ExpoPlatform Releases Event Tech Forecast 2023

January 13, 2023

ExpoPlatform, which uses AI-powered solutions to build events, communities and marketplaces across in-person, virtual and hybrid channels, unveiled the Event Tech Forecast 2023. The report focuses on how the digital evolution of the industry will shape businesses this year and features exclusive findings from professionals and expert insights from top contributors.

The four sections of the report include:

  • The amount of annual revenue expected to come from digital channels
     
  • The biggest windows of opportunity for event technology
     
  • The most important challenges facing event professionals
     
  • The key ways event tech is helping the industry

The Event Tech Forecast 2023 comes amid a huge return to live events over the last 12 months, with many organizers now recognizing digital as a key part of their offerings, according to Conor Riordan, content editor at ExpoPlatform.

“The events industry is going through a digital renaissance, with participants in live shows now expecting their experiences to be fueled by technology,” Riordan said. “The [report’s] findings reveal that organizers too are seeing this as crucial to their business models as a way to increase revenue and reach and improve offerings.”

He added, “Our study highlights some of the challenges planners will face in getting to grips with this new landscape, while also giving advice from an expert panel about how to make the most of any opportunities.”

Digital Revenue

Half of event professionals surveyed for the study now expect between 10% and 29% of their annual revenue in 2023 to come from digital channels, an increase of more than 10% compared with ExpoPlatform’s previous research in July 2022. Additionally, 9% of respondents believe digital channels will account for 70% or more of revenue, and 9% expect it to be between 50% and 69%.

Meanwhile, more than have of respondents predict digital revenue to increase in 2023, 32% believe it will remain the same, and 5% think it will decrease.

Windows of Opportunity for Event Tech

The study revealed several areas where event tech will play a key role, with community nurturing for engagement, revenue and reach at the top of the list, according to 64% of respondents. Other areas include providing exhibitor ROI (50%), digital monetization (50%) behavioral metrics (36%), mass personalization (36%) and product discovery (14%).

Key Challenges

The survey includes the top challenges facing event professionals, with a seamless experience across platforms as the biggest, according to 59% of respondents, followed by good exhibitor ROI (55%), integration between suppliers (55%) and lack of skilled resources (55%). Other obstacles reported include smooth exhibitor onboarding (36%) and audience levels (32%).

Top Uses for Event Tech

Event professionals surveyed chimed in on 10 key ways they are using event tech, including:

  • Event mobile app (64%)
     
  • AI matchmaking (50%)
     
  • Lead retrieval (50%)
     
  • Community and marketplace (45%)
     
  • Interactive floorplan (45%)
     
  • On-demand content for post-event (41%)
     
  • Simultaneous hybrid streaming (32%)
     
  • Self-service exhibitor stands (28%)
     
  • Hosted buyer meetings (23%)
     
  • Location-based notifications and analysis (18%)
     

For more details on the report’s findings and to receive insights and advice from industry experts, click  here to download a free copy of the Event Tech Forecast 2023.  

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Partner Voices
Less than six months ago, Lisa Messina joined the Las Vegas Convention and Visitors Authority (LVCVA) as the first-ever chief sales officer after leading the sales team at Caesars Entertainment. A 12-year Las Vegas resident, Messina is a graduate of Cornell University’s School of Hotel Administration and serves on MPI International’s board of directors. TSNN had a chance to catch up with this dynamic leader and talk to her about her vision for the new role, current shifts in the trade show industry, creating more diversity and equity within the organization, and advice to future female leaders. Lisa Messina, Chief Sales Officer, LVCVA With Las Vegas becoming The Greatest Arena on EarthTM, what are some of the things you’re most excited about in your role? Our team was at The Big Game’s handoff ceremony earlier this month, and I couldn’t help but think, “We’re going to crush it next year!”  These high-profile events and venues not only drive excitement, but also provide unmatched opportunities for event planners. Allegiant Stadium hosts events from 10 to 65,000 people and offers on-field experiences. Formula 1 Grand Prix will take place in Las Vegas in November, after the year-one F1 race, the four-story paddock building will be available for buyouts and will also offer daily ride-along experiences that will be available for groups. And, of course, the MSG Sphere officially announced that it will open in September, ahead of schedule, with a U2 residency. It’s going to be the most technologically advanced venue as far as lighting, sound, feel, and even scent, and it will be available for buyouts and next-level sponsorships inside and outside. There’s no ceiling to what you can do when you’re doing events in Las Vegas.  Allegiant Stadium As the trade show and convention business returns to the pre-pandemic levels, what shifts are you noticing and how do you think they will impact the industry going forward? Our trade show organizers are very focused on driving customer experience. Most of our organizers are reporting stronger exhibitor numbers and increased numbers of new exhibitors, with trade shows proving to be almost or above 2019 levels. Now our organizers are really doubling down on driving attendance and focusing on the data to provide that individualized, customized experience to help attendees meet their goals and get the best value. Some companies continue to be cautiously optimistic with their organizational spend when it comes to sending attendees, but I think it will continue to improve. As the U.S. Travel Association makes more progress on the U.S. visa situation, we also expect a growing influx of international attendees. What are some innovative ways the LVCVA helps trade show and convention organizers deliver the most value for their events? We focus on customer experience in the same way that trade show organizers are thinking about it. We got rave reviews with the West Hall Expansion of the Las Vegas Convention Center (LVCC), so over the next two years, we will be renovating the North and the Central halls, which will include not just the same look and feel, but also the digital experiences that can be leveraged for branding and sponsorship opportunities.  Vegas Loop, the underground transportation system designed by The Boring Company, is also a way we have enhanced the customer experience. Vegas Loop at the LVCC has transported more than 900,000 convention attendees across the campus since its 2021 launch. Last summer, Resorts World and The Boring Company opened the first resort stop at the Resorts World Las Vegas , with plans to expand throughout the resort corridor, including downtown Las Vegas, Allegiant Stadium and Harry Reid International Airport. The LVCVA also purchased the Las Vegas Monorail in 2020, the 3.9-mile-long elevated transportation system that connects eight resorts directly to the convention center campus. This is the only rail system in the world that integrates fares directly into show badges and registration. For trade show organizers, these transportation options mean saving time, money and effort when it comes to moving groups from the hotels to LVCC and around the city. Also, the more we can focus on building the infrastructure around the convention center, the more it supports the customer experience and ultimately supports our trade show organizers. Scheduled to debut in Q4, Fontainebleau Las Vegas will offer 3,700 hotel rooms and 550,000 square feet of meeting and convention space next to LVCC.  What are some of the plans for advancing DEI (diversity, equity and inclusion) within your organization? We’re currently partnering with instead of working with a leading consulting firm, to lay the foundation and create a solid DEI plan and be the leader when it comes to DEI initiatives. The heart of that journey with the consulting firm is also talking to our customers about their strategic approaches to DEI and driving innovation in this space.  What are your favorite ways to recharge? My husband and I have an RV and we’re outdoorsy people. So, while we have over 150,000 world-class hotel rooms and renowned restaurants right outside our doorstep, one of my favorite things to do is get out to Red Rock Canyon, the Valley of Fire, and Lake Mead. Five of the top national parks are within a three-hour drive from Las Vegas, so there’s a lot you can do. We love balancing the energy of Las Vegas with nature, and we’re noticing that a lot of attendees add activities off the Strip when they come here.  Valley of Fire What advice would you give to women following leadership paths in destination marketing? I think it’s about being laser-focused on what you want to accomplish; building a team around you that lifts you and helps you achieve your goals; and being humble and realizing that you do it as a group. No one gets this done alone. Thankfully, there are a lot of women in leadership in this organization, in our customers’ organizations, and in this city that we can be really proud of. We’re a formidable force that is making things happen.   This interview has been edited and condensed. This article is exclusively sponsored by the Las Vegas Convention & Visitors Authority. For more information, visit HERE.