EVENT MANAGEMENT SOFTWARE MARKET ANALYSIS

Event management software is the generic term for a wide range of software products typically used in the management of professional and academic conferences, trade exhibitions, smaller events, and conventions such as continuing professional development (CPD) meetings. This software helps users to plan events, engage attendees, measure the impact of their events, and register online for next upcoming events. It includes features such as data analysis tools, sales management, beverage management, staffing management, catering management, package management, online event registration, invoicing & payments, task management, etc.

The global event management software market is estimated to be valued at US$ 12,251.7 million in 2021 and is expected to exhibit a CAGR of 11.8% over the forecast period (2021-2028).

Recent Developments:

In November 2020, Eventbrite acquired ToneDen, a self-servicing social marketing platform. The main intention behind this acquisition was to enable creators to attract and grow audiences. It allows the creators to encourage and engage ticket buyers.

In January 2021, Vuram, a leading hyper-automation services company, introduced a virtual event management solution, ‘EventHall for live sessions, on-demand videos for sessions/performances, and others

In February 2021, Canapii, a provider of event management software, has launched a free virtual event management solution in International Market.

Figure 1. Global Event Management Software Market Value (US$ Mn), by Region, 2020

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North America held dominant position in the global event management software market in 2020, accounting for 34.4% share in terms of volume, followed by Western Europe and Asia Pacific excluding Japan, respectively.

Global Event Management Software Market: Drivers

Lucrative benefits and advantages offered by software is expected to drive growth of the global event management software market during the forecast period

Even management software helps in enhancing workflows by maintaining a record of large data volumes and supporting the organizers to plan, coordinate, source, and analyze data and information to ensure a successful event. Furthermore, event management software automates processes such as venue sourcing, expense tracking, ticketing, floor planning, etc. thereby streamlining the overall event management process. Event management software also facilitates event organizers to send and track invitations of attendees from a portal where these individuals have registered themselves, and also monitors and tracks ticket sales, all on a single platform. Hence, these factors are expected to drive growth of the global event management software market during the forecast period.

Growing adoption of cloud-based solutions for ease of accessibility is expected to propel the global event management software market growth over the forecast period

Cloud-based event management solutions facilitate easy and cost-effective access to even information from remote locations at any point in time. Cloud-based event management software helps to immediately fix errors or system bugs. Since cloud-based event management software can be accessed from anywhere, which in turn, offers dual advantages along with improvising consumer experience. Furthermore, it allows event organizers to access the operational information in time and when required.

Global Event Management Software Market: Opportunities

Introduction of IoT in event management can provide major business opportunities

Increasing penetration of Internet of Things (IoT) is creating immense potential for growth of the global event management software market. IoT can make the check-in process of attendees comparatively much easier as organizers can simply scan RFID wristbands or badges work by attendees, instead of checking and validating the physical tickets itself. Moreover, other technologies such as RF Mat can help track attendee traffic in any event. RF Mat, when combined with iBeacons and Bluetooth of the attendee’s smartphone, can also help the attendee to explore the event floor plan on the phone, thus helping to enable faster navigation inside the venue.

Emergence of real-time analytics solutions can present lucrative growth opportunities

Real-time analytics solutions such as Bluetooth transmitters (iBeacons) and mobile analytics software are gradually being adopted by event management software vendors. iBeacons, originally developed by Apple, enhance the customer experience of event attendees by including gamification, alert messages, and social information exchange. Moreover, these solutions help event organizers to track information of attendees in real-time.

Market Trends:

Trends by Development

Increase in deployment of cloud-based solutions is a major trend

Cloud-based deployment of event software management solutions is increasing rapidly, owing to various benefits offered by the same. Cloud-based software management software can be accessed from a remote location at a point of time. It eases tasks of event management company employees since they can conduct operational checks at any time. Cloud platform enables event managers to view operational trends on a real-time basis, hence making it easier for them to check on venue availability. It also enables managing multiple events simultaneously. Companies such as Cvent, Inc., and Priava are increasing deployment of cloud-based event management software.

Trends by End user

Increase in event budget by enterprises

Many companies are increasing event budgets to organize more elaborate trade shows and corporate events. Majority of organizations use events as a key strategy for launching new products or celebrating various events related to internal achievements and annual award ceremonies to name a few. Furthermore, corporate events are also a preferred mode for promoting a company or brand, or a product or service. Organizations generally spend one-third of the company’s budget on events as these events could lead to increase in sales and produce leads for future revenue generation or business. For instance, in 2016, CES was one of the biggest trade shows for consumer technology held in Las Vegas, U.S. with attendees of 112,298.

Figure 2. Global Event Management Software Market Share, By Deployment, 2020

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Key Takeaways of the Graph:

• Among Deployment, the On-premise held dominant position in the market and accounted for 67.5% share in the global event management software market in 2020. The segment is expected to reach US$ 18,412.2 million in 2028.

Global Event Management Software Market: Restraints

Low technological awareness in emerging economies is expected to restrain growth of the global event management software market during the forecast period

Event management software has not been adopted on a large scale, owing to a lack of technological awareness in emerging economies such as Mexico, South Africa, Argentina, and India. Slow technological advancements and lack of supporting infrastructure are expected to restrain growth of the global event management software market in the near future.

High initial cost of adoption is expected to hamper the global event management software market growth over the forecast period

Initial implementation cost of event management software is significantly high, which dissuading end users to adopt it. Although event management software is vital in reducing staffing costs at a large scale, initial installation cost remains a major for many organizations. Thus, these factors are expected to hamper the global event management software market growth over the forecast period.

Global Event Management Software Market: Competitive Landscape

Major companies operating in the global event management software market are Cvent, Inc., Certain, Inc., Zoho Corporation, Zerista, etouches Inc., Gather Technologies Inc., EventBrite Inc., EventZilla, Xing Events, SocialTables¸ Bizzabo Inc., and Ungerboeck Software International.

Global Event Management Software Market: Key Developments

Major companies in the market are focused on mergers and acquisitions, in order to expand their market presence. For instance, in June 2019, Cvent, Inc., a provider of events and hospitality technology, acquired DoubleDutch, a U.S.-based provider of a mobile event app.

Key players in the market are involved in partnerships and collaborations, in order to gain a competitive edge in the market. For instance, in February 2020, Certain, Inc., a provider of event automation software, partnered with EventOPS, a provider of strategic meeting management software.