(MENAFN- The Peninsula)
Victor Bolorunduro
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The Peninsula
Doha: Qatar shows significant growth in the GCC events and exhibition market, and it is projected to have the highest compound annual growth rate (CAGR) by 2029, a recent report by ResearchAndMarkets, the world's largest market research store, has indicated.
According to the report, the Qatar events and exhibition market is growing significantly due to various factors, such as a rising number of businesses and leisure travellers, investment in infrastructure development, and active government support. During the forecast period, Qatar is expected to be one of the fastest-growing economies in the Gulf Cooperation Council.
It would be recalled that an earlier report by Global Information, Inc., the world's first market research aggregator, noted that the Qatar meetings, incentives, conferences and exhibitions (MICE) market size was valued at $1.67bn in 2023 and expected to reach $3.51bn by 2030, exhibiting a compound annual growth rate (CAGR) of 11.2 percent from 2023 to 2030.
Qatar's investment in state-of-the-art venues, such as the Qatar National Convention Centre (QNCC) and the Doha Exhibition and Convention Center (DECC), has bolstered its capacity to host large-scale events. Qatar's hosting of major international events like the 2022 FIFA World Cup has significantly boosted the event and exhibition sectors, and these events enhance Qatar's global profile and attract substantial international attention.
The ResearchAndMarkets report noted that the GCC countries' governments support organizing larger events and exhibitions.“The United Arab Emirates and Saudi Arabia are the major revenue contributors in this region due to the availability of businesses and rising government initiatives to attract international businesses and visitors,” it said.
The report added that adoption of digital technology and big data analytics is a major trend in the GCC events and exhibitions market due to various factors, including data-driven decision-making, GCC's focus on innovation, improved ROI, and enhanced attendee experience.
“The countries in the Gulf Cooperation Council (GCC) are known as their regional leaders with passion and ambition in technology adoption.
“Due to this, their governments are taking initiatives to invest more in emerging technologies and digital infrastructure. The impact of AI is expected to increase by 20–30 percent annually in Middle Eastern countries,” said the report.
The report noted that the B2B segment will hold the largest market share in the GCC, while mixed segmentation is expected to grow faster in exhibition-type segmentation.
“The GCC regions are more important for B2B exhibitions due to their strategic location and proximity to other growing economies in Europe, Africa, and Asia. B2B events have more opportunities to get tailored and specific feedback from the target audience, which can help people bring about the needed changes,” ResearchAndMarkets indicated.
In a similar vein, a recent report from Statista noted that Qatar's event ticket market is projected to reach $111.90m in 2024. The revenue is expected to show an annual growth rate (CAGR 2024–2028) of 6.36 percent, resulting in a projected market volume of US$143.20m by 2028, Statista indicated.
“The event ticket market in Qatar has been experiencing significant growth in recent years, driven by customer preferences for live entertainment and cultural events. Qatar, known for its vibrant arts and entertainment scene, has seen a surge in demand for event tickets across various categories, including sports, music concerts, theater performances, and festivals,” Statista said.
The report added that customers in Qatar have shown a strong inclination towards attending live events and experiencing the thrill of being part of a large audience. This preference can be attributed to the desire for social interaction and the opportunity to engage with like-minded individuals. Additionally, the younger population in Qatar has a growing interest in international sports events and music concerts, further contributing to the demand for event tickets, Stastista said.
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