Meeting and Conference Market
To analyze the meeting and conference market covering whether or not the industry is fragmented, if there's been an uptick in consolidation (i.e., mergers and acquisitions), and the level of private equity (venture capital) investments in the space in the last two years.
- Tony Lorennz, the CEO of the leading event management firm Patti Roscoe & Associates (PRA), recently declared in an interview that the event industry remains fragmented.
- According to the interview, the largest meeting and conference company in North America, which is PRA, only holds 15% of the entire US market share. The CEO of PRA declared the market to be very competitive in nature with several options available to consumers.
- The meeting and event management technology market, a subsegment of the meeting and event industry, is believed to have consolidated according to Mike Burns, Aventri’s chief revenue officer. Aventri is regarded as a global leader in cloud-based data-driven event management and venue sourcing solutions.
- As it stands, consolidation among the meeting industry providers is on the rise and expected to continue at an increased rate well into the foreseeable future, according to PRA's CEO. Consolidation in the industry is expected to bring about improved product offerings, the stability of providers, and few downsides such as fewer purchasing options, which can lead to higher prices.
- The entire North American meetings and events industry is currently valued at $362 billion in 2018.
Summary Of Our Early Findings Relevant To The Goals
- In our initial hour of research, we were able to provide useful insights into the current state of the industry regarding whether or not it's fragmented, and if the industry is set to witness more instances of consolidation in the nearest future.
- Due to time constraints, we were not able to identify any examples of private capital investments in the space in the last two years.
Proposed next steps:
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There's more publicly available information on the topic. To that end, we are recommending research to identify 5 - 7 other instances of consolidation within the past five years which will provide more insights into the state of the meeting and conference industry including other expert opinions or reports on the state of the industry as regards fragmentation and consolidation.
Also, in line with the goals of your project, we're suggesting research to identify 5 - 7 examples of private capital investments in the meeting and conference industry in the last two years.