Event management software market is estimated to be valued at USD 14.27 Bn in 2024, exhibiting a CAGR of 12.1% over the forecast period from 2024-2031. There has been rapid growth in virtual and hybrid events along with rising demand for cloud-based offerings due to benefits such as increased scalability, cost-effectiveness, and accessibility from any location. Furthermore, event management software helps in streamlining event workflows, managing attendee registrations, optimizing resource allocation, and enabling collaboration between various teams.
Market Dynamics:
Global event management software market growth is driven by factors such as growing virtual and hybrid events and rising adoption of cloud-based solutions. Virtual and hybrid events have gained popularity as these allow for remote participation while reducing the costs, time, and carbon footprint of travel. Cloud-based event management software is widely adopted due to benefits such as accessibility from any location, increased scalability, automatic updates, and reduced IT maintenance costs. The software helps to maximize ROI for events by enabling better budgeting, attendance tracking, marketing campaign management, and post-event analysis. It streamlines workflows, resulting in higher productivity and staff
Market Drivers
Growing Demand for Automation of Event Planning and Management
Event management software allows event planners to automate many tasks involved in planning and managing events from initial budgeting and venue booking to registration, ticketing, schedule coordination and post-event analytics. This helps save significant time and effort. Growing events are can boost demand for software solutions that can simplify and streamline event planning, organization and management.
Need for Data-Driven Decision Making
Modern event management software features robust reporting and analytics capabilities. These provide event organizers an actionable insights into attendee demographics, purchase patterns, engagement levels and other key performance metrics. This data helps event planners to identify what's working and what needs improvement for future events. It allows fact-based decision making around venue selection, speaker lineup, sponsorship strategies, budget allocation, and others. The need for data-driven decision making prompts more event organizers to adopt event management software.
Market Restraints
High Upfront Costs
Most event management software packages come with hefty price tags, implementation costs and additional customization fees. This poses a barrier for small and mid-sized event organizers with limited budgets. While the cost can be justified by long term benefits, high upfront expenses still restrain wider adoption, especially for one-time or occasional events. Vendors offering cost-effective or freemium versionsv can help address this challenge.
Resistance to Change
Some event planners, especially those handling traditional in-person conferences and expos, are resistant to change tried-and-tested manual processes. Adopting new software involves learning curves, workflow adjustments and staff training. Integrating existing event data also requires time and effort. This inertia and reluctance to replace familiar tools with automated solutions can hamper the event management software market growth. Vendors will need to demonstrate clear and tangible benefits of these software to overcome such reluctance.
Market Opportunities
Hybrid and Virtual Events
The COVID-19 pandemic accelerated the shift to virtual and hybrid events. Event management software helps streamline the planning, registration, content delivery, networking and engagement for both in-person and online attendees. This opens up new opportunities for software vendors to support the growing virtual and hybrid event formats. Investments in features like livestreaming, breakout sessions, polling and networking can offer opportunity.
Event Apps and Participant Experience
Nowadays event participants expect seamless digital experiences via custom mobile apps before, during and after live events. Event management platforms that integrate robust mobile apps with features like schedules, maps, profiles, surveys, gamification, and others can enhance participant engagement and satisfaction. This represents a major opportunity for vendors to develop differentiated event apps and improve the overall participant experience with their solutions.
Link: https://www.coherentmarketinsights.com/market-insight/event-management-software-market-1391
Key Market Developments:
- In March 2024, Cvent a event management company, introduced new features for attendee engagement, enabling precise graphic cropping within Attendee Hub and eliminating the need for external image editing tools. The latest schedule format allows attendees to navigate complex agendas, especially for events with multiple concurrent sessions.
- In March 2024, Zoom a software company, and Swoogo launched an integration to enhance hybrid event engagement. This integration combines Zoom Event's virtual platform with Swoogo's in-person event management technology, enabling event organizers to reach a broader audience.
- In February 2024, Stova a event management solution provider, launched BadgeNext, an enhanced DIY badging solution aimed at streamlining attendee check-in and badging for event marketers. This flexible option caters to small- to medium-sized events, providing a seamless experience.
- In November 2023, RingCentral, a software company, announced the global availability of RingCentral Events, an all-in-one solution for virtual, onsite, and hybrid events. Formerly known as Hopin Events, this platform aims to create immersive and personalized event experiences.
- In May 2023, Eventbrite a event management company, introduced AI-powered tools to revolutionize event marketing, enabling automatic generation of compelling text for event pages, emails, and social media ads. These tools enhance creativity, save time, and streamline the copywriting process.
Key Market Players:
Key companies covered as a part of this study include Active Network LLC, Arlo, Aventri, Inc., Bitrix24, Bizzabo, Certain, Inc., Cvent, Inc., EMS Software, LLC., Event Espresso, EventBrite, Eventdex.com, EventGeek, EventMobi, Grenadine Technologies Inc., Hopin, Rainfocus, Regpacks, Stova, Ungerboeck, webMOBI, Whova, Zerista, Zoho Corporation Pvt. Ltd.
