Dublin, Aug. 09, 2024 (GLOBE NEWSWIRE) -- The "GCC Events & Exhibitions Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The GCC Events & Exhibitions Market was valued at USD 656 million in 2023, and is expected to reach USD 827.25 million by 2029, rising at a CAGR of 3.94%.
MARKET TRENDS & DRIVERS
Adoption of Digital Technology & Big Data Analytics
Adoption of digital technology & big data analytics is a major trend in the GCC events and exhibitions market due to various factors, including data-driven decision-making, GCC's focus on innovation, improved ROI, and enhanced attendee experience. The countries in the Gulf Cooperation Council (GCC) are known as their regional leaders with passion and ambition in technology adoption. Due to this, their governments are taking initiatives to invest more in emerging technologies and digital infrastructure. The impact of AI is expected to increase by 20-30% annually in Middle East countries.
Potential for Meetings Industry
Potential for the meeting industry is a major trend in the GCC events and exhibitions market due to economic growth, shifting preferences, MICE tourism focus, and strategic locations. In the GCC countries, rising business activities boom the economy. This activity requires face-to-face interaction, fueling the demand for seminars, business meetings, and conferences. The GCC's central location between Asia, Africa, and Europe makes it an ideal hub for international conferences and meetings, offering better and easier accessibility for attendees from various regions.
Budget allocation for Brand Experiences
Budget allocation for brand experience is a major driver in the GCC events and exhibition market due to various factors, including shifting focus from just products to experiences, social media amplification, building brand loyalty, and increased competition. Traditionally, events and exhibitions are known for showing products. Now, this has changed, and attendees are looking for engaging experiences that can connect them with the brand on an emotional level. These experiences can involve product demonstrations, interactive displays, virtual reality experiences, etc.
The Push for Growth in the Exhibitions Sector
The push for growth in the exhibitions sector is a major driver in the GCC events & exhibition market due to various factors, including increased economy, government initiatives, MICE destination, and strategic location. The GCC economies have been rising significantly post-pandemic due to rising business investment and disposable income. It creates a demand for new partnerships and showing products. The GCC shows a strategic geographical position, making it a natural hub for international trade. Exhibitions are making money on this by attracting international and local companies. It also increases cross-border business opportunities.
INDUSTRY RESTRAINTS
Exhibitor Advocacy & Political Turbulence
Exhibitors are the lifeblood of the events and exhibitions. Strong exhibitor advocacy players work to ensure fair treatment and have a positive experience for exhibitors. It can include lobbying for advocating for relaxed regulations, government support, and ensuring access to necessary infrastructure and resources.
Political instability in the region can disrupt event planning and create uncertainty. This can lead to lower attendance, overall economic losses, and exhibitor cancellations for the event industry. During political turbulence, exhibitor advocacy players face challenges in advocating for relaxed regulations, securing government support, and ensuring a positive exhibitor experience. The stronger advocacy groups can negatively impact the GCC events and exhibition market.
SEGMENTATION INSIGHTS
INSIGHTS BY EXHIBITION
The GCC events & exhibition market by exhibition type is segmented into B2B, Mixed, and B2C. The B2B segment holds the largest market share in 2023. Mixed segmentation is expected to grow faster in the exhibition type segmentation.
The GCC regions are more important for B2B exhibitions due to their strategic location and proximity to other growing economies in Europe, Africa, and Asia. B2B events have more opportunities to get tailored and specific feedback from the target audience, which can help people bring about the needed changes.
INSIGHTS BY REVENUE STREAMS
The GCC events and exhibition market by revenue streams is segmented into exhibitor fees, services, sponsorship fees, and entrance fees. The exhibitor fees segment holds the largest market share in 2023. Services segmentation is expected to grow faster in the revenue stream segmentation. Post-pandemic, companies are participating more in events and exhibitions.
Businesses worldwide are willing to pay more for exhibitor fees as events & exhibitions provide a valuable platform to gain media attention, create leads, launch new services & products, and raise brand awareness. The services segment includes venue sourcing & management, marketing & promotion, event planning & design, technology & innovation, logistics & operations, data & analytics, and catering & hospitality. Revenue generated from sponsorship and entrance fees is growing significantly in GCC countries.
