Global Event management software market

Event Management Software Market Size, Share, Growth Analysis, By Component(Software, Services), By Service(Professional services, Managed service), By Professional service(Consulting, Deployment & Integration, Support & Maintenance), By Deployment type(On-premise, Cloud), By Organization size(Small & Medium Enterprise, Large Enterprises), By Application(Event organizers & planners, Corporate, Government, Education), By Region - Industry Forecast 2024-2031


Report ID: SQSG45E2044 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 169 | Figures: 79

Event Management Software Market Dynamics

Event Management Software Market Drivers

  • Increased adoption of advanced data analytics solutions is a major driving factor. Using data-driven and fact-based information, advanced analytics is a comprehensive set of analytical techniques and methods designed to assist event management companies in discovering trends and patterns, solving problems, accurately forecasting the future, and driving change. They assist businesses by providing sophisticated algorithms and analytical techniques that aid in effective decision-making. These tools assist event management firms with average skills in exploring data and reaping the benefits of augmented analytics with guidance and recommendations for better and clearer results.

Event Management Software Market Restraint

  • The high initial cost of event management software with the introduction of advanced products to the market, new technologies necessitate increased investments in research and development (R&D). The IT industry is under tremendous pressure to develop new and better products, such as drones, Virtual Reality (VR) systems, and impressive advancements in automation technology. All of these products necessitate the development of new components as well as extensive R&D. Product development requires significant investment, which allows businesses to add new technologies and features. Great event management solutions can be expensive and feature-rich. However, if an organization only has a small event, the ROI may be compromised, and the software may prove expensive.
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FAQs

Event Management Software Market size was valued at USD 7 billion in 2019 and is poised to grow from USD 7.9 billion in 2023 to USD 14.1 billion by 2031, growing at a CAGR of 14.1% in the forecast period (2024-2031).

The event management software market is fragmented, with a prominent market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective. 'Cvent', 'Aventri', 'Eventbrite', 'Bizzabo', 'EventMobi', 'Eventzilla', 'Whova', 'RegFox', 'Swoogo', 'Hubb', 'Certain Inc.', 'Boomset', 'Attendify', 'etouches', 'DoubleDutch', 'Splash', 'Glisser', 'Gather', 'SpotMe', 'Socio'

Increased adoption of advanced data analytics solutions is a major driving factor. Using data-driven and fact-based information, advanced analytics is a comprehensive set of analytical techniques and methods designed to assist event management companies in discovering trends and patterns, solving problems, accurately forecasting the future, and driving change. They assist businesses by providing sophisticated algorithms and analytical techniques that aid in effective decision-making. These tools assist event management firms with average skills in exploring data and reaping the benefits of augmented analytics with guidance and recommendations for better and clearer results.

High demand for centralized event promotion and financial transaction management and control cloud technology is being adopted by key market players because it allows end-users to store massive amounts of data and files in a remote location and access them from any internet-enabled location. Thus, cloud-based software solutions facilitate interaction between event planners and employees, suppliers, and clients. Cloud-based solutions assist event planners in the creation and management of location lists, the representation of pictorial images or charts for better management, and even the identification of potential custom events. A cloud-based event management software can manage event teams from any location at any time, as well as support and manage booking requests in a streamlined manner.

Based on region event management software market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. With a market share of more than 45.0 percent in 2020, North America dominated the market. North America is home to several prominent market players, including Bizzabo, Aventra Inc., and Glue Up, as well as several small and medium-sized businesses, which bodes well for the region's growing adoption of event management software. The region is also known for hosting a variety of public events, such as film festivals, marathons, and other educational institution-hosted events, as well as a variety of private events. According to Billboard's findings from June 2018, approximately 800 music festivals are held in the United States alone, with over 32 million attendees. The region's adoption of event management software has been driven by the need for efficient management of all such events. From 2022 to 2028, the Asia Pacific regional market is expected to grow at the fastest CAGR of 15.4 percent. The regional market's expansion can be attributed to enterprises in Asia Pacific countries such as China and India's growing preference for technologically advanced solutions. Furthermore, the Asia Pacific region has a large number of skilled and tech-savvy professionals who can effectively use the most recent software solutions on the market.

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Global Event management software market

Product ID: SQSG45E2044

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