A ’perfect storm’ of mega trends is now combining to challenge every
assumption and belief we have about how to succeed in global business,
is one major conclusion of the new IMEX-sponsored Power of 10 report by Fast Future Research.
Speaking at a press conference in Frankfurt, 23 May, to reveal the
report, Fast Forward’s Rohit Talwar urged the industry to develop an
effective response to the challenges identified in order to grow and
thrive.
The survey was conducted using 112 phone interviews with industry
leaders and included a total of 765 respondents, just over half of whom
were based in the USA.
The research questions explored the internal mechanics of the meetings
industry as well as a range of important business sectors it serves.
The study identified key trends over the past decade and also three main themes that look set to dominate the decade ahead:
- An uncertain global economic outlook and the challenges presented by hard to predict macro-economic shifts
- The rapid availability and penetration of new technologies, whose
quality, cost and diversity are touching every aspect of our lives - The everyday reality of shorter and faster business cycles.
In a snapshot, 71 per cent expect global economic uncertainty and
instability to have an impact across the sector worldwide. A further 49
per cent believe we will start to experience the impact of improvements
in the quality and cost of technology alternatives to live meetings. In
addition, shorter and faster business cycles are expected to play a
significant role by 47 per cent, while 46 per cent anticipate growing
political and economic influence coming from Asia.
There are five main sections in the final Power of 10 research: The
Delegate Experience and Event Design; The Learning and Knowledge
Transfer Imperative; Sector Analysis and the Future of the Value Chain;
10 Grand Challenges and Future Scenarios for the Industry.
Topping the list of ’Grand Challenges’ were evolving a distinctive
industry persona and establishing universal economic impact models.
Talwar said the full findings would be ’drip fed’ and released to the industry in six detailed sub reports over coming months.
IMEX Chairman Ray Bloom described the report as “a major undertaking for
IMEX and for Fast Future. The report makes compelling reading for
anyone involved in the sector.
“We are delighted to be able to gift the
research to the meetings industry to mark the end of IMEX’s first 10
years”.
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