Market Trends of Global Event Logistics Industry
This section covers the major market trends shaping the Event Logistics Market according to our research experts:
The Resumption of Global Events
Due to the COVID-19 epidemic, all large-scale events in all categories have been postponed or canceled. This includes both the formal and informal sectors, events and trade shows, and entertainment events. The hit to the events business was significant but manageable. The industry has the option of adapting and introducing new ways to arrange events. The live event business will adapt and include a greater number of digital technologies to produce hybrid live/virtual events that will ultimately increase the potential scale of any form of the live event. Several sports leagues, like the NBA and MLB, have resumed play, but no spectators are permitted, and athletes and staff must follow strict health procedures.
Globally to support the event industry Germany announced $50 billion into the art economy similarly, the United Kingdom has released 150 million pounds in the art segment, To counter the impact of the novel virus Singapore, Dubai, and Australia have also released funds on the events, exhibition, and creative arts industry in India.
IFA, Europe's largest consumer electronics expo, is planning four live events in Berlin in early September, as well as a virtual extension. Medica in Dusseldorf, where the world of medicine meets each October, expects to proceed under strict hygiene and infection control measures. And, rather than being canceled, Automatica, another major show of smart automation and robotics, has been moved to December.
Technological Advancement in Event Logistics
With the pandemic, about 73.6 percent of event planners have improved their Information and technology skills. However, event professionals will continue to make the most of existing and developing technologies in order to adapt to customer demands and accelerate the industry's growth.
By adopting platooning tactics for long-haul routes, eliminating traffic congestion, and optimizing travel routes using AI-enhanced technologies, Fleetroot, established in the United Arab Emirates, provides an IoT platform for fleet management and control. Fleetroot provides fuel consumption and wastes data to fleet managers as part of its fuel management solutions.
Many firms are increasingly utilizing transportation management systems (TMS) in order to optimize their shipping transport operations and save expenses. This network links the numerous parties involved in transporting items from a manufacturer to a seller to a customer by managing the supply chain. It guarantees that coordinated products travel efficiently across each supply chain network segment.
Many transportation management systems employ radio-frequency identification (RFID) technology to track shipments via supply chain networks in order to reduce transportation costs and enhance warehouse operations. This system provides very accurate real-time cargo tracking and information. RFID gives real-time information about a product's position, amount, history, and destination, as well as tracking every movement of commodities across a supply chain. It also keeps track of where reusable shipping assets are so that they can be restored to service.
Technology makes the work of an event manager easier and allows them to focus on the main parts of an event. It helps in all aspects ranging from attendee satisfaction to project management.
