COVID-19 had a deep impact on global events across all sectors, for nearly two years it forced organisers to postpone and cancel events, leaving the future of in-person events unknown. Organisers had to adapt and overcome various restrictions and lockdowns, causing great uncertainty even for those who had previously seen massive success in their events.

A market which was once worth £27.3 billion pounds in 2019, the global exhibition industry value plummeted to just £8 billion in 2020[1]. It was one of the worst affected sectors from the pandemic losing 70% of its value. Global travel restrictions, country wide lockdowns and tight restrictions forced events to be shutdown worldwide and organisers had to act quickly to try and recover some of the financials of the event.

Organisers faced with cancelled and postponed events looked at options to innovate. New ways were found to overcome enforced lockdowns and travel restrictions, namely embracing digital events.  There was a shift in event marketing and resources with a strong focus on the digitisation of products and services. This ensured some events were still available for people to virtually attend instead.

Virtualisation reduced the cost of running events. It added scalability and issues such as travel restrictions no longer prevented attendance as people could sign-in to the event from across the world, perhaps making some events global which would otherwise not have been. It was estimated that virtual events increased by 1000% in 2020[2] and exhibitions and trade shows accounted for 31.6% of the global virtual event market.[3]

Virtual events did not only help events grow to new markets and boost attendee numbers, but it has also meant that events were better for the environment with lower carbon emissions, profitability was overall higher and the reusing of event materials meant that profitability could increase further.

Even though virtual events have been successful in overcoming pandemic created problems, it is vital that in-person expo events return to their pre-covid popularity. In person events are a crucial aspect of brand and product awareness, showcasing what you have to offer directly to your customer base. Connecting and communicating with potential clients directly cuts out issues such as web fatigue, connectivity issues and helps to build consumer trust and creating networking opportunities.

Ultimately, Covid caused the expo industry a huge loss, as it did with the events industry as a whole. With restrictions now easing worldwide and the pandemic being put behind us, the expo industry is in full recovery mode and estimated to be back to pre-covid figures of £32.12 billion by 2026. [4]

Though in-person expos are returning to venues worldwide, the industry is still using virtual events and hybrid events are here to stay, with covid 19 being a catalyst for their popularity during the challenging time.

See how ExpoBeacon can kickstart your next in-person expo today.

 

Article sources:

[1]Market size of the exhibition industry worldwide from 2017 to 2021, with forecast until 2026- A. Lopez, 2022 www.statista.com/statistics/1261257/global-meetings-industry-market-size/

[2]Virtual Events Up 1000% Since COVID-19, With 52,000 On Just One Platform – J. Koetsier, 2020  www.forbes.com/sites/johnkoetsier/2020/05/27/virtual-events-up-1000-with-52000-on-just-one-platform/?sh=4d9af9f37a23

[3] Virtual Events Market Size, Share & Trends Analysis Report – N/A, 2021 www.grandviewresearch.com/industry-analysis/virtual-events-market

[4] Market size of the exhibition industry worldwide from 2017 to 2021, with forecast until 2026- A. Lopez, 2022 www.statista.com/statistics/1261257/global-meetings-industry-market-size/