According to Globex 2019, global exhibition market assessment and forecast issued by strategy consultancy firm AMR International, the global exhibition industry is forecast to grow at 4% compound annual growth rate (CAGR) by 2023 despite macroeconomic turmoil.
The 11th edition of Globex shows a positive five-year outlook for the global exhibitions industry despite recent clouds on the macroeconomic horizon. Growth in 2018 was driven by a strong US market and good performance across most emerging markets. Organizers and investors can expect this growth to continue, provided the current political and economic environment remains resilient.
China, the second largest market after the US, remained robust despite a slowdown in growth. Mexico, India and Indonesia continued to perform well above GDP growth. Other high-growth Southeast Asian markets strived to improve venue capacity to meet increasing demand for space, while other mature markets such as UK, France and Hong Kong maintained overall good growth in 2018.
The 14 most significant exhibition markets generated $27.8bn in exhibition organising revenues in 2018, with the rest of the world’s contribution estimated at an additional $5.7bn. The total market grew by 5% in 2018 compared to 3.5% in 2017 and 4.5% in 2016.
Florent Jarry, Head of AMR’s Global Events Practice, said, “The Globex 2019 findings show that the global exhibition industry continues to be highly profitable, as face-to-face interaction remains strongly valued by exhibitors and visitors. We are cautious on some country forecasts given recent events but remain positive about the global industry over the medium term. While digital technologies are more likely to enhance events and the customer experience than replace them.”
The text/image source: Expodatabase, official website AMR International, Globex 2019