Impact of Technology on Events industry – Market Trends and Projections

Marketingby Ariana Smith11 January 2019

Events industry

Meetings and events are now evolving into increasingly complex experiences, and event planners are constantly looking for new solutions that can aid them in rising to the heightened expectations of the attendees. In addition to this, there is also a need for event planners to tackle the ever-increasing scope of management in the face of time constraints and limited budgets. Consequently, the events industry is now embracing innovative management tools for assistance. These innovations provide event planners with the necessary engagement tools that help them deliver the ultimate experience, while also promising audience engagement.

Artificial Intelligence to Drive the Change:

As events become more audience-centric, the attendees have more demands from event providers. They now want access to a digital experience that promises them a face-to-face interaction with what would happen in the actual event, thus helping them decide whether the event would serve to satisfy their personal goals.  AI is now impacting the way in which planners organize an event. From chatbots to smart tools that promise personalization at an individual level, AI will soon become an indispensable part of the events industry. By gathering data during presentations and live events, AI tools are now being used to understand different audience segments, to better shape their experiences in the future. AI is also being utilized in generating an attractive visual identity for their events. From logo designing to banners and texts, AI-based tools recognize the planner’s preferences and deliver designs that befit the event requirements.

Increased Engagement with Mobile Apps:

Mobile apps have now become an integral part of not just daily life, but across all business sectors, and the events industry is no different. Mobile applications provide event planners with limitless opportunities of building an online presence, while also allowing them to interact with their consumers on their phones. The customer engagement forms can be customized to appear as if they were created with a specific purpose of catering to that particular event, which in turn serves to increase the audience engagement.

Mobile apps also offer a variety of functionalities that further personalize and enhance the experience of attendees. Planners can thus utilize the mobile application to connect with the audience on different levels before, during, and after the event. These functionalities can spread across different dimensions, ranging from reserving tickets online, surveying attendees, personalizing event agenda, and polling the audience in real-time. As a result, event planners now have unlimited options for connecting attendees through the mobile medium.

Diagramming Event on the Cloud:

As event experiences become more complex to deploy, the need for mapping those experiences in detail becomes an absolute necessity. The Internet of Things has set forth event diagramming software products that allow event planners to plan everything visually, from seating patterns to mic placement. This innovation in the events industry provides event planners with engaging tools like 3D walkthroughs, drag-and-drop designing, and virtual seating on the same platform. These software solutions help planners save time while also providing clear and defined communication channels for the entire team. Some event planning software products also centralize all the communication while populating the entire seating diagrams in a couple of minutes.

Since these software products are cloud-based, they provide event planners with accurate, collaborative, and customizable project planning options that can be accessed by all the involved parties. Not only does this negate the never-ending back-and-forth associated with getting stakeholders’ approval, but it also streamlines processes while guaranteeing efficiency.

Impact of Technological Innovation on the Events Market:

The advances in event technology are enabling forward-thinking event planners to innovate from defined parameters, and instead make use of technology to ensure increased audience engagement. Innovations like virtual reality and augmented reality are now expanding the already existing creative pool in the events market. In addition to this, the use of data science to better understand customer expectations will define future trends in the events market. In addition to this, the prevalence of digital currencies, the growing use of online payment & registration, and the convenience of online transactions are also changing the scenario of the events industry.

However, this would also increase the costs associated with event management, which could influence the frequency of new entrants into the market. Consequently, companies and vendors would have to spend more effort in competing in an extremely cost-sensitive industry. You can offset some of those costs by using software solutions like Rentopian. Event planners would now play an active role in generating profits for their clients, thus stressing the need for more inclusive management.

The purpose of technological innovations in the events industry is centered around making it easier for planners to execute successful events while also promising audience engagement. With 80% of event planners already using technology-based tools to augment audience experience, it can be safely concluded that technological innovations in the field of events are here to stay.

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Ariana Smith

Ariana Smith is a freelancer content writer and enthusiastic blogger. She is a regular contributor at The Daily Notes.

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