The global event management software market is projected to have a rapid-paced CAGR of 14.3% during the forecast period. The current valuation of the market is USD 8,736.6 million in 2023.
The market value of the event management software market is anticipated to reach a high of USD 33,347.9 million by the year 2033. A historical CAGR of 12.1% has been recorded by the experts of Future Market Insights for the concerned market.
| Report Attribute | Details |
|---|---|
| Event Management Software Market Value (2023) | USD 8,736.6 million |
| Event Management Software Market Anticipated Value (2033) | USD 33,347.9 million |
| Event Management Software Projected Growth Rate (2023 to 2033) | 14.3% |
A growing need for virtual event management software solutions has been anticipated over the past few years due to the substantial increase in the number of gaming, entertainment, and sports events. It is being highly adopted for streamlining the management of these occurrences.
While analysing the global enterprise event management software market, the experts of Future Market Insights have revealed that the propelling demand for event management software can be attributed to the rising usage of mobile applications, social tools, and real-time analytics of the aforementioned events taking place across the world.
Moreover, well-planned arrangement of occasion enlistment, setting of sourcing, good participant board, a regular meeting of the board, advertising of occasion, and good administration of these events are necessary.
This requires days and months of critical administrative work and the event management software deploys ease at fingertips, by discarding the manual labour, simplifying the operations of the event management, and improving the overall professional experience.
Therefore, it is anticipated that evolving lifestyle in tandem with innovative technologies is likely to fuel the substantial growth of event management software during the forecast period.
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The global event management software market registered a CAGR of 12.1% during the period 2018 to 2022. It is anticipated that the rising demand for this software is gaining momentum and is rapidly advancing with a faster CAGR of 14.3% during the forecast period due to capturing actionable business insights from events and the rising adoption of AI technology.
These analytics are assisting organizers in continuing to increase their return on investment and total strategy efficiency. The cloud platform is enabling event managers to view operational trends and manage multiple events simultaneously, thereby, rising the market share of event management software in the estimated period.
Online event management software is enabling automation among event management companies to simplify event functionalities. An increasing focus on gaining actionable insights from the events is anticipated to drive market growth for the tools.
Manufacturers in the management software industry are deploying advanced analytics, which is a broad framework of analytical technologies and methodologies designed to assist in discovering trends and patterns, solving problems, accurately forecasting the future, and driving change through the use of data-driven and fact-based information.
Gamification is being used by the organizers to increase attendee engagement. Gamification allows organizers to enhance the experience of the attendees and achieve goals while also creating a fun-filled memorable experience for all attendees.
Let’s take a look at the dominating segments by category within the event management software market:
| Segment | Description |
|---|---|
| Small and Medium-Sized Enterprises - By Organization Size | This segment is expected to have the highest growth rate of 16% during the period 2023 to 2033. These organizations usually have less than 1000 employees and the current competitive scenario, coupled with brand marketing have encouraged the SMEs to invest in event management software and services to reach out to more prospects and participants and effectively host events for their business growth. |
| Entertainment and Corporate Event Planners - By End-User | Event planners are managing multiple events at the same time, various organizations are adopting software solutions to provide efficient and reliable services to their customers at minimized costs. This segment accounted for 34.0% of the market share in the base year. This service segment is expected to grow at a considerable rate, mainly owing to the maintenance of the life-cycle of events such as venue management, registration & ticketing, lead management, analytics, reporting, collection of payments, and more. |
| On-Premise Solutions - By Deployment Type | Deployment of event management solutions on the on-premise infrastructure is allowing event planners to store data on the premises of the firms. This segment is projected to advance at a growth rate of 9.6% during the forecast period. On-premise deployment is anticipated to reduce costs associated with servicing, and organizations tend to depreciate their hardware and software expenses with on-premise deployment. |
North America is projected to hold the largest share of approximately 45.0% in the global event management software market and is also anticipated to exert dominance during the forecast period.
The expansion in the North American market is owing to:
According to Billboard, the USA alone hosts over 800 music festivals annually, attracting over 32 million attendees to these events. It is important to keep track of various aspects of events as big as music festivals, which has made event management software an indispensable tool for event organizers across the country.
The European regions are anticipated to have steady growth in the event management software market over the forecast period. The growth factors responsible are identified below:
The experts of FMI have revealed that Germany is having a rising trend of online meetings that are elevating the adoption of event management software in this country.
Germany is the international hub for large trade shows and business meetings. Berlin was ranked first in ICCA’s Top 20 city rankings for the number of meetings organized. During the majority of events held in Germany, venues provide Internet connectivity such as free wireless local area network (WLAN), thus enabling easy and rapid access to events online and thus enabling online meetings.
Cvent Europe, Inc. hosts online meetings for companies in Germany. Thus, this software has potential growth opportunities in the region.
The Asia Pacific region is undergoing continuous economic development and is likely to advance at a CAGR of 15.4%. Japan is identified to hold significant shares during the forecast period in this region. The factors that are responsible for the expanding market of this region can be attributed to:
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Attempts of Start-Ups Stirring the Market
Start-up companies in the event management software market are digging for new ways of curating effective solutions to provide cost-effective management solutions to end users in different industries. There is continuous integration of attempts towards innovating the tools and further increasing the adoption of this software.
Top Three Start-Ups to Watch for in the Market
| New Entrants | Hopin, United Kingdom |
|---|---|
| Founding Year & Funding | 2019, USD 1.12 Billion |
| Description | This platform offers to organize and host solutions for virtual and hybrid events. Features include event virtual venue, event hosting, event ticket sales management, attendee engagement, event data analysis, event expo booths, one on one meetings, and hybrid events management. It enables clients to host conferences, summits, forums, workshops, webinars, etc. |
| New Entrants | Air meet, United States |
|---|---|
| Founding Year & Funding | 2019, USD 50 Million |
| Description | Airmeet is a cloud-based virtual event management software provider. It provides a solution to manage and host online events and meetings for communities. Features include interaction management, event hosting, real communications, and branded virtual tables. Clients include Accel, FIU, HT Media Group, and Microsoft for Start-ups. |
| New Entrants | Bevy, United States |
|---|---|
| Founding Year & Funding | 2017, USD 61 Million |
| Description | Bevy.com is a virtual and in-person community events software platform. It provides tools to plan, promote, and execute virtual and in-person events and can be used to manage and host thousands of different types of community events. The inbuilt analytics, integrations, and data security platform allows community and field marketing teams to build, grow, and scale local communities. |
How are Key Market Players Revolutionizing the Existing Trends?
The event management software market is anticipated to be highly competitive. Market players are pursuing several strategic initiatives, including joint ventures, new product launches, and striking contracts and agreements to strengthen their position in the event management software market.
Recent Developments
The event management software market size is valued at USD 8,736.6 million in 2023.
The event management software market is anticipated to exhibit a 14.3% CAGR through 2033.
The event management software market is estimated to reach USD 33,347.9 million by 2033.
The on-premise solutions segment is likely to remain preferred through 2033, exhibiting a CAGR of 9.6%.
North America is set to command the global event management software market with an estimated 45.0% in 2023.
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