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(Hosting-NewsWire.com, October 11, 2021 ) Event Management Software Market size was valued at $5.1 billion in 2020, and it is estimated to grow at a CAGR of 12.0% during 2021-2026. Rising demand for event automation among marketers or organizers and the growing usage of social media for event marketing and event planning and increased adoption of advanced data analytics solutions is set to drive the market. Organizing of international events and adoption of this software for event registration in developed and developing countries will further enhance the overall market demand for Event Management Software during the forecast period 2021-2026. . The market growth is attributed to the benefits of the event management tools including real time threat visibility, vigilance of event safety, continuous compliance reports, low operational cost, improved time management and others. The short term impact of Covid-19 on events and thereby the software related to this is projected to cause a major decline in 2020 with a slow recovery through 2022. However post that market is expected to experience significant growth.
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Event Management Software Market Segment Analysis – Software Type
Event Marketing is the fastest growing sector in Event Management Software market and estimated to grow at a CAGR of 13.9%. Event management software (EMS) should be equipped with a set of event marketing tools for marketing to be done. According to the Event Marketing Benchmarks report, the most effective channel for promoting an event is email. Earlier, organizers are needed to depend on third-party email platforms in order to communicate with attendees, sponsors and other key stakeholders. In current situation, mostly in developed countries, organizers are using event management software tools for marketing. The tools should be able to work with EMS contacts management tool so that organizers can separate attendees and send only relevant information to them. The software also enables organizers to easily build and beautifully customized, on-brand emails. Some EMS platforms come equipped with additional tools for promoting the events. For instance, Bizzabo’s Ticket Boost leverages the power of social media to turn attendees into brand ambassadors and drive registrations.
Event Management Software Market Segment Analysis – End User
Third-Party Planner is the fastest growing segment in Event Management Software market and estimated to grow at a CAGR of 11.5%. Third Party Planners have been the primary end users for Event Management Software. Event management software proves to be highly beneficial for third-party planners when compared to in-house planners, as the third-party planners plan more than a single concert or show that occur at any time of the year. Some of the companies have also employed geo-location and RFID data to make it possible for event organizers to alert attendees about relevant booths, sessions, or meals, as they make their way around the venue. Event planners use monetization features, such as banner advertisements, sponsored push notifications, and premium listings to increase revenues and boost their brands. Events.com’s proprietary technology platform provided an event management software, which delivered registration services, ticket cancellation insurance, sponsorship sales, and management technology, for the 2019 Rite Aid Cleveland Marathon. Moreover, the increasing frequency of cultural and sports events, such as the New York Marathon, which is the largest in the world, may aid the market growth.
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Event Management Software Market Segment Analysis – By Geography
North America dominated the Event Management Software market in 2019 with a share of 36.1%, followed by Europe and APAC. High adoption of new emerging technologies such as smartphones, AI and cloud platforms in U.S. region for event management is set to boost the market growth. The strong financial position allows it to invest heavily in the adoption of latest tools and technologies for ensuring effective business operations. Many of the major players such as Cvent, EventMobi, etouches, Ungerboeck, Bizzabo are headquartered in North America region which set to drive the event management software market due to high funding and investments. As North America is the major host to various international events, Enterprise companies are more likely to invest in this region, thereby driving the event management software market. The increasing demand for enhanced and efficient management of events in the region has led to partnerships between companies in the market and event organizers. For instance, in 2019, EventMobi has partnered with Swoogo to simplify the event management software tech stack. With this partnership, the software can be used with ultimate control and flexibility while automating the entire data integration process from registration to onsite engagement.
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Event Management Software Market Drivers
Growing demand to capture actionable business insights from events
The event management software allows marketers or organizers to leverage the benefits of real time data for extracting actionable business insights from events that are required to drive organizational growth. Utilization of event management software in events helps in saving time that is needed for manual processing. Increasing B2B and B2C professional events need to facilitate networking and engagement and they also need to serve a larger event strategy which necessitates in depth analytics on event outcome. These analytics can help then help event organizers in increasing return on investments and the overall efficiency of their event strategy. Moreover, it helps organizations capture and analyze attendees’ behavior, which helps them make effective business decisions and this is set to increase the adoption of event management software for events, thereby driving the market growth.
Integration of Artificial Intelligence (AI) technology
Innovation of event management software with integration of AI technology drives the event management software industry. AI technology such as Facebook chatbot on social media and event technology experts embed this Chatbot functionality in order to communicate with people through stand-alone event application on their website and develop a custom mobile app to increase attendee engagement. AI is one of the crucial tool and it depends upon the event professionals to use best out of it, according to their extensive idea to improve event management. For instance, EverTitans is one of the major leader in event interactive platform that integrated with many tools such as Zapier, White label website, social media tools and many others. AI plays a crucial role to develop empowering solutions, thereby driving the market during forecast period.
Event Management Software Market Challenges
Lack of Design options and high price
One of the major challenge in event management software is design choices that can be very basic and limited. The price can also vary greatly, with the most sophisticated and popular systems normally coming at the highest cost. High cost, lack of awareness about event management software in developing economies and lack of skilled professionals is set to hamper the growth of the event management software market.
Event Management Software Market Landscape
Product Launches, acquisitions and R&D activities are key strategies adopted by players in the Event Management Software market. Event Management Software top 10 companies include Active Network, Cvent, Event Booking, Arlo, Attendify, Aventri, EventMobi, Arlo, Bizzabo, EventPro and among others.
In June 2021, Canapii Used Amazon Web Services to develop their new online-focused Event Management Software. With help from Amazon Web Services (AWS) cloud-based technology, Canapii brought their event management software to market in record time and established the brand to go with it. Since, Canapii has helped companies like Hewlett Packard (HP) design and host engaging virtual events that include live-streamed content with real-time multilingual captioning, polling, Q&A, and more.
In June 2019, Cvent had acquired DoubleDutch for mobile event technology. DoubleDutch is one of the major player in creating mobile and web applications. It is one of the major expert in creating platform which includes event registration technology, the event content management system to manage an event’s entire program and the event app for attendees. This acquisition has made DoubleDutch company in order to deliver its innovative technology solutions for event organizers including world class mobile event applications. Acquisition of other companies for expansion of their services is set to drive the Event Management Software market share.
North America had dominated the Event Management Software market in 2020 owing to early adoption of advanced technologies and high investments in adopting them.
Acquisitions and partnerships of the companies had helped the companies in developing new software tools and expansion of the companies and this is poised to boost the event planning software.
Rising demand for event automation and growing focus towards gaining actionable business insights from events are the major driving factors for the event or task management software solutions.
Innovation in technologies and integration of event planning software with Artificial Intelligence (AI) technology is set to boost the event management software market.
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