Event Management Software Market size is set to grow by USD 2425.09 million from 2023-2027, rising requirements for low total cost of ownership (tco) to boost the market growth, Technavio

NEW YORK, May 12, 2024 /PRNewswire/ -- The global event management software market  size is estimated to grow by USD 2425.09 million from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 7.76%  during the forecast period. 

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Market Driver

The event management software market is witnessing significant innovation through the integration of AI-enabled chatbots. These chatbots offer personalized communication with attendees, providing real-time data analysis, and delivering customized notifications.
Key sectors like music festivals, film festivals, athletic events, and private functions, are leveraging this technology for end-to-end functionality. Brands and event organizers benefit from chatbots' cost-effectiveness, data-driven insights, and strategic partnerships with updated technologies like Tripleseat. In developing regions with less developed digital infrastructure, chatbots offer a semi-consolidated solution for primary ticketing, event schedule management, and social media engagement. Chatbots' gamification and data management capabilities further enhance attendee experience and event execution workflows. General Atlantic and Billboard are among the investors recognizing the potential of this market. 

Market Challenges

• Event management software and technologies are essential for hosting various events, including conferences, exhibits, cultural events, and sports or gaming entertainment. However, the high initial investment in cloud-based software, on-premise solutions, or SaaS platforms necessitates careful analysis.
• Companies must consider event size, future goals, and software compatibility with existing applications. Event management involves numerous challenges, such as communication hurdles, foreign logistics, and sustainability concerns. Innovations like AI, ML, chatbots, digital assistants, automation technologies, AR, VR, payment gateways, and real-time data help overcome these challenges. The market caters to multiple event types, including small-scale and large-scale planning, professional and freelance organizers, and in-house and third-party planners. Marketing firms and collaborations further drive the demand for new solutions, such as hybrid events and attractive destinations.

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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-  The worldwide market for Event Management Software is experiencing significant growth, driven by the increasing demand for efficient solutions to manage conferences, exhibits, cultural events, and various other types of gatherings. This expansion is influenced by cultural variations and communication hurdles, which can pose challenges in organizing foreign logistics. Cloud-based software has emerged as a popular solution, offering infinite data storage capacity and enabling Software-as-a-Service (SaaS) pricing models through cloud-based platforms provided by cloud service providers. Advancements in Artificial Intelligence (AI), Machine Learning (ML), Chatbots, and Digital Assistants are revolutionizing event management, providing automation technologies for real-time data processing and analysis. Augmented Reality (AR) and Virtual Reality (VR) are also transforming the industry, offering immersive experiences for sports, gaming, entertainment events, and more. Payment gateways ensure seamless transactions, while sustainability initiatives cater to the growing concerns for eco-friendly practices. Online dashboards provide a centralized location for managing multiple events, catering to both large-scale planners and small-scale organizers, as well as professional organizers, freelance organizers, third-party planners, and in-house planners. The market is further fueled by the demand for innovations in hosting events, theme-based meetings, attractive destinations, social events, awareness gatherings, fundraising events, and new solutions for marketing firms and collaborations. The hybrid event model is gaining popularity, offering a blend of in-person and virtual experiences.

For more information on market segmentation with geographical analysis including forecast (2023-2027) and historic data (2017-2021) - Download a Sample Report

Research Analysis

The Event Management Software Market is experiencing significant growth due to the increasing trend towards virtual events and the need for real-time data analysis. This software enables data management and handling attributes essential for both large-scale and small-scale planners. It caters to various sectors, including SMEs, cultural events, sports, gaming, entertainment, and worldwide conferences. The software's capabilities extend beyond event organization, offering features like social media integration, gamification, and brand marketing. With the widespread use of technology and increasing internet penetration, professional organizers and freelance organizers alike are leveraging this digital infrastructure to streamline their operations and gain valuable insights into attendee behavior. Opinions regarding the effectiveness of event management software are overwhelmingly positive, with users praising its ability to facilitate real-time data analysis and improve overall event planning and execution. In conclusion, the event management software market is a vital component of the events industry, providing essential tools for organizers to deliver successful and engaging events.

The Event Management Software market is a significant segment in the technology industry, offering solutions to manage and organize various types of events. These software solutions enable users to plan, execute, and analyze events effectively. Key features include event registration, ticketing, logistics management, marketing and promotion, and analytics. Marketers and organizers utilize these tools to streamline processes, enhance attendee experience, and maximize revenue. The market is driven by the growing number of events, increasing demand for automation, and the need for data-driven decision-making. Companies offering Event Management Software must focus on providing user-friendly interfaces, seamless integration with other tools, and robust security to remain competitive. The market is expected to grow steadily due to the continuous evolution of technology and the increasing importance of events in various sectors.

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

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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