Event Management Software Market worth $6.4 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 16, 2021 /PRNewswire/ -- According to a new market research report "Event Management Software Market by Component (Software (Event Registration and Ticketing, Content Management) and Services), Deployment Type, Organization Size, End User (Event Organizers and Planners, Government), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Event Management Software Market size is expected to grow from USD 3.6 billion in 2020 to USD 6.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.0% during the forecast period.
The rising demand for event automation, increased demand to capture actionable insights from events, and growing use of social media platform for event marketing are a few factors driving the growth of the event management solutions.
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The sudden shutdown of offices, schools, colleges, and physical retail stores has massively disrupted operations; this has led to an increase in the demand for digital workplace tools and services, such as Zoom, Slack, Blackboard, Lynda, Canvas, Google Classroom, AnyMeeting, and Moodle. AWS, Microsoft, and Google host and manage all applications in a public cloud environment. Increased spend on cloud services by select industries due to COVID-19. End usres, such as corporate, government, and education are expected to increase spending on virtual events.
The market is expected to be driven by the need of enhanced event management software
The event management software refers to a wide range of software products used in the management of trade exhibitions, conferences, and events. It helps enhance the quality of events and provides enhanced visibility for event organizers. Managing events require many hours of hard work of the existing resources; therefore, to streamline the planning, scheduling, and event marketing processes, various organizations are opting for the event management software, which helps them in facilitating reliable and outstanding services to the attendees and customers at a lower cost. The event management software segment is further divided into venue management software, event registration and ticketing software, event planning software, event marketing software, analytics and reporting software, visitor management software, content management software, onsite technology, and others (resource scheduling software and catering software).
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Increased scalability and flexibility is driving the adoption of cloud-based deployment
Cloud-based services are provided directly through the cloud-deployed network connectivity. These services help in reducing the overall costs while providing highly flexible and scalable access to event management solutions through the IT infrastructure, hosted by cloud service providers. Companies are deploying event management solutions in the cloud to improve their mobility and decentralize data storage and computing. Security is a critical issue, which restricts the adoption of cloud services. However, this issue is gradually eradicated by conducting rigorous security tests to the highest standards by third parties. Owing to various advantages, such as pay-per-use option, and reduced installation and maintenance costs, several enterprises are switching from the on-premises event management software to the Software-as-a-Service (SaaS)-based software.
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North America to dominate the global event management market in 2020
North America has always been technologically ahead in terms of the adoption of advanced technologies due to high awareness among enterprises regarding the benefits and presence of expertise among the workforce to develop innovative solutions across all technology segments. The Event Management Software Market is another technological segment where enterprises in North America have stayed ahead in the curve to enhance sales and marketing strategies. This growth can be attributed to organizations' shift from on-premises to cloud-based solutions and services, along with the adoption of digital business strategies. The trend is expected to continue during the forecast period. North America is an advanced market due to the presence of many players offering event management software solutions. Moreover, its strong financial position enables it to invest heavily in the adoption of the latest and leading tools and technologies for ensuring effective business operations. Such advantages help organizations in this region gain a competitive edge. North America has the first-mover advantage in the adoption of new technologies, such as Smartphone's and cloud platforms. The region has the headquarters of many large enterprises and hosts various international events. Enterprises are willingly investing in North America. The factors expected to drive the growth of the Event Management Software Market in North America are the stable economy, technological enhancements, and advanced infrastructure.
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