Event Management Software Market To Hit Value $17.33 Billion By 2030 |Grand View Research, Inc.

Author : Mrudula Karmarkar | Published On : 27 Feb 2024

San Francisco, 27 February 2024: The Report Event Management Software Market Size, Share & Trends Analysis Report By Component (Software, Services), By Application (Corporate, Education), By Deployment (On-premise, Cloud), By Enterprise Size, And Segment Forecasts, 2023 - 2030

The global event management software market size is expected to reach USD 17.33 billion by 2030 and grow at a CAGR of 12.5% from 2023 to 2030, according to a recent report from Grand View Research, Inc. To improve event experiences, the market will be increasingly associated with emerging technology. It involves incorporating virtual reality (VR), augmented reality (AR), robotics, and mixed reality (MR) into event venues to create immersive and interactive environments. Integration with IoT devices and wearables provides improved event tracking, customized experiences, and seamless interaction.Event management software focuses on providing customized event experiences and boosting engagement among attendees.

Software solutions are designed to respond to individual attendee preferences via features, such as customized agendas, targeted communications, and AI-powered suggestions, delivering a more personalized and interactive event engagement. Such software automates the process of registering and ticketing operations. It offers online application forms, computerized ticketing, secured payment handling, and attendance database administration. It facilitates attendance registration, reduces paperwork, eliminates errors, and allows organizations to gather and handle attendee data more effectively. It also handles sensitive participant data, such as financial and personal information. However, data privacy and security concerns can be significant roadblocks for enterprises evaluating the adoption of this software.

To address these issues, software suppliers aim to prioritize robust safety precautions, data encryption, compliance with data privacy rules, and clear data management practices. The industry is projected to expand significantly during the forecasted period with a wide range of events happening worldwide. This growth strengthens the product demand to handle the complicated aspects of event organization, enrollment, administrative tasks, and logistics. For instance, in March 2023, Whova announced that its event registration system is now available in 39 countries, with newly added 16 countries in the list. This initiative is expected to help Whova in expanding its global reach and serve customers globally.

With the proliferation of technology, event management software has strong data-handling attributes. It enables event managers to gather and evaluate data on participant population demographics, opinions, and behavior. The data gathered can assist event organizers in making informed choices, enhancing future events, and customizing overall experience to the needs of participants. These factors are driving market growth. Event management has grown in importance globally as the range of worldwide conferences, exhibits, and cultural events has increased. Cultural variations, communication hurdles, and foreign logistics are all managed by event organizers. They play an important role in planning events that cater to varied audiences and ensure cross-border activities run effectively.

Request sample report of Event Management Software Market@ https://www.grandviewresearch.com/industry-analysis/event-management-software-market-report/request/rs1

Cloud-based software is often preferred owing to its higher reliability and adaptability than on-premise software, and cloud-based event management software is not an exception to this trend. Cloud-based event management software or event management software offered through the Software-as-a-Service (SaaS) delivery mode is known for its low maintenance costs and the ability to provide consistent service delivery. Cloud-based platforms offer virtual storage, backup-restore facilities, and virtual server facilities, which can potentially help end-user organizations in reducing the costs of hosting a dedicated IT infrastructure. These benefits are expected to drive the adoption of cloud-based event management software, thereby opening new opportunities for market players to introduce new, innovative event management software deployable on the cloud.

Event Management Software Market Report Highlights

• The services segment is anticipated to observe a CAGR of 13.3% during the forecast period. Event management software services assist firms in customizing and integrating software to meet their particular needs. The service vendors customize the software to fit the organization's identity, workflows, and event needs
• The cloud segment is anticipated to observe a CAGR of 13.7% during the forecast period. Cloud-based software combines smoothly with other business applications, such as customer relationship management, advertising automation, and accounting software. This interface improves data flow by eliminating the need for manually entering data and verification
• Small and medium-sized enterprises (SMEs) are anticipated to observe a CAGR of 13.0% during the forecast period. Rising awareness among SMEs about event management software, as well as its affordability, flexibility, and potential to improve attendee experiences, is driving segment growth. Software vendors are also progressively adapting solutions to the specific needs and budgets of SMEs, propelling the product adoption
• The corporate segment is anticipated to observe a CAGR of 14.7% during the forecast period.The need for effective customer service, efficient event planning, data-driven decision-making, and the capacity to automate complicated event operations drives the need for corporate event management software. As the market evolves, market players are developing & improving their services to meet corporate organizations' specific needs and problems
• Asia Pacific is expected to grow at the fastest CAGR of 14.5% from 2023 to 2030. The region has seen major developments in information technology and interconnectivity. High-speed internet connectivity, extensive smartphone penetration, and a robust digital environment are driving market growth in this region

Cloud service providers are responding to evolving situation by integrating new features into their respective cloud platforms to attract new customers and augment their revenues. For instance, in August 2022, cloud computing company VMware, Inc. launched VMware Aria, a multi-cloud management portfolio, to reduce multi-cloud complexity across any application and cloud environment. Several market players are focusing on migrating their event management software to a cloud platform to cater to growing demand for cloud-based software and augment their revenues. Market players are especially focusing on strengthening their cloud-based event management software portfolio.

Event planners and organizers are using gamification as a tool to engage attendees. Gamification of events allows organizers to enhance experience for attendees. Gamification works on tailoring benefits to attendees' sentiments to boost their confidence, create a relaxed atmosphere, generate a feeling of common purpose, and ensure easy & effective communication. Event organizers typically use innovative gamification methods, such as Question and Answer (Q&A) engagement, social media engagement, teamwork games, social programs, and networking games.

Event Management Software Market Report Scope

Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing many elements of event management. AI-powered chatbots and digital assistants can answer guest inquiries, offer event details, and provide customized suggestions. Automation technologies can help companies reduce time by automating email marketing, social media time management, and statistical entry tasks. Interactive event engagements are gradually being created using AR and VR technologies. AR can provide fun and interactive elements by adding digital content to physical event venue. Attendees can utilize VR to discover virtual settings while participating in virtual presentations, outings, or games.

These technologies provide events with a new dimension by allowing visitors to examine items, venues, or ideas in a more collaborative and realistic method. The initial costs of using event management software usually include licensing expenses, customization, and coaching. These costs can be expensive for small firms with limited resources. Furthermore, ongoing upkeep and subscription charges may put an additional burden on budget, particularly for ongoing activities or firms with an increased activity frequency. To facilitate online registration and ticket sales, event management software frequently interacts with payment gateways.

List of Key Players in Event Management Software Market

• Active Network LLC
• Arlo
• Stova
• Bitrix24
• Eventdex.com
• Hopin
• webMOBI
• Whova
• Certain, Inc.
• Cvent, Inc.