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Article Excerpt
This year promises to be a tipping point for the mass adoption of meetings technology, caused by a convergence of new market entrants, technological enhancements and a "growing disdain for the status quo," according to a survey sizing up the industry released late last month by Sherman, Conn.-based travel research firm PhoCusWright Inc. Meanwhile, a number of suppliers are launching and updating technology products targeted at facilitating online booking for small, ad hoc corporate meetings.
PhoCusWright estimated that the corporate meetings market will be worth $75.8 billion by 2008, up from an estimated $73.4 billion in 2005. The firm's figures are based on surveys, interviews of 160 corporations and associations and additional interviews of industry vendors. In addition, PhoCusWright estimated 60 percent of travel for all corporate meetings are expected to be booked online by 2008.
Leading the growth are corporate meetings with fewer than 25 attendees, which the survey projects to grow by 13 percent in 2007 against a relatively flat growth rate for other meeting types. Bookings for this segment are also among the first to be moved online because they are more transactional in nature than large meetings, with simple travel and meeting space needs.
"Certainly, the small groups and meetings market will behave similarly to the transient market," said Lorraine Sileo, vice president of information services for PhoCusWright and editor of the survey.
Santa Clara, Calif.-based meetings tech firm OnVantage Inc.--now operating under the name of its merger partner...
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