TipsAI in Event Technology: Stats and Benefits of AI for Event Agencies
AI seems to have entered almost every industry, and the event industry is no exception. As of 2024, the AI value in the events market is estimated to be around $3.5 billion, with a compound annual growth rate of 8%. This demonstrates the significant investment event agencies make in AI technology and their growing interest in integrating it into their management processes.
With AI helping reduce the number of no-shows, improve attendee engagement, and provide more accurate data analytics post events, it's no wonder more and more event agencies across the globe embrace this technology.
To get a better understanding of the impact AI has on this industry, we've compiled the latest data along with the benefits for various aspects in the organization process.
NOTE: All stats are relevant at the time of writing this article.
AI in Events: Accurate Data Analysis
68% of companies that have an event budget of over $250,000 per year use (or plan to use) AI for data analysis.
73% of large events use AI for data analytics during the event.
80% of event professionals claim that AI increases data accuracy when used for collecting event data, while 59% say that AI tools improve the accuracy of attendee data.
AI in Events: Better Attendee Engagement
45% of event agencies use AI tools for attendee engagement.
AI-powered personalized digital agendas boost attendees' engagement by 30%.
49% of event agencies use AI for simultaneous translation for international events.
AI analysis tools help event planners identify attendees' mood with 85% correctness.
AI Chatbots: Valuable Customer Support During Events
Handle 68% of attendees' requests during large events.
Reduce the customer support response times by up to 50% and support tickets by 70%.
Automates up to 70% of event sign-ups and check-ins.
45% of event agencies use AI chatbots to assist attendees.
AI-powered lead retrieval systems boost post-event sales conversions by 20%.
AI Features on Event Management Platforms
52% of event tech startups add AI features to their platforms.
70% of event technology companies intend to develop AI features in the next 12 months.
69% of event platforms today include AI features.
Benefits of AI Technology for Event Management
AI technology is mostly used in the events industry for automating dull administrative tasks and time-consuming processes such as logistics tracking, enhancing attendee experience with personalization, and predicting trends and attendee behaviour.
Here's how AI impacts event agencies and helps improve their work:
Automates Tedious & Time-Consuming Tasks = Boosts Productivity
AI cuts down the time needed for handling repetitive, time-consuming tasks like research, data analysis, building an agenda, sending out invites from hours to minutes. This saves event planners a lot of time, allowing them to focus on the more impactful tasks like strategy, creative ideas, and design.
Streamlines Event Operations
Artificial intelligence tools help optimize things like sign-ups, check-ins, and logistics. This helps reduce errors, shortens the wait time, and speeds up the processes in event management from start to end, thus improving their overall efficiency.
Boosts Attendees Engagement & Satisfaction
AI-driven event apps and platforms create personalized experiences for attendees based on their past behaviours and preferences. Tools like chatbots offer tailored recommendations, messages, and help 24/7, whereas AI-powered Q&A sessions provide instant responses, thus boosting attendees' satisfaction and engagement.
Providing valuable analytics on attendees' interests and wants, AI helps event professionals create events that "speak" directly to visitors and adjust the content, design, and room setups accordingly.
Reduces Operational Costs
Apart from automating various event management processes and tasks, AI can also predict how many staff will be needed for an event, find the most affordable yet suitable venue, calculate the approximate catering amount, handle customer support, and more.
In this way, it cuts down staffing costs by 20–30%, catering costs by 20–25%, and the costs related to hiring full-time employees.
AI in Event Tech: To Wrap Up
With AI becoming part of every industry, it's no longer a "nice-to-have" add-on but a strategic tool that helps event agencies operate smarter and more efficiently.
As one of the leading event management platforms, Agorify is one of the key players in event tech who utilize AI to bring even more value to the event industry. Having several AI-powered features and much more already on the horizon, Agorify is aiming to completely transform the event industry by making event tech even more user-friendly and time-efficient to use. Start building your event with Agorify FREE!