Cvent’s inaugural India Event Industry Outlook Report indicates a strong surge in event spending by companies across all types and formats in 2024. The report, which was conducted with the support of an independent market research agency, Censuswide, surveyed event professionals and revealed robust demand growth for events—spanning webinars, virtual, physical, and hybrid formats.
Increased Event Spending and Volume
With event expenditure being a top priority for study participants, 83% of event professionals plan to increase their total volume of events in 2024, and 81% are planning to increase their overall event budgets. The report offers insights into the latest trends, helping event professionals navigate the evolving event landscape.
Event planners are planning to increase their events across various formats. The report projects a 70% increase in virtual events, followed by in-person events at 60%, webinars at 68%, and hybrid events at 65%. Despite the increasing demand for virtual events, challenges such as attendee engagement and security failures are causing a shift towards in-person events. As a result, the number of in-person events is rising.
Key Investment Areas
Event spending has accelerated, with event planners willing to invest in key areas. According to the report, 55% are willing to invest in event technology, followed by 48% planning to improve the on-site attendee experience. Efficiency in event management, driving attendance, and attendee satisfaction are prime factors influencing event planners.
Factors such as rising travel, accommodation, venue, and food and beverage costs are also determining event budgets, the report notes. Competition with industry events and managing data security emerged as top concerns for event planners. To stand out, event planners must prioritize efficient technology solutions. According to the report, 81% of organizations in India are early adopters of new event technology and willing to pay a premium for products that offer excellent customer support, reliability, and end-to-end solutions.
Sustainability Focus
Sustainability continues to be a major focus. 84% of respondents claim to have a sustainability target for their events. Around 70% are willing to track event/attendee carbon footprint to become more sustainable, and 69% of organizations implemented sustainability in events last year.
Sandeep Nagpal, Cvent’s vice president of marketing for India, stated, “India is poised to become a favored destination for prestigious global events, with the event industry undergoing an unprecedented transformation driven by technology. Event planners who embrace cutting-edge tech quickly will lead the way and distinguish themselves from the competition, and succeed in delivering impactful event experiences. The findings also highlight an unwavering dedication of the industry towards prioritizing sustainability in event organization and participation.”
