Cvent, an industry-leading meetings, events, and hospitality technology provider, has released the Cvent Event Industry Report 2024 – Australia Edition. The report aims to provide event professionals with insights into the latest trends to help them navigate the changing event landscape, make informed decisions, and discover opportunities to offer more engaging and impactful experiences to their target audiences.
The report reveals that event planners plan to increase their events across formats. This trend is expected to continue, with a projected 52% increase in in-person events, followed by hybrid events at 50%, webinars at 48%, and virtual events at 41%. The shift in event formats is driven by the growing demand for more interactive and immersive event experiences.
The report highlights that this year, we see a positive market sentiment echoing in Australia, with 66% of event professionals planning to increase their event spending and 95% prioritising event expenditure. The report also indicates that revenue from an event emerged as the biggest challenge, followed by event tech challenges as the second biggest pain point. Still, with significant investment in event technology at 48%, we are seeing a rise in tech adoption and the number of events being organised.
With event budgets increasing and event expenditure becoming a priority, the report also highlights how organisations are willing to spend on event technology if the budget allows, with 20% iterating the sentiments, followed by 18% emphasizing event promotions and onsite experience at 17%. With technology becoming a powerful facilitator and affecting budget increase, excellent customer support, ease of use, and reliability come across as top governing factors in selecting event management tech. The report further showcases Australia’s high receptiveness to tech advancements in the events industry, with 54% of organizations identifying themselves as early adopters of Event Technology solutions, such as event websites and registration, event mobile apps, and all-in-one event platforms (supporting virtual and hybrid).
In addition, sustainability continues to remain a prime focus. It should not be overlooked, with 81% of respondents claiming a sustainability target for their events, 66% willing to track event/attendee carbon footprint to become more sustainable, and 72% of organisations implementing sustainability in events last year.
Jack Ukil, Head of Cvent Australia, said: “The Events Industry in 2024 has undergone significant transformations, sparking increased investment and ambitious goals among event organisers and marketers in Australia. This surge in activity mirrors the sustained growth witnessed in the industry. However, generating revenue remains challenging, underscoring the growing importance of aligning events with business objectives to maximise return on investment and demonstrate value. Furthermore, customer support has emerged as a crucial driver for event tech purchases, while sustainability is now viewed not merely as a compliance measure but as an opportunity to establish trust with attendees. The Cvent Event Industry Report remains invaluable in this dynamic landscape, providing essential insights and serving as a guiding star for professionals as they navigate current and future industry trends”.
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