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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 2022 and 2027. The market's growth hinges on several critical factors. Firstly, there is a rising demand for online registration and payment solutions, driven by the convenience and efficiency they offer to organizers and participants alike. Secondly, there is a strong emphasis on reducing the total cost of ownership, prompting businesses to seek cost-effective event management solutions. Thirdly, the increasing frequency of events and meetings is contributing to market expansion, necessitating scalable and streamlined registration processes. These factors collectively underscore a shift towards digital transformation in event management, enhancing accessibility and operational efficiency. As organizations prioritize seamless participant experiences and cost optimization strategies, the market for event management solutions continues to evolve, offering innovative tools and technologies that cater to diverse event requirements and contribute to the overall growth and sustainability of the industry.
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The market is evolving amidst diverse factors shaping the industry landscape. Corporate spending influences the MICE (Meetings, Incentives, Conferences, and Exhibitions) industry, with event managers leveraging digital tools and cloud-based platforms to meet shifting customer preferences and enhance productivity. Sustainability initiatives and regulatory compliance are paramount, influencing event strategies and the adoption of specialized tools for data-handling attributes. Emerging markets offer growth opportunities despite regulatory restrictions and economic downturns affecting seasonality. Virtual and in-person events are seamlessly managed through event management software and mobile applications, ensuring a holistic approach to event planning. Blockchain technology facilitates transparency and security in transactions, empowering event organizers to make informed choices that enhance the overall attendee experience. As the importance of digital transformation in events grows, EMaaS providers are integral in delivering innovative solutions that meet the dynamic demands of modern event management.
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 research and growth, 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 market 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.
In addition, 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 market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
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The market caters to the dynamic needs of the MICE (Meetings, Incentives, Conferences, and Exhibitions) industry, leveraging environmental factors and event type diversity to offer tailored solutions. Client type and the complexity of events drive functionality and engagement through the automation of tasks, email notifications, and real-time feedback mechanisms. Small businesses with tight budgets benefit from training staff in internal communication and coordination. Real-time interaction ensures personalized experiences and gathers opinions for future events, enhancing overall attendee satisfaction. Worldwide conferences and cultural events navigate cultural variations and communication hurdles with cloud-based software and on-premise solutions, ensuring low maintenance costs and efficient service delivery. Innovative features like gamification and AI-powered chatbots facilitate effective communication and social media engagement, fostering a relaxed atmosphere and common purpose among attendees. EMaaS providers excel in delivering comprehensive solutions that optimize event planning and management across global markets.
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 market 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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