UFI, the Global Association of the Exhibition Industry, has just released the 33rd edition of its Global Exhibition Barometer report, revealing promising projections for the exhibition industry in 2024. The report indicates that the industry is expected to surpass its post-pandemic recovery, with record revenues anticipated for 2024.
Record Revenues on the Horizon
According to the report, the exhibition industry’s revenue is set to grow by 20% in 2023 and another 17% in 2024. This growth marks a significant recovery and expansion, signaling a bright future for the global exhibition sector.
Workforce Expansion and Stability
Globally, 48% of companies are planning to increase their workforce in the next six months, while the remaining 48% intend to maintain their current staff levels. This indicates a positive outlook for job creation within the industry.
Economic Challenges and AI Integration
The most pressing concern for industry players remains the “State of the economy in home market,” followed closely by “Global economic developments.” Despite these challenges, there is a strong consensus on the impact of AI, with 90% of companies acknowledging that AI will play a crucial role in shaping the industry. Many businesses are already leveraging this technology to enhance their operations.
Kai Hattendorf, Managing Director and CEO of UFI, commented, “This edition of UFI’s flagship Barometer research confirms our early data from January that 2024 will be a record year for industry revenues globally. This edition shows how this growth translates into new jobs in our sector as well as in expansion plans from the majority of businesses – aiming both at new business activities as well as new geographies.”
Regional Insights and Strategic Priorities
The Barometer also highlights the performance of 19 key exhibition markets and regions. The report shows a diversified outlook with varying growth rates across different countries. Notably, countries like Malaysia, Thailand, and Argentina are expected to see substantial revenue increases.
Globally, companies are not just focusing on revenue growth but also on expanding their geographical reach and exploring new business activities. A significant number of companies across all regions are planning to develop new activities and operations in new countries.
Generative AI’s Growing Influence
The report underscores the increasing role of AI in the industry, with a particular focus on Sales, Marketing, Customer Relations, Research & Development, and Event Production. These are the areas where generative AI applications are most commonly used, and the trend is expected to grow further.
This comprehensive report by UFI provides valuable insights into the current and future state of the exhibition industry. As businesses continue to adapt to global economic conditions, the industry is poised for a period of unprecedented growth and innovation, driven by strategic expansions and the integration of cutting-edge technologies like AI.
The full report, including detailed regional analyses and strategic insights, is available for download at www.ufi.org/research.
