Event Management Software Market is Expected to Register a CAGR of Over 10.65% During the Forecast Period 2019 – 2024
This report helps to analyze competitive developments such as Joint Ventures, Strategic Alliances, Mergers and Acquisitions, New Product Developments, And Research and Developments in the “Global Event Management Software Market”.
What does this “Event Management Software Market“ report offers:
– The market estimate (ME) sheet in Excel format
– Report customization as per the client’s requirements
– 3 months of analyst support
The Event Management Software Market is expected to register a CAGR of over 10.65% during the forecast period 2019 – 2024. Owing to this snowballing growth, the management of these events may no longer be ad hoc. Thus, a standard in managing events, right from the budgeting to real-time customization of the user’s experience, has played a vital role in the adoption of event management software.
The introduction of mobile applications for event management keeps planners, speakers, and attendees up to date on everything, from the agenda and the location of specific sessions and meetings, to last minute changes and schedules. These applications allow attendees to access a list of sessions with speaker bios, matchmaking opportunities, live polls, and other information.
Companies have also employed geolocation and RFID data to make it possible for event organizers to alert attendees about relevant booths, sessions, or meals, as they make their way around the venue. Event planners use monetization features, such as banner advertisements, sponsored push notifications, and premium listings to increase revenues and boost their brands.
Further, organizers also use mobile apps and other platforms to collect data during the event through QR codes and iBeacons. This data is often used to personalize the event experience. All these factors encourage customers to employ these mobile applications, and consequently, give the organizers data that may be leveraged to maximize profits, and enhance the customer’s overall event experience.
While developing economies, such as India, Brazil, and Malaysia, have strong growths in the number of events, due to the lack of awareness of event management software, there has been comparatively less adoption of these solutions in the mentioned regions.
Further, the software demands skilled professionals, as it requires the development of sophisticated software for mobile applications, reporting and streamlining of operations that are involved in tracking, as well as analyzing the correct parameters required. Additionally, the software requires a high amount of customization, given the differentiation in the type of events, due to which, there are complexities involved in the developing of the software itself. Further, this need for customization increases the overall cost of the solution. All these factors are expected to hinder the growth of the market during the forecast period.
Scope of the Report
The event management software is a platform that coordinates all tasks and activities, for events as small as a marathon to as large as the Olympics. These tasks include, sales and marketing, logistics, accounting, and travel management.
Key Market Trends
Media and Entertainment Segment Expected to Register a Significant Growth
Event management software proves to be highly beneficial for third-party planners when compared to in-house planners, as the third-party planners plan more