Event Management Software Market worth $34.7 billion by 2029, growing at a CAGR of 17.4%: Report by MarketsandMarkets™
/EIN News/ -- Chicago, May 08, 2024 (GLOBE NEWSWIRE) -- The global Event Management Software Market size is projected grow from $15.5 billion in 2024 to $34.7 billion by 2029 at a compound annual growth rate (CAGR) of 17.4% during the forecast period 2024 to 2029, according to a new report by MarketsandMarkets™.
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Recently, event management software has included increased integration with other technology platforms, such as customer relationship management (CRM) systems, marketing automation tools, and virtual event platforms. This integration allows for seamless data sharing and automation across different stages of event planning and execution, enhancing efficiency and effectiveness. Moreover, the shift towards virtual and hybrid events due to the COVID-19 pandemic drives a growing demand for hybrid event capabilities. Event management software providers are adapting by offering features supporting in-person and virtual components, such as virtual attendee engagement tools, live streaming capabilities, and virtual networking functionalities.
Event Management Software Market Dynamics:
Drivers:
- Rising demand to manage data and automate event management tasks
- Compelling need to save time and money with real-time data analysis
- Growth in use of social media for event marketing
- Enhanced accuracy in collecting customer information
Opportunities:
- Rising demand for communication platforms across enterprises
- Gamification of events to engage larger audience
- Surge in dependence on BYOD and CYOD solutions
Restraints:
- High initial cost associated with event management software
- Network inconsistency and lack of communication infrastructure
- Difficulty in integrating event management software with business systems
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List of key players in Event Management Software Market:
- Cvent (US)
- Stova (US)
- Eventbrite (US)
- Zoom (US)
- RingCentral (US)
- Zoho Corporation (India)
- Momentus Technologies (US)
- Active Network (US)
- RainFocus (US)
- 6Connex (US)
Looking to the future, AI and machine learning ML are expected to play a significant role in event management software. These technologies can help automate repetitive tasks, personalize attendee experiences, and provide valuable insights through data analysis. AI-powered chatbots, for instance, can assist attendees with inquiries and provide real-time support during events. At the same time, ML algorithms can analyze attendee behavior and preferences to optimize event planning and marketing strategies. Additionally, there is a growing emphasis on sustainability and eco-friendliness in the events industry, leading to the development of event management software features that support green initiatives, such as digital ticketing, waste reduction tools, and carbon footprint tracking capabilities. As the events landscape continues, event management software will evolve in tandem to meet the changing needs and expectations of event organizers and attendees alike.
The offering segment of the Event Management Software Market is segmented into software and services. The Event Management Software Market depends on software to cater to comprehensive solutions that help simplify planning, organizing, managing, and analyzing events. Event registration, ticketing, agenda management, attendee engagement, marketing automation, analytics, and reporting are some of the many functions offered by such platforms. They provide a one-stop shop for all aspects of an event that an organizer can manage more efficiently, saving them time and resources.
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Event management software also helps create personalized experiences for attendees, whether live or virtual. Using features such as live streaming, interactive Q&A sessions, networking opportunities, and customized agendas, attendees can participate in the events more easily. Besides this, event organizers can gauge their performance through real-time data analytics using these apps, enabling them to make informed decisions and better future events. In summary, software plays a significant role in ensuring that activities, from design through advertising to execution and after implementation analysis, are optimized, allowing enterprises to maximize returns from their investments in today's digital age.
The Event Management Software Market is segmented by region into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific comprises China, Japan, Australia & New Zealand, and the Rest of Asia Pacific. In the Asia Pacific region, event management software is multifaceted, catering to diverse end users ranging from event organizers and planners to corporate entities, government agencies, educational institutions, and other stakeholders.
Corporate entities in the Asia Pacific leverage event management software to orchestrate internal meetings, training sessions, product launches, and customer engagement events. These solutions offer features such as RSVP management, agenda customization, and post-event analytics, enabling businesses to foster stronger relationships with stakeholders and achieve their strategic objectives. Similarly, government agencies utilize event management software to organize public gatherings, official conferences, and community events, streamlining logistics and improving communication with citizens. Educational institutions employ event management software to coordinate academic conferences, seminars, student orientations, and extracurricular activities, enhancing student engagement and campus experiences. Other end users, including non-profit organizations and associations, harness these software solutions to facilitate fundraising events, networking sessions, and advocacy campaigns, driving positive social impact across Asia.
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