Event Management Software Market size is set to grow by USD 2.77 billion from 2024-2028, Rising requirements for low total cost of ownership (TCO) to boost the market growth, Technavio

NEW YORK, July 15, 2024 /PRNewswire/ -- The global event management software market  size is estimated to grow by USD 2.77 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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Key Market Trends Fueling Growth

Event management organizations are increasingly leveraging AI-enabled chatbots to enhance attendee experience and streamline operations. These chatbots function as personal assistants, answering frequently asked questions, collecting feedback, and delivering customized notifications. They can inform attendees of schedule changes, speaker cancellations, and room switches in real-time. Chatbots offer a cost-effective, data-driven, and personalized communication solution, accessible through instant messaging services. Their popularity in events and conference environments is growing due to their app-like functions without the need for downloads. Organizers benefit from mass personalization and time and cost savings, making chatbots a valuable innovation in the event management industry. This trend is anticipated to fuel market growth during the forecast period. 

The Event Management Software market is seeing significant trends emerge in 2023. Event marketing surveys reveal a growing demand for actionable insights to enhance attendee experience. Higher price tags are attached to software with updated technologies and end-to-end functionality. Developing and less developed regions are investing in event management platforms for strategic partnerships. Containment measures have led to a surge in virtual events for athletics, marathons, film festivals, and private events. Mobile devices dominate event marketing, requiring software with real-time data analysis, social media integration, and gamification. SMEs prioritize digital infrastructure and internet penetration for effective data management. Tripleseat, General Atlantic, Billboard, and primary ticketing companies lead the market. Event managers seek software with event execution workflows, brand marketing, and data-handling attributes. Opinions and attendee behavior continue to shape the market, with technology remaining a key driver. 

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Market Challenges

•         Event management software and technologies are essential tools for companies hosting events related to their products or services. However, the high initial investment required for these solutions makes budgeting a crucial consideration. Before implementation, companies assess the event's size and future goals to ensure a good fit with their workforce. For global adoption, compatibility with existing software applications is vital. Events are often viewed as cost centers, and calculating the return on investment is challenging. Low engagement and participant energy at corporate events can also hinder growth. Consequently, uncertainty regarding ROI may restrict the expansion of the global event management software market during the forecast period.

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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 capacity issues with infinite data storage. Vendors offer SaaS pricing models, reducing operational and investment risks. The shift to cloud- deployment models provides cost-effective solutions. The extensive use of the Internet drives this trend, leading to market growth for cloud-based event management software. This growth is expected to continue during the forecast period.

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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 solutions offer advanced data management capabilities, enabling real-time data analysis and social media integration for better audience engagement. Gamification features add an interactive element, making events more engaging for Small and Medium Enterprises (SMEs) and large-scale planners alike. The digital infrastructure required for virtual events relies heavily on technology and internet penetration, making EMS essential for event organizers and managers. Opinions vary on the importance of data-handling attributes in EMS, with some emphasizing the need for robust security measures, while others prioritize ease of use and customization. Brand marketing opportunities abound with EMS, allowing for targeted messaging and personalized experiences. Real-time data analysis provides valuable insights into attendee behavior, enabling event planners to adapt and optimize their strategies on the fly. From worldwide conferences and exhibits to cultural events, sports, gaming, and entertainment, EMS caters to the diverse needs of professional organizers and freelance planners alike.

The Event Management Software Market is experiencing significant growth due to the increasing popularity of virtual events and the need for advanced data management solutions. Real-time data analysis, social media integration, gamification, and digital infrastructure are key features driving demand. Small and Medium Enterprises (SMEs) and large-scale planners alike are adopting cloud-based software, Software-as-a-Service (SaaS), and cloud-based platforms for managing events, exhibits, sports, gaming, entertainment, and cultural events. Technology trends such as Artificial Intelligence (AI), Machine Learning (ML), chatbots, digital assistants, automation technologies, Augmented Reality (AR), and Virtual Reality (VR) are transforming the industry. Payment gateways and sustainability are becoming essential data-handling attributes. Event managers and organizers of worldwide conferences, social events, awareness gatherings, fundraising events, and hybrid events are leveraging these solutions for actionable insights and higher price tags. The market is witnessing new solutions for sports, gaming, and entertainment events, as well as collaborations between marketing firms and event organizers. The demand for innovations in hosting events, theme-based meetings, and attractive destinations is on the rise. Mobile devices and online dashboards provide convenience for event attendees. Containment measures and the shift towards virtual events are shaping the market landscape in developing and less developed regions. Strategic partnerships and updated technologies are crucial for success in this competitive market. Tripleseet, with its end-to-end functionality and event execution workflows, is a notable player in this space. General Atlantic's investment in the market underscores its potential for growth.

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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SOURCE Technavio