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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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

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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