Hybrid events emerge as the dominant trend: IBTM Americas

Hybrid events are emerging as the dominant trend (80%) in Mexico, according to IBTM Americas, the most important show for professionals in the meetings and events industry in Latin America, which celebrated its 15th Anniversary on August 21 and 22 at the Citibanamex Center in Mexico City. 

Eleonora Garcia, Managing Director of IBTM Americas, comments that the events and meetings industry has undergone a significant transformation in recent years, driven by several factors such as the Covid-19 pandemic, technological advances and changing attendee preferences. These changes have
redefined the way events are planned, organized and executed, giving rise to new trends and business models.

Currently, García adds, 100% face-to-face exhibitions have returned, while congresses have maintained the hybrid modality of 20% since it is more functional in that sector. In terms of attendance for incentives, they are undoubtedly 100% face-to-face, although there is a mix since when it comes to sales, everyone wants to secure their place, generate face-to-face meetings to close deals. The best practices are when you ask questions on site and there is an exchange of knowledge.

The Director relates that the pandemic has been a crucial catalyst in the transformation of the events and meetings industry. During the most critical moments of that time, health restrictions and social distancing measures led to the cancellation or postponement of countless in-person events. This forced organizers to quickly adapt and explore virtual alternatives to maintain connection and engagement with their audiences.

According to a report by Allied Market Research, the global meetings, incentives, conventions and exhibitions (MICE) industry was valued at $598.2 billion in 2022 and is estimated to reach $2,309.4 billion by 2032.

While data from The Insight Partners indicates that the global market share of the events industry is expected to grow from $958.54 billion in 2021 to $1,965.99 billion by 2028. The market size of the events industry is estimated to grow at a CAGR of 11.1% from 2022 to 2028.

Technological advancements have played a pivotal role in the evolution of the events industry. Video conferencing tools such as Google Meet, Zoom, Microsoft Teams, and Webex became essential pillars for conducting virtual events. These platforms have improved significantly, offering advanced features such as real-time translation, breakout rooms, and detailed analytics on attendee engagement.

Additionally, augmented reality (AR) and virtual reality (VR) have begun to be integrated into events, providing immersive experiences that simulate in-person interaction. For example, companies such as Hopin and Virbela have developed 3D virtual environments where attendees can move and interact as if they were at a physical event, improving the user experience and increasing engagement.

Changing attendee preferences
Attendee preferences have also evolved, with a growing demand for flexibility and accessibility. Today, events are divided into three main formats: in-person, online and hybrid, each with its own advantages and disadvantages.

In-Person Events: In-person events remain popular due to the opportunity they offer for face-to-face interaction and networking. The immersive experience and environment conducive to learning and collaboration are features that many attendees value. However, this format also has significant drawbacks, such as high logistics, accommodation and transportation costs, as well as geographical limitations that prevent people from other regions or countries from easily participating.

Online Events: Online events have gained popularity due to their accessibility and reduced costs. These events allow participation from anywhere in the world and eliminate travel and accommodation costs.
Additionally, the flexibility to record and replay sessions is a considerable advantage. However, less direct interaction and lack of an immersive experience are notable disadvantages. Technical issues, such as reliance
on a good internet connection, can also impact the experience of participants.

Hybrid Events: Hybrid events combine the best of in-person and online formats, offering flexibility that appeals to a wide range of attendees. This format allows for greater reach, attracting both local and international participants, and is adaptable to the attendees’ situation. However, hybrid events are more complex to organize, require meticulous planning and coordination, and can be more expensive up front due to the need for additional technologies. 

Moreover, simultaneously managing in-person and virtual audiences presents significant technical challenges. According to a report by Grand View Research, the global online event ticketing market size is expected to be valued at $55.4 billion in 2022 and is expected to grow at a CAGR of 6.0% from 2023 to 2030.

The events market in Mexico and around the world is constantly evolving, adapting to new demands and circumstances. Hybrid events are emerging as the dominant trend (80%), offering a combination of accessibility, interaction and flexibility. By focusing on technology, detailed planning and
valuable content, organizers can ensure the success of their events, meeting the varied needs of their audiences and ensuring that each event is a memorable and effective experience, concluded García.

Source: IBTM Americas.