LONDON--(BUSINESS WIRE)--According to the latest procurement market intelligence report from Technavio, the global conference planning services market is expected to grow at a CAGR of 5% over the next five years due to the growth in demand for customization of conferences.
The research report titled ‘Global Conference Planning Services Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The global conference planning market is driven by the rise in outsourcing of conference and other events by large organizations to third-party planners and managers,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “The global conference planning market is highly fragmented, with the top 10 players in the industry accounting for less than 20% of the global market,” adds Angad.
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Cost saving opportunities in the global conference planning services market
The adoption of various cost-optimization levers helps buyers of conference planning services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global conference planning services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Suppliers of conference planning services adopt conference applications, automation tools, and IT platforms such as SMMP, digital brochures, and digital marketing platforms. The adoption of analytics paves the way for better category management, and the extensive use/incorporation of IT in category management enables the centralization of all event-related documents and information (cloud-based systems).
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Optimization of procurement practices saving aspects
Buyers need to engage with suppliers that can provide one-stop solutions for all conference planning needs such as reducing planning and sourcing efforts, decreasing management complexities and enhancing efficiency by enabling a single point of contact and provide better tracking of spend leading to optimization of expenditure.
Bundling of services saving aspects
Large companies prefer end-to-end service providers that can offer one-stop solutions for their entire conference requirements, thereby reducing overall management and administrative complexities and enhancing their ability to track and manage expenses. End-to-end services include conference promotion and marketing, venue management, creative services, sponsorship, and arranging F&B.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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