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Groups and Meetings: Market Opportunity Redefined
PhoCusWright, Jan 2007, Pages: 48
The groups and meetings space is quickly becoming one of the travel industry's next major competitive battlegrounds, and given the dollars at stake, it should be. By the end of 2006, groups and meetings revenue was projected to reach US$164.1 billion. The market is projected to grow to $175 billion by 2008, with travel (air, hotel, car rental, ground transportation, cruise and tour) representing 54% of the total.
Information technology adoption in the groups and meetings arena tends to lag behind other travel industry sectors, but this is about to change due to a convergence of several factors, including a host of competitive activities and new market entrants, advances in technology and technology standards within the industry, and a growing disdain for the status quo.
In the latter half of 2006, we conducted extensive research on meetings and groups within the United States to better understand the current state and, more importantly, where this business segment is headed. The results of this first-ever research effort are presented in this report.
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