INSIGHTS BY INDUSTRY TYPE
The GCC events & exhibition market by industry type is segmented into consumer goods & retail, hospitality, AFF & energy, automotive & transportation, industrial sector, entertainment, and others. The consumer goods & retail segment holds the largest market share in 2023. Entertainment segmentation is expected to grow faster in the industry-type segmentation.
The events and exhibitions give various valuable opportunities to companies or participants from different industries. It includes launching new products, building brand awareness, networking with potential distributors & customers, leading generations, etc.
GEOGRAPHICAL ANALYSIS
Qatar shows significant growth in the GCC events and exhibition market, with the highest CAGR during the forecast period. The Qatar events and exhibition market is growing significantly due to various factors such as a rising number of businesses & leisure travelers, investment in infrastructure development, and active government support.
During the forecast period, Qatar is expected to be one of the fastest-growing economies in the Gulf Cooperation Council. The GCC countries' governments support organizing larger events & exhibitions.
The United Arab Emirates and Saudi Arabia are the major revenue contributors in this region due to the availability of businesses and rising government initiatives to attract international businesses and visitors.
COMPETITIVE LANDSCAPE
Key Vendors
- ArabExpo
- Daily Mail and General Trust plc
- Emerald Events and Exhibitions
- Entourage
- Gr8 Services
- Informa LLP
- LUXURY KSA
- MaSs
- Riyadh Exhibitions Company Limited
- SkyHigh Events
Other Prominent Vendors
- Electra Exhibitions
- Future Exhibitions
- GES
- Global Events Agency
- Great Minds Event Management
- IFP Group
- INDEX Conferences & Exhibitions
- SunaidiExpo
- Add enterprise
- Alpha Conferences & Exhibitions
- Anorris Event Management
- Atheer Global IT Solutions
- Colours Bahrain
- Demage
- Dentsu M21
- IGNITE
- Jannat Events
- Masaahaat
- Max Events
- Mosaic Live
- Messe Frankfurt Group
- Orbit
- PACHA GROUP
- Panache
- Procyon Creations
- Purrple Orryx DWC LLC
- SoundKraft LLC
- RELX Group plc
- Titan Events & Entertainment
- The MCH Group
- Urban Events
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 91 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $656 Million |
| Forecasted Market Value (USD) by 2029 | $827.25 Million |
| Compound Annual Growth Rate | 3.9% |
| Regions Covered | Middle East |
Key Topics Covered:
Chapter - 1: GCC Events & Exhibitions Market Overview
Chapter - 2: GCC Events & Exhibitions Market
GCC: Projected Revenue of Events & Exhibitions Market (2020-2029; $Millions)
Chapter - 3: Events & Exhibitions Market Segmentation Data
GCC: Projected Revenue by Exhibition Type (2020-2029; $Millions)
- B2B
- Mixed
- B2C
GCC: Projected Revenue by Revenue Streams (2020-2029; $Millions)
- Exhibitor Fees
- Services
- Sponsorship Fees
- Entrance Fees
GCC: Projected Revenue by Industry Type (2020-2029; $Millions)
- Consumer Good & Retail Sector
- Hospitality
- Aff & Energy
- Automotive & Transportation
- Industry Sector
- Entertainment
- Others
Chapter - 4: Key Regions Overview
GCC: Projected Revenue of Events & Exhibitions Market (2020-2029; $Millions)
- Projected Revenue of Events & Exhibitions Market in the United Arab Emirates
- Projected Revenue of Events & Exhibitions Market in Saudi Arabia
- Projected Revenue of Events & Exhibitions Market in Kuwait
- Projected Revenue of Events & Exhibitions Market in Qatar
- Projected Revenue of Events & Exhibitions Market in Rest of GCC
Chapter - 5: Events & Exhibitions Market Prospects & Opportunities
- Events & Exhibitions Market Opportunities & Trends
- Events & Exhibitions Market Drivers
- Events & Exhibitions Market Constraints
Chapter - 6: Events & Exhibitions Industry Overview
- Events & Exhibitions Market - Competitive Landscape
- Events & Exhibitions Market - Key Vendor Profiles
- Events & Exhibitions Market - Other Prominent Vendors
- Events & Exhibitions Market - Key Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/6noj7o
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