A new study has revealed that two-thirds (65%) of event industry suppliers say international and overseas markets are the biggest growth opportunity for their business.
The new findings come following a survey of event industry suppliers and service leaders at the inaugural Senior Leaders Summit, a brand-new event organised by the Event Supplier & Services Association (ESSA) and facilitated by Pragmatiko.
While showcasing a drive to increase growth with work beyond just the UK, attendees also highlighted that growth margins remain tight, with 50% saying that cost pressures are the biggest challenge currently faced by suppliers.
When discussing ways in which these issues can be addressed, AI emerged as a common thread, with over a third (35%) of event industry suppliers saying they are actively using it in creative and design applications. Despite this, many recognised that significant opportunities remain untapped, with only 15% currently applying AI in HR and less than a fifth (just 18%) in accounting functions, areas where automation could streamline many day- to-day processes, ultimately driving more effective and efficient workflows.
Andrew Harrison, Director of ESSA, said: “In our line of work, it can often feel like we’re constantly running on the proverbial hamster wheel. It’s why taking the time to step off, reset and most importantly, share your experiences and challenges with industry peers can go a long way in helping you refocus on what’s most important for your business and give you both ideas and inspiration on how you can achieve exactly that.”