Event management is a dynamic realm fusing conventional project management concepts with technical innovation. It needs constant up-gradation and modernization to organize successful events. India is one of the fastest progressing with new industries springing up. Industries and brands conduct events for interactive experiences and gaining popularity.
It boosts the demand for finer event managers to cater to the needs of the companies. The event industry in India is skyrocketing. The event management concept has multiplied vastly and in-depth. From private activities to public events, everything needs management. In the last few years, this industry has seen a drastic re-defining of the aspects of an event. The increasing impact of social media has also contributed majorly towards this sector.
Event Management Statistics
In the last few years, the Indian economy has grown greatly; it has progressed by leaps and bounds. And, it is just the beginning of a new era. As per the data provided by research agencies, the organized event industry in the country is poised to grow by at least by 25% yearly and is an estimate to research approves Rs 5500 cores.
The scope of events has been growing day by day, and it encompasses multifarious events such as Fashion & Celebrity, Road Shows, Musical Concerts, Company conferences, Tourist attractions, corporate seminars, Wedding celebrations, Birthday parties and many more. The continuous increments in the number and the scale of such programs have emerged as the main growth factors in the field. The latest trend witnessed in event management is the famous demand for wedding planners. This field thrives largely on the Indian notion of characterizing marriage as a single high-point in one’s life.
Challenges in the Event Industry of India
The event industry has come a long way with exponential growth in the last few years. The major growth factors of the country include cutting-edge technology, innovation in communication, and the creative genius of event planners. Although there are many difficulties as well, problems set the right course of action for any business and event industry is not an exception. According to the IPA Bellwether report 2018-Q3, there is going to be- 1.1% downward revision of event marketing budget.
Numerous laws apply to every industry, and the same thing applies to the event industry. It is a fact that people look for different experiences every time. They do not concentrate on an event just to develop the business but crave for an overall experience. You have to provide more creative solutions to engage more and more audience.
We cannot imagine life without hurdles, let alone events. Coming dates are going to be a testing ground for all the organizers in the event world. Companies must focus on becoming more creative to convert the above-mentioned challenges into opportunities.
Latest Innovation and Development
The event industry is a perfect example of an industry in transition, enthused with innovation. The event that allows guest an opportunity to engaged or also known as Experiential Events is getting popularity and have only just started. Experiential Event is more about crafting experiences, less about creating a floor-plan blueprint, of course, that being said organizing plays an essential role in the success of any event. It is about designing an event solution that engaged all five senses- to touch, see, taste, smell and hear. To be successful, everything from the event’s layout to the feel, to the taste must create a multi-sensory experience for the guests like it immerses his with our message and strikes a good connection with the agenda of event.
After experiential elements are achieved, the focus should be on the ROI. The creativity and innovation surrounding these experiences will keep going to evolve far into the coming future.
Future of the Event Planning
From the above facts, it is clear that event management has an amazing future. It has already evolved in a lot of ways in the country. The highly qualified and proficient event service providers inculcate a pro-active approach. It creates a satisfactory sense of self-participation and experimentation. They will give focus on guest involvement. In the coming days, feedback is going to be very important.
Start Your Venture
If you have interested in event planning and management and are planning to start your business in event management, it is a great option for you. Starting an event planning business is daunting and overwhelming both because there are a lot of things to consider about and decided to make. But if you are passionate about managing and organizing plans, then go for it. Start your business with smart planning, some hard work with few investment and established your market.
We hope you get enough information about event management of India and feeling inspired. Take advantage of the trends and create history in the future.