Conference market value enjoys steep climb

Tuesday 11th of December 2007

The conference sector of the event management industry is now worth £15 billion and its value is continuing to climb steeply, new research has revealed.

According to a study by Savills, the rise in the popularity in the sector can be attributed to increasing property costs - with a number of firms saving money by using less office floor space and outsourcing their conferences and meetings to specialists.

Tim Stolye, director of Savills hotels, explained that conferencing, and the event management sector in general, have been able to benefit from new venues which implement impressive technology.

"With more demand from corporates for unusual venues that offer good service as well as flexibility, the different types of venues are now increasingly competing with each other for business," he said.

"Organisers now demand top-of-the range technical facilities, as well as opportunities for employee participation - gone are the days of a room with a whiteboard," he added

The survey has also shown that the UK conferencing market now represents six per cent of the £250 billion worldwide market.