Event Management Software Market to Grow by USD 2.78 Billion (2024-2028) Driven by Low TCO Needs, AI Powered Insights - Technavio Report

NEW YORK, Sept. 17, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global event management software market size is estimated to grow by USD 2.78 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 8.21% during the forecast period. Rising requirements for low total cost of ownership (TCO) is driving market growth, with a trend towards emergence of chatbots. However, uncertainty regarding return on investment poses a challenge. Key market players include 5Touch Solution Inc., Arlo Software Ltd., Aventri Inc., Bizzabo, CadmiumCD LLC, Certain Inc., Cvent Holding Corp., 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..

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              Event Management Software Market Scope



     Report Coverage                                   
     Details



     Base year                                                                                                                                                                                                                           2023



     Historic period                                   
     2018 - 2022



     Forecast period                                   
     2024-2028



     Growth momentum & CAGR                                                                                                                                                                                     Accelerate at a CAGR of 8.21%



     Market growth 2024-2028                           
     USD 2777.6 million



     Market structure                                  
     Fragmented



     YoY growth 2022-2023 (%)                                                                                                                                                                                                           7.59



     Regional analysis                                 
     North America, Europe, APAC, Middle East and Africa, and South America



     Performing market contribution                                                                                                                                                                                      North America at 44%



     Key countries                                     
     US, China, UK, Germany, and Canada



     Key companies profiled                              5Touch Solution Inc., Arlo Software Ltd., Aventri Inc., Bizzabo, CadmiumCD LLC, Certain Inc., Cvent Holding Corp., 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 Driver

Chatbots, powered by artificial intelligence, serve as valuable assistants for event organizers. They engage attendees through instant messaging services, answering frequently asked questions, collecting feedback, and delivering customized notifications. These communication-based AIs offer mass personalization, saving time and money, and are easily accessible without the need for app downloads. In event management, chatbots enhance attendee experience and provide smarter capabilities for organizers, contributing to market growth.

The Event Management Software Market is experiencing significant growth, particularly in areas of event marketing. A recent survey revealed that actionable insights from data are essential for event success. However, the higher price tag of advanced software may limit adoption in less developed regions. Containment measures for athletic events, such as marathons and film festivals, are driving the need for more event management platforms. Strategic partnerships with companies like Tripleseat and updated technologies are key trends. SMEs in developing regions are adopting semi-consolidated solutions for primary ticketing and event schedule management. Virtual events and data management are also gaining traction, with real-time data analysis, social media integration, and gamification becoming important features. General Atlantic's investment in event management software indicates the market's potential. Event managers seek end-to-end functionality, event execution workflows, and data-handling attributes to meet attendee demands. Opinions and attendee behavior continue to shape the market, with brand marketing and technology playing crucial roles. Digital infrastructure and internet penetration are essential for successful implementation.

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Market Challenges

    --  Event management software and technologies play a crucial role in
        helping companies organize events related to their offerings and attract
        customers. However, the high initial investment required for these
        solutions makes it essential for businesses to evaluate the size of the
        event and align it with their future goals before implementation. For
        global adoption, compatibility with existing software applications is
        also a significant consideration. Companies view events as a cost
        center, and the return on investment is uncertain and difficult to
        quantify. Low engagement and participant energy levels at corporate
        events further add to the challenge. Consequently, these uncertainties
        are expected to limit the growth of the global event management software
        market during the forecast period.
    --  The Event Management Software market faces numerous challenges in
        catering to diverse needs of worldwide conferences, exhibits, cultural
        events, and sports, gaming, entertainment events. Cultural variations
        and communication hurdles pose significant obstacles, especially when
        dealing with foreign logistics. Cloud-based software and On-premise
        solutions, including Software-as-a-Service (SaaS) and Cloud-based
        platforms from cloud service providers, offer flexibility. Artificial
        Intelligence (AI) and Machine Learning (ML) enable personalized
        experiences, while chatbots and digital assistants streamline
        communication. Automation technologies, Augmented Reality (AR), and
        Virtual Reality (VR) enhance attendee engagement. Payment gateways
        ensure seamless transactions, and sustainability is a growing concern.
        Real-time data is essential for large-scale planners, while small-scale
        planners and freelance organizers benefit from application-based
        solutions. Hybrid events, marketing firms, collaborations, and new
        solutions are in demand. In-house planners and third-party planners
        require flexible software to manage multiple events. The market
        continues to evolve, driven by the need for innovations and hosting
        events at attractive destinations for social events, awareness
        gatherings, fundraising events, and theme-based meetings.

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Segment Overview

This event management software market report extensively covers market segmentation by

    1. Deployment
        --  1.1 Cloud-based
        --  1.2 On-premise
    2. Component
        --  2.1 Software
        --  2.2 Services
    3. Geography
        --  3.1 North America
        --  3.2 Europe
        --  3.3 APAC
        --  3.4 Middle East and Africa
        --  3.5 South America

1.1 Cloud-based- Event management requires effective time management for success. Cloud-based event management software addresses the issue of limited data storage capacity with infinite size. Vendors can offer a SaaS pricing model, reducing operational and investment risks. The shift to cloud-based deployment models provides cost-effective solutions. The extensive use of the Internet drives the adoption of these solutions, leading to the growth of the global cloud-based event management software market.

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Research Analysis

The Event Management Software (EMS) market is experiencing significant growth due to the increasing popularity of virtual events in the wake of the global pandemic. EMS enables real-time data analysis, data management, and social media integration, providing valuable insights for event organizers. Gamification features add an engaging element, making EMS popular among Small and Medium Enterprises (SMEs) and large-scale planners alike. Digital infrastructure and internet penetration have made EMS accessible to professional organizers and freelance planners worldwide. EMS caters to various types of events, including worldwide conferences, exhibits, cultural events, sports, gaming, and entertainment events. Real-time data handling attributes are crucial for event managers to make informed decisions based on attendee behavior and opinions. Technology continues to evolve, with EMS offering advanced features like virtual booths, networking opportunities, and interactive sessions. Brand marketing benefits from EMS through targeted promotions and lead generation. Opinions suggest that EMS will continue to revolutionize event planning and management, making it more efficient, cost-effective, and engaging for attendees.

Market Research Overview

The Event Management Software Market is experiencing significant growth due to the increasing popularity of virtual events and the need for efficient data management. Real-time data analysis, social media integration, gamification, and digital infrastructure are key features that SMEs and large-scale planners alike look for in event software. Technology plays a crucial role, with cloud-based software, On-premise software, and Software-as-a-Service (SaaS) being popular choices. Artificial Intelligence (AI) and Machine Learning (ML) are also being integrated into event management software to provide chatbots, digital assistants, and automation technologies. Virtual Reality (VR) and Augmented Reality (AR) are transforming the way events are experienced, while payment gateways ensure seamless transactions. Sustainability is a growing concern, and online dashboards provide event managers with actionable insights. Sports, gaming, entertainment events, and cultural events all benefit from event management software, with demand for new solutions driving innovation. Hybrid events, collaborations with marketing firms, and strategic partnerships are also shaping the market. The market is not without challenges, however, with communication hurdles, foreign logistics, and containment measures being key concerns for event organizers. Despite these challenges, the market is expected to continue growing, driven by the need for innovative solutions and the increasing popularity of virtual events.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

    --  Deployment
        --  Cloud-based
        --  On-premise
    --  Component
        --  Software
        --  Services
    --  Geography
        --  North America
        --  Europe
        --  APAC
        --  Middle East And Africa
        --  South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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