Event management software packages are designed to provide comprehensive and complete insights on the latest trends in the industry which are crucial in promoting the interests of the event organizers as well as the target audiences. These insights provide an impressive level of detail which are especially useful for the planning purposes of an event. These software also help the event organizer in effectively handling various aspects of the marketing process including choosing the appropriate venues for holding the event, finalizing the guest list, selecting the theme and scheduling the other elements of the marketing program.
Market Statistics:
The global event management software market is expected to surpass US$ 26,736.8 Mn in terms of value by the end of 2028.
Global Event Management Software Market: Drivers
Rapid adoption and popularity of social media for marketing and promotion is expected to drive growth of the global event management software market during the forecast
Event management software helps to improve workflows by maintaining a set of large data volumes by supporting organizers in sourcing, planning, coordinating, and analyzing data. Furthermore, this software systemizes processes such as venue sourcing, floor planning, ticketing, and expense tracking, which in turn, streamlines overall event management processes. Furthermore, event management solutions enable event organizers to send and keep track of 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.
Global Event Management Software Market: Opportunities
Increasing adoption of software by SMEs can provide major growth opportunities
Small and medium enterprises (SMEs) are increasingly adopting event management software across the globe, especially in developing countries. Apart from streamlining and managing the entire event management process, the software also supports online ticketing, web content management, and real-time analytics, in order to leverage various benefits. Adoption of event management software by SMEs offers small businesses more flexibility, enables more efficiency, and ensures sustainability in a highly competitive market. Key companies in the market can capitalize on these opportunities and gain a competitive edge in the market.
Global Event Management Software Market: Recent Developments
In September 2020, Socio, a leading event technology company, introduced end-to-end event management platform for virtual, hybrid, and in-person events.
In September 2021, LinkedIn, an online service provider company introduced Paid Virtual Events.
In September 2021, Event management software company Aventri launched Express Events to streamline the setup and delivery of simple, straightforward events.
Global Event Management Software Market: Restraints
Difficulty in integrating event management software with business systems is expected to hinder the global event management software market growth over the forecast period
Integrating event management software with business systems remains major challenge for end users. An organization’s business information is accessed, updated, modified, and managed simultaneously with the help of processes and systems. Enterprises are required to ensure information consistency across all their systems, in order to avoid system conflict. Issues regarding integration leads to data silos, which in turn, reduces an organization’s capability. Thus, these factors are expected to hinder the global event management software market growth in the near future.
Global Event Management Software Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has had an impact on almost all aspects of life. Globally, as of 3:36pm CEST, 28 September 2021, there have been 232,075,351 confirmed cases of COVID-19, including 4,752,988 deaths, reported to WHO. Many industries have faced significant revenue losses and contracted in terms of their growth. The event management industry witnessed the cancellation of many prominent festivals, sporting events, exhibitions and concerts in an effort to slow the spread of the virus. Such scenario has led to a steady rise in the number of virtual event startups. In November 2020, Hopin, a company offering virtual events platform, raised US$ 125 million of series B funding, increasing its current valuation to over US$ 2 billion.
Key Takeaways:
- The global event management software market was valued at US$ 10,711.7 Mn in 2020 and is forecast to reach a value of US$ 26,736.8 Mn by 2028 at a CAGR of 11.8% between 2021 and 2028.
- The On-premise segment was valued US$ 7,232.9 Mn in 2020 and is expected to witness a CAGR of 12.1% over the forecast period.
Market Trends:
North America Trends
Growing utilization of online education programs
In North America, event management software is largely being used in educational institutions for organizing alumni events, educational conferences, and recruitment fairs. This software enables user institutions to increase efficiency by automating manual tasks and streamlining different processes across various departments. For instance, Cvent, Inc., a U.S.-based company, provides its event management software to a number of universities in North America, including Columbia University, Duke University, Penn State, and the University of Maryland.
Western Europe Trends
Increasing trend of online meetings
Developed countries in Western Europe such as France and Germany are international hubs for large trade shows and business meetings. For instance, in 2015, Berlin was ranked first in ICCA’s Top 20 city rankings for a number of meeting organized. During the majority of events held in Germany, venues provide Internet connectivity such as free wireless local area network (WLAN), thus enabling easy and rapid access to events online and thus enabling online meetings. Online meetings are facilitated through event management software. For instance, Cvent Europe, Inc. hosts online meetings for companies in Germany. Thus, this software has potential growth opportunities in the region.
To know the latest trends and insights prevalent in the Global Event Management Software Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/event-management-software-market-1391
MEA Trends
Increasing number of corporate events
Corporate events in the Middle East region, particularly in Dubai, has been witnessing a significant increase in terms of a number of events. Event management companies are organizing high profile events such as trade shows as well as other types of business meetings at various locations across the region. Many companies are facing challenges due to lack of skilled labor, and are forced to either opt for the outsourced workforce or adopt event management software to aid in organizing successful events, which also reduces overall costs to a significant extent.
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.
Key Developments
Key players in the market are involved in product launches, in order to expand the product portfolio. For instance, in July 2018, Zoho Corporation launched ‘Backstage’, an end-to-end event management tool that enables organizers to plan, promote, and run events.
Major companies in the market are involved in mergers and acquisitions, in order to enhance the market presence. For instance, in May 2019, Cvent, Inc., a provider of event management technology, acquired Wedding Spot, a provider of wedding venue sourcing platform.
