GCC Events And Exhibition Market - Focused Insights 2024-2029

MARKET INSIGHTS

The GCC events and exhibition market was valued at USD 656 million in 2023 and is expected to reach USD 827.25 million by 2029, growing at a CAGR of 3.94% during the forecast period. The GCC events & exhibition market is growing significantly due to the adoption of digital technology & big data analytics, the potential for the meetings industry, the rising demand for entertainment events, redesigning models of exhibitions, and budget allocation for brand experiences. The rising popularity of events & exhibitions across all industries, the push for growth in the exhibitions sector, and the rapidly growing economy & disposable income are also driving the market growth.

MARKET TRENDS & DRIVERS

Adoption of Digital Technology & Big Data Analytics

Adoption of digital technology & big data analytics is a major trend in the GCC events and exhibitions market due to various factors, including data-driven decision-making, GCC's focus on innovation, improved ROI, and enhanced attendee experience. The countries in the Gulf Cooperation Council (GCC) are known as their regional leaders with passion and ambition in technology adoption. Due to this, their governments are taking initiatives to invest more in emerging technologies and digital infrastructure. The impact of AI is expected to increase by 20-30% annually in Middle East countries.

Potential for Meetings Industry

Potential for the meeting industry is a major trend in the GCC events and exhibitions market due to economic growth, shifting preferences, MICE tourism focus, and strategic locations. In the GCC countries, rising business activities boom the economy. This activity requires face-to-face interaction, fueling the demand for seminars, business meetings, and conferences. The GCC's central location between Asia, Africa, and Europe makes it an ideal hub for international conferences and meetings, offering better and easier accessibility for attendees from various regions.

Budget allocation for Brand Experiences

Budget allocation for brand experience is a major driver in the GCC events and exhibition market due to various factors, including shifting focus from just products to experiences, social media amplification, building brand loyalty, and increased competition. Traditionally, the events and exhibitions are known for showing the products. Now, this has changed, and attendees are looking for engaging experiences that can connect them with the brand on an emotional level. It can involve product demonstrations, interactive displays, virtual reality experiences, etc.

The Push for Growth in the Exhibitions Sector

The push for growth in the exhibitions sector is a major driver in the GCC events & exhibition market due to various factors, including increased economy, government initiatives, MICE destination, and strategic location. The GCC economies have been rising significantly post-pandemic due to rising business investment and disposable income. It creates a demand for new partnerships and showing products. The GCC shows a strategic geographical position, making it a natural hub for international trade. Exhibitions are making money on this by attracting international and local companies. It also increases cross-border business opportunities.

INDUSTRY RESTRAINTS

Exhibitor Advocacy & Political Turbulence

Exhibitors are the lifeblood of the events and exhibitions. Strong exhibitor advocacy players work to ensure fair treatment and have a positive experience for exhibitors. It can include lobbying for advocating for relaxed regulations, government support, and ensuring access to necessary infrastructure and resources. Political instability in the region can disrupt event planning and create uncertainty. This can lead to lower attendance, overall economic losses, and exhibitor cancellations for the event industry. During political turbulence, exhibitor advocacy players face challenges in advocating for relaxed regulations, securing government support, and ensuring a positive exhibitor experience. The stronger advocacy groups can negatively impact the GCC events and exhibition market.

SEGMENTATION INSIGHTS

INSIGHTS BY EXHIBITION

The GCC events & exhibition market by exhibition type is segmented into B2B, Mixed, and B2C. The B2B segment holds the largest market share in 2023. Mixed segmentation is expected to grow faster in the exhibition type segmentation. The GCC regions are more important for B2B exhibitions due to their strategic location and proximity to other growing economies in Europe, Africa, and Asia. B2B events have more opportunities to get tailored and specific feedback from the target audience, which can help people bring about the needed changes.

INSIGHTS BY REVENUE STREAMS

The GCC events and exhibition market by revenue streams is segmented into exhibitor fees, services, sponsorship fees, and entrance fees. The exhibitor fees segment holds the largest market share in 2023. Services segmentation is expected to grow faster in the revenue stream segmentation. Post-pandemic, companies are participating more in events and exhibitions. Businesses worldwide are willing to pay more for exhibitor fees as events & exhibitions provide a valuable platform to gain media attention, create leads, launch new services & products, and raise brand awareness. The services segment includes venue sourcing & management, marketing & promotion, event planning & design, technology & innovation, logistics & operations, data & analytics, and catering & hospitality. Revenue generated from sponsorship and entrance fees is growing significantly in GCC countries.

INSIGHTS BY INDUSTRY TYPE

The GCC events & exhibition market by industry type is segmented into consumer goods & retail, hospitality, AFF & energy, automotive & transportation, industrial sector, entertainment, and others. The consumer goods & retail segment holds the largest market share in 2023. Entertainment segmentation is expected to grow faster in the industry-type segmentation. The events and exhibitions give various valuable opportunities to companies or participants from different industries. It includes launching new products, building brand awareness, networking with potential distributors & customers, leading generations, etc.

GEOGRAPHICAL ANALYSIS

Qatar shows significant growth in the GCC events and exhibition market, with the highest CAGR during the forecast period. The Qatar events and exhibition market is growing significantly due to various factors such as a rising number of businesses & leisure travelers, investment in infrastructure development, and active government support. During the forecast period, Qatar is expected to be one of the fastest-growing economies in the Gulf Cooperation Council. The GCC countries' governments support organizing larger events & exhibitions. The United Arab Emirates and Saudi Arabia are the major revenue contributors in this region due to the availability of businesses and rising government initiatives to attract international businesses and visitors.

COMPETITIVE LANDSCAPE

The GCC events & exhibition market report includes exclusive data on 41 vendors. The market is competitive, with several international and local players. These companies offer various services, including venue sourcing, marketing, logistics, event planning, etc. They focus on developing niche events that cater to specific sectors or industries. The event organizing companies are focusing on adopting advanced technology in their events to improve the event experience for attendees. They are focusing on social media advertising to gain traction in this market. The companies are launching new websites and apps for the events to offer easy access to the attendees. The event organizers are increasingly focusing on creating memorable experiences for the attendees. It includes offering unique networking opportunities, providing high-quality food services, and creating interactive exhibits. It helps them to gain traction in the market. It increases the competition among the organizers. Many companies compete on sustainability practices in their events and exhibitions. The organizers want to reduce their events' environmental impact by reducing energy consumption and using recycled materials.