The Global Impact of Business Events – Driving Economic and Social Progress
Business Events as an Economic Catalyst
Business events contribute approximately 25% to global tourism and serve as a vital economic driver, particularly in the Asia-Pacific region, Malaysia, and individual states and provinces. These events generate substantial contributions to local and national economies, with the industry’s share of global GDP reaching approximately 10%. Furthermore, business events create significant employment opportunities, generating an estimated 10 jobs for every event held.
Despite often being overshadowed by the broader tourism sector, business events have a far-reaching economic impact, driving growth, fostering global collaborations, and strengthening local communities. Advocacy efforts have enhanced the sector’s recognition, with increased engagement from global entities such as UN Tourism, reinforcing its international significance.
Mr. Senthil Gopinath
Chief Executive Officer of ICCA
Resilient Growth and Market Expansion
In 2024, the business events industry was valued at approximately $1.48 trillion, demonstrating remarkable resilience despite challenges such as data collection. The sector’s post-pandemic recovery has been strong, with association meetings experiencing a 64% year-on-year growth from 2023 to 2024. Conferences and exhibitions remain dominant, accounting for 63% of total business tourism spending and generating significant economic benefits for local communities and stakeholders.
Historically, in 2019, business events contributed $1.6 trillion to global GDP and supported 27.5 million jobs, with total business sales reaching $2.8 trillion. Projections suggest this figure could surpass $2.5 trillion well before 2035. To better showcase the sector’s scale and growth potential, industry professionals, stakeholders, and policymakers must prioritise structured research and stronger advocacy efforts.
The Asia-Pacific region accounted for 22.86% of the global MICE market in 2023, ranking third after North America and Europe in hosting association and government meetings. With over 1,329 association headquarters in the region, opportunities to attract major conferences and generate economic impact continue to grow. Between 2023 and 2024, more than 11,000 new association meetings were added globally, spanning industries such as healthcare, medical sciences, and artificial intelligence. As one of the fastest-growing markets for association meetings, the Asia-Pacific region is driving industry expansion with emerging topics and disciplines.
Business Events as an Economic Catalyst
Business events contribute approximately 25% to global tourism and serve as a vital economic driver, particularly in the Asia-Pacific region, Malaysia, and individual states and provinces. These events generate substantial contributions to local and national economies, with the industry’s share of global GDP reaching approximately 10%. Furthermore, business events create significant employment opportunities, generating an estimated 10 jobs for every event held.
Despite often being overshadowed by the broader tourism sector, business events have a far-reaching economic impact, driving growth, fostering global collaborations, and strengthening local communities. Advocacy efforts have enhanced the sector’s recognition, with increased engagement from global entities such as UN Tourism, reinforcing its international significance.
The Transformative Power of Business Events
As the industry evolves, the focus must remain on sustainability, engagement, and maximising economic impact. Business events extend beyond direct spending by facilitating intellectual exchange, attracting investments, and strengthening local economies. A growing trend, ‘bleisure’, sees delegates extending their stays to explore destinations, further supporting tourism-related sectors such as hospitality, retail, and transportation. Destinations that recognise the long-term value of meetings and conferences stand to gain economic stability and social development. Beyond tourism, business events leave a lasting legacy by facilitating knowledge transfer, investment, and sectoral growth.
The industry is also shifting beyond traditional Return on Investment (ROI) metrics, placing greater emphasis on Return on Experience (ROE). Delegates increasingly seek immersive and meaningful engagements that extend beyond meetings, incorporating cultural interactions and local experiences. To enhance satisfaction and drive long-term industry growth, event planners are prioritising experiential elements that create lasting value.
Beyond economic impact, business events play a critical role in shaping cultural, scientific, political, and sustainability agendas. They serve as platforms for education, knowledge exchange, and policy development, reinforcing their position as key drivers of global progress. As the industry continues to evolve, its role as a fundamental pillar of economic and social advancement is gaining wider recognition.
Advancing Sustainability in Business Events
Sustainability has become a core responsibility within the business events industry, with organisations investing in eco-friendly initiatives, staff training, and community contributions. Many stakeholders have pledged to achieve net-zero carbon emissions by 2050, reinforcing the industry’s commitment to a greener future.
Beyond carbon reduction, sustainability efforts include initiatives such as zero food waste and responsible resource management, aligning with the UN Sustainable Development Goals (SDGs). Collaboration is essential, as industry players work together to raise awareness, attract investment, and drive sustainable growth at regional and global levels.
Advocacy and education are key in integrating sustainability into business events. Initiatives such as Sarawak’s Impact Masterclass 2024 equip associations with best practices, while engagement with policymakers ensures alignment with national economic priorities. Advocacy is not a one-time initiative but a continuous process. As geopolitical and environmental challenges evolve, the industry must maintain engagement with policymakers, business leaders, and stakeholders. Every event presents an opportunity to reinforce the sector’s contributions and advocate for its role in economic and social development. Global knowledge-sharing platforms such as the Global Advocacy Alliance further strengthen the industry’s voice and drive policy improvements.
Strengthening Global Partnerships
Collaborations with institutions such as the European Commission and the World Bank further highlight the sector’s role in economic development. These initiatives provide valuable learning opportunities for policymakers and industry professionals, reinforcing the sector’s contribution to GDP growth and long-term sustainability.
The ICCA Congress remains a premier platform for industry professionals to discuss emerging trends, challenges, and strategies for sustainable growth. Following the success of ICCA Congress in Bangkok (2023) and Abu Dhabi (2024), the upcoming congress in Portugal will continue to drive collaboration, knowledge-sharing, and innovation, shaping the future of business events worldwide.
ICCA: Driving Change, Shaping the Future
Change doesn’t wait—it happens now. ICCA’s strategy is clear: Advocate, Innovate, Adapt, Act. We engage with policymakers, technology leaders, AI think tanks, academia, and business to drive transformation and redefine reality.
Legacy is built through action, not just words. Community, equity, diversity, inclusivity, and sustainability are our foundation, not just ideals. Every event, conversation, and connection strengthens our influence and impact.
This is where we belong. This is our strategy. The world follows when we lead. Tomorrow starts today.
