The International Association of Exhibitions and Events (IAEE) released an updated version of its white paper, Future Trends Impacting the Exhibitions and Events Industry, created by the IAEE Future Trends Task Force, chaired by Francis J. Friedman, President of Time & Place Strategies, Inc. Originally released in 2013, the report identifies and addresses major trends that have the potential to impact the industry.
Speech-bots, Internet of Things (IoT), virtual reality (VR), augmented reality (AR)—think Pokémon Go—and 5G wireless technology that will increase smartphone speeds up to 400% faster than they are now are some examples of recent and upcoming technology that IAEE believes will dominate the future.
“Updates in the 2016 edition address the areas of data quality and converting the data obtained into business strategies and plans,” Friedman said. “Data security is also becoming an even more urgent concern for the industry, given the significant rise in data hacking. Physical security at venues and contingent plans to manage a potential ‘threat’ are also an increasingly important aspect [of meetings and events].”
Friedman noted that educational programming is another important element at tradeshows and events. The industry will need to upgrade its teaching and learning approaches—and technologies—to engage the broad spectrum of attendee learning styles as show floor demographics continue to change.
The exhibitions and events industry is concerned about the global economic picture ahead. The crisis in the Middle East, dramatic changes in the price of oil and other commodities, England leaving the European Union and an overall global economic slowdown continue to be of significant concern.
While the U.S. stock market has shown growth since 2009, gurus predict the market will be in for a major “correction” within the next two years. Domestically, the Federal Reserve (FED) may soon raise interest rates, which will increase the cost of borrowed money and investment capital across the entire U.S. economy. The incoming president and his plans to stimulate the U.S economy, alter international treaties and change immigration policies, will have a potential effect on the economy and our industry.
“Change” is how Friedman summarized the task force’s view of the future ahead. It is one in which exhibitions will increase their use of marketing and sales technologies, and the events industry will continue to face significant ongoing changes across every aspect of producing a tradeshow.
“The IAEE Future Trends Task Force’s annual report has proven an invaluable resource for predicting how technology will affect our industry in particular,” said IAEE President & CEO David DuBois, CMP, CAE, FASAE, CTA. “In tandem with its look at economic factors, this paper offers exhibitions and events professionals a powerful tool in helping them formulate strategies for the coming year.”
Click here to view or download the updated 2016 “Future Trends Report” white paper.
For another take on event trends check out Kai Hattendorf’s 5 Trends to Watch in ’17, as published on LinkedIn. Hattendorf is managing director at UFI, the Global Association of the Exhibition Industry.
