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The Global Event Management Software Market size is estimated to grow by USD 2,425.09 million between 2022 and 2027 accelerating at a CAGR of 7.76% during the forecast period. The market's expansion is contingent on various factors, such as an increasing demand for low total cost of ownership (TCO), the growing acceptance of real-time event management systems, and the rising popularity of cashless payment methods. Nonetheless, certain significant obstacles impeding market growth include uncertainties concerning return on investment, concerns related to data security, and the threat posed by open-source event management software. On the positive side, noteworthy trends propelling market growth are the emergence of chatbots, the integration of virtual reality (VR) in event management, and the heightened utilization of social media.
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Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing adoption of cashless payment methods is notably driving market growth. Previously, wristbands and other wearable items were used at events to separate attendees into different types or groups. Wearables are currently employed in events to distinguish attendees and complete transactions. Attendees can load money onto a wearable using cashless payment systems, which they can then use to purchase goods or services at an event. As a result, one will not need to carry a wallet. The extra time spent waiting to pay is eliminated when these wearables are used. As a result, it is anticipated that the event will be seamless as a whole.
The entire cashless payment process resembles Samsung Pay, Apply Pay, and Visa Checkout in many ways. The only distinction is that prepaid account information, which is stored in the RFID chip in the wearable, is used to complete transactions rather than phone numbers. Cashless transactions make use of an app that tracks spending and replenishes the balance. Additionally, it aids attendees in limiting their event spending. Thus, such factors are expected to drive the global market during the forecast period.
The emergence of chatbots is an emerging trend in the market. Event planners can receive assistance from a chatbot with artificial intelligence (AI). A chatbot can help with an event in a variety of ways, including responding to frequent queries from attendees, gathering feedback, encouraging interaction, and sending out tailored notifications. Any sudden schedule changes, speaker cancellations, or room changes can be announced to attendees using a chatbot.
Chatbots are appropriate for use at conferences and events because they are user-friendly and provide app-like features without requiring app downloads. On the other hand, organizers can deliver mass personalization using chatbots and do so while saving time and money. Thus, chatbots in have the potential to improve the experience of attendees and give organizers smarter event management tools. This is expected to increase significant growth of the market in focus during the forecast period.
Data security-related issues are major challenges impeding the market growth. The safety issues, just like many data integration and quality applications. As they are more affordable and accessible, cloud-based solutions are preferred by some businesses over on-premises ones. If they have confidence in the service provider, businesses are more likely to move their data to the cloud. As a result, a lot of users are worried about the data security regulations governing cloud-based solutions.
In cloud-based solutions, there is a high risk of information leakage, which leads to manipulation. Lack of data transparency is also a growing concern for many. This may result in a number of security lapses and legal troubles involving infrastructure, identity management, risk management, regulatory and legislative compliance, and auditing. In addition, the misuse of data by IT professionals who use the software and data loss are issues that many businesses are worried about. Thus, these factors are expected to hamper the growth of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Certain Inc. - The key offerings of the company include event management software for virtual, hybrid, in-person, and on-demand events.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Market Analysis
The event planning, the demand for real-time data and historical insights is paramount, particularly in large-scale and application-based events. Both third-party planners and in-house planners cater to diverse needs, orchestrating multiple events or shows with a keen eye on innovation. Companies and consortiums often host theme-based meetings and events to bolster their brand image, including social events, athletics events awareness gatherings, and fundraising events.
Corporate events, cultural events, public events, concerts and festivals, and educational events enrich society by fostering networking, artistic expression, civic engagement, and knowledge exchange. From business forums to festivals and academic gatherings, these events promote collaboration, diversity, and community interaction, shaping vibrant and interconnected communities.
For SMEs seeking new solutions, customer conferences and online venue sourcing platforms offer avenues for growth. With the rise of virtual and hybrid events, marathons, film festivals, private events and secure methods for verifying attendee health status are crucial, facilitated by mobile devices and identity verification capabilities. Platforms like Cvent's event marketing and management platform streamline booking and efficient management, providing actionable insights for both Media and Entertainment and small-scale planners alike.
The market share growth by the cloud-based segment will be significant during the forecast period. The success of any event depends on effective time management. Infinite data storage is a feature of cloud-based, which provides a fix for the problem of insufficient capacity.
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The cloud-based segment was valued at USD 2,654.58 million in 2017 and continued to grow until 2021. A major factor driving the segment growth is the companies ability to offer a software-as-a-service (SaaS) pricing model owing to cloud-based software lowering operational and investment risks. Moreover, the adoption of the cloud-based deployment model has made software more affordable. The widespread use of the internet can be held responsible for the rising adoption of cloud-based solutions. Thus, owing to all these factors, the global market is expected to grow during the forecast period.
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North America is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Global IT and retail companies are primarily based in North America. The market in the region is anticipated to expand due to an increase in trade shows, international conferences and summits, and sporting events during the forecast period. The vast majority of marketing and telecom businesses in this region also use to organize events. Without technology, event managers would find it difficult to open posh hotels and host famous guests. Therefore, the demand from event planners for an end-to-end event-conducting solution has been sparked by the growing number of events from marketing and telecom organizations.
Another significant region of revenue for the North American market is Canada. The country's market is primarily driven by early technological adoption, the expansion of the education sector, and the presence of a sizable number of companies. Hence, the above factors will boost regional market growth during the forecast period.
Market Customer Landscape
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global Market Customer Landscape
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Event Management Software Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.76% |
Market growth 2023-2027 |
USD 2,425.09 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.32 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 45% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
5Touch Solution Inc., Arlo Software Ltd., Aventri Inc., Bizzabo, CadmiumCD LLC, Certain Inc., Cvent Inc., Eventbrite Inc., EventGeek Inc., Eventzilla Corp., Fortive Corp., Global Payments Inc., Glue Up, Hubb, MIE Software Pty Ltd., New Work SE, RainFocus LLC, Ungerboeck, Whova Inc., and Zoho Corp. Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market trends and analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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