go toward a stronger emphasis on onsite experiences, with brand reliability and ease of use the top factors affecting professionals’ choice of event management tech.

Strong push for sustainability practices

Alongside data security and tech advancement, event professionals have also been found to worry about sustainability and how to reduce an event’s environmental impact. 81% of surveyed professionals have recorded a sustainability target for their events, with 66% willing to track event/attendee carbon footprints to become more sustainable, and an optimistic 72% of organisations already implementing sustainability processes in events last year.

Will Kataria, Cvent senior director and country head of Singapore, mentioned that the published report underscores the industry's dedication to sustainability and focus on organising environmentally conscious events.

“The findings of the Event Industry Report 2024 - Asia Edition reveal a promising future for the MICE industry in Asia,” he said. “With a surge in planned events and increased investment in event tech to address data security concerns, industry professionals are demonstrating their commitment to delivering impactful experiences.”