LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Meetings and Events Category - Procurement Market Intelligence Report.
The corporate sector is witnessing a stark rise in the frequency of business-related travel which is attributed to the sector’s aim to expand their geographical reach. Professionals are required to travel to attend client meetings and to ink corporate deals which are in line with their goals of business expansion. This, on the other hand, is creating ample opportunities for service providers of the meetings and events category and is driving the spend momentum to a significant extent. However, spiraling travel-related expenditure and accommodation costs will increase the OPEX of service providers which are ultimately borne by buyers in the form of an excess procurement spend. Get access to the Free Sample copy of this meetings and events market intelligence report here!
The growing requirement of the IT and automotive industries to organize large-scale product launch events is primarily driving the category growth in the US. Service providers in North America leverage the hologram technology which enables visualization of speakers who are not present at the venue. This reduces the requirement of traveling thereby, saving the expenditure on it. Presence of such technologically capable service providers is improving the category viability in North America. APAC is one of the fastest growing regions in the global events and meetings market owing to the growth of industries such as manufacturing, agriculture, and healthcare in the region.
Insights offered in this meetings and events procurement research report include supply market forecasts, major cost drivers, and category management insights. Such insights are relevant for both the buyers and the suppliers who seek a risk-free and a cost-effective procurement strategy. The category spend segmentation done in this meetings and events market intelligence report will guide the investors in identifying the best investment areas as well as help them in identifying cost-saving opportunities in the market. Request free customization of this meetings and events market intelligence report to get information tailored to your every requirement.
“Engaging with service providers that can offer a wide range of value-added services such as conducting outdoor games and leisure travel post-event can help buyers achieve significant cost savings while enhancing collaborations among attendees,” says SpendEdge procurement expert Sumit Yadav.
This meetings and events procurement research report has estimated the following cost drivers to influence the category growth in the coming years:
- Rapid demand from the SME sector will be a crucial growth driver for the category
- Cybersecurity risks can have a high impact on meetings and events market
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SpendEdge’s procurement market intelligence reports for the travel and entertainment category provide detailed supply market forecasts and cost drivers that impact category growth. Such information will help procurement managers as well as the suppliers to determine the total cost of ownership and change their procurement strategies accordingly. Additionally, SpendEdge’s reports provide category management insights and information on the procurement best practices for the category.
Report scope snapshot: Meetings and events
Category pricing insights
- Pricing outlook
- Total cost of ownership analysis
- Supplier cost structure
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Cost-Saving Opportunities
- Supplier-side levers
- Buyer-side levers
- Quantifying cost savings by negotiation strategies
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Category ecosystem
- Competitiveness index for suppliers
- Buyer power
- Supplier power score
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