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The event management as a service market size is forecast to increase by USD 391.33 million, at a CAGR of 7.92% between 2023 and 2028.
The growth of the market depends on several factors, including increasing demand for online registration and payment, the need for the reduced total cost of ownership, and the rising number of events and meetings. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising number of events and meetings is notably driving the market growth, although factors such as data security issues may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising number of events and meetings is notably driving the market growth. Corporate events such as conferences, training, seminars, and fundraisers are growing which in turn is boosting the global market in recent years. Corporate celebrations are conducted by organizations for employees, business partners, and current and future clients. In addition, happenings are also organized for lead nurturing and lead generation, launching or marketing new products, and celebrating the success of products and services.
Owing to budget constraints involved in individual and face-to-face discussions, training and internal team meetings will emerge as one of the predominant areas for growth in the near future. Thus, organizations use celebration management as a service to ensure efficiency and cost-effectiveness, save advertising costs, and help organizations reach out to a large number of viewers. These factors will drive the market during the forecast period.
The increase in mobile momentum is an emerging trend in the market. A significant number of employees, clients, and shareholders prefer to use social networks owing to the growing penetration of smartphones across the world, along with increasing internet speeds due to technologies such as 4G. Sites such as Twitter, LinkedIn, and Facebook are transforming the way employees network with their colleagues and customers.
To keep attendees up-to-date with event details, many celebration management companies rely on social networking sites and smartphones. companies in the market develop applications for mobile devices, including iOS and Android, to increase their market share and stay competitive in the market. Therefore, such factors have led to an increase in mobile momentum in the global market, which in turn, will boost the market growth during the forecast period.
Data security issues are a major challenge driving market growth. Safety concerns are alone of the primary concerns for management services. Some business organizations prefer cloud-based solutions over on-premises solutions because of cost-effectiveness and ease of accessibility. However, as the cloud-based model requires organizations to subside their control over data and transfer it to the cloud, many end-users are concerned about data security policies governing cloud-based solutions because of data security and privacy issues. The risk of an information leak in cloud-based solutions is high and can result in the misuse or manipulation of data. Furthermore, customers are also concerned about the lack of transparency regarding the use and processing of data.
During the deployment of cloud solutions, the data resides on the cloud servers of companies, thereby increasing security concerns. In a multi-tenant model, there is always a risk of information leakage, which could result in the misuse or manipulation of data. In addition, many enterprises are concerned about data loss and misuse by IT professionals that install the software. These factors are compelling several organizations to delay adopting management as a service which will hinder the market growth during the forecast period.
The 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 growth strategies.
Global Market Customer Landscape
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.
Accelevents Inc - The company offers a comprehensible management platform for virtual and offline happenings. The key offerings of the company include event management services that include managing every aspect of the event lifecycle, from registration and real-time lead distribution to post-event email marketing.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market growth 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.
The market share growth by the corporate segment will be significant during the forecast period. Complete digitization of core management processes, adoption of customer-centricity, and increasing occurrences of events such as product launches, conferences, seminars, company outings, dinners, and team-building events are the primary factors driving this segment.
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The corporate segment was valued at USD 466.77 million in 2017 and continued to grow until 2021. The corporate segment involves end-users such as private organizations and businesses, corporations, trading associations, educational institutions, and political parties. Event management services help these organizations control the logistics of events and improve operational efficiency by reducing operational costs. The services also allow users to handle all operations, such as conducting research, designing and choosing venues, selecting hotels and making reservations, transportation, arrangements for food and entertainment, site visits, and the final event. Hence, such services are increasingly being used at a professional level. Therefore, such factors will boost segment growth during the forecast period.
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North America is estimated to contribute 53% 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.
North America, a pioneer in the adoption of event management technologies across industries, is an attractive market with the presence of prominent global IT and retail organizations. Hence, the growth of the market is driven by events such as global conferences, product launches, and product exhibitions.
The US is a major contributor to the market in focus and is expected to continue to dominate the region during the forecast period, owing to the increasing adoption of cloud-based services by enterprises and government organizations. Similarly, Canada is also a significant revenue contributor to the regional market. Some of the main factors that are driving the market in Canada are the early adoption of technologies, the growth of the education sector, and the presence of a sizeable number of companies. Hence, such factors will drive regional market growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides a market research and growth analysis of the latest market trends and growth opportunities from 2017 to 2027.
The market caters to the intricate needs of cultural fests, overcoming communication hurdles, and managing foreign logistics seamlessly. Leveraging cloud-based software from leading cloud service providers, EMaaS integrates gamification, artificial intelligence (AI), machine learning (ML), and AR and VR technologies to enhance experiences. Reducing licensing expenses and promoting sustainability through eco-friendly methods, EMaaS operates across various segments, including software, services, cloud-based, and on-premises solutions. It serves both large enterprises and SMEs, along with organizers and planners, addressing diverse technology and data-handling attributes.
Managers benefit from the platform's ability to analyze participant population demographics and facilitate worldwide conferences effortlessly. As the industry evolves, EMaaS continues to innovate, adapting to changing demands and technological advancements, ensuring seamless execution and unparalleled experiences for organizers and attendees alike. With its comprehensive suite of features and user-centric approach, EMaaS remains at the forefront of modern management solutions.
Event Management As A Service Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.92% |
Market growth 2023-2027 |
USD 391.33 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.87 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 53% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accelevents Inc, Active Network LLC, Arlo Software Ltd., Aventri Inc., Bitrix Inc., Bizzabo, Certain Inc., Cvent Inc., Event Temple Labs Inc, Eventbrite Inc., Fortive Corp., Glue Up, Hopin, New Work SE, RainFocus LLC, Ungerboeck, WebMobi, Whova Inc., XING Events GmbH, and Zoho Corp. Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our 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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