How will tech tools impact the meetings industry over the next 12 months?
A new Event Tech Forecast from ExpoPlatform explores everything from how the digital piece of event budgets is changing, the new tech challenges and opportunities you can expect in 2023, and what the hottest tech features will be.
Here’s the data:
Traditional revenue streams such as ticket sales and sponsorships are still great, but digital revenues are starting to make up a bigger piece of the pie. Eighty-six percent of those surveyed said their digital revenues would at least stay the same as in the past, while more than half said it would increase this year. Specifically, half of the planners surveyed anticipate digital channels will account for between 10 percent and 29 percent of their annual revenues for 2023. Another 9 percent thought it would bring in at least 70 percent of the annual nut, while another 9 percent thought the percentage would be between 50 and 69 percent.
Hot opportunities for event tech
Technology that will enhance community nurturing was the big winner, with 64% predicting this was an opportunity ripe for development even though 365 community building has proved difficult to sustain for most so far. The problem, says Rob Millar, director at Devonshire and St Andrews, is that planners have been trying to replicate the show online and/or using the communities for content development. Instead, he says the opportunities in community nurturing lie more in taking a more strategic route, say by developing an ongoing marketplace.
Proving exhibitor return on investment (ROI) was a close second on the opportunity scale at 50 percent, tied with digital monetization. Behavioral metrics and mass personalization also were hot areas for growth, said 36 percent, while another 14 percent targeted product discovery as a new area of opportunity.
Key event tech challenges for 2023
59 percent pegged being able to provide a seamless experience across platforms as their top challenge, followed by good exhibitor ROI, integration between suppliers and a lack of skilled resources — all at 55 percent.
Wish list of event tech features
This year, the wish list for event tech features is topped by something most events already are using: a mobile event app, at 64 percent. Other must-have features for this year, according to the survey, are AI matchmaking and lead retrieval, which both were hailed by half of respondents. Not far behind was a 365 community and interactive floor plan.
Learn more and download the full report at expoplatform.com.