Global provider of venue and event management solutions Momentus Technologies, and Boldpush, a media and consulting firm for the event industry, have released their white paper on the future of event venues, offering insights into the evolving role of venues in the industry.
The future of event venues is tech-driven
The research suggests that the future of venues is tech-driven, with 67% citing AI as having a significant impact on venue management.
Additionally, 50% of respondents anticipate an increased focus on technology and automation in the industry’s future, and 44% identify advanced technology adoption as the top game-changing initiative.
Venues to embrace data-driven operations
According to the research, data is seen as essential.
91% of respondents consider data analytics either essential (67%) or very useful (24%).
Additionally, 52% identify data analytics as a key technology area, with specific metrics such as revenue generation (26%) and ROI (20%) consistently prioritised.
What about sustainability?
A surprising outcome from the research was the topic of sustainability, currently a major talking point in the events industry.
While sustainability remains important, the research shows it is now considered a basic expectation rather than a breakthrough market differentiator.
80% of respondents see sustainability as very or extremely important for the future of venues, with 60% weighing it heavily when choosing partners.
Meanwhile, 38% prefer technology that reduces waste as the best approach to balancing luxury with sustainability.
Rising costs and solutions
Rising costs are nothing new, but the research found that training and automation are key to driving them down.
77% of respondents said they expect automation to significantly improve efficiency, while 35% identified training and education for staff as the top resource needed for future readiness.
The survey’s participants included venues and event management companies in over 50 countries, with respondents ranging from event managers to C-suite executives.
View the full white paper here.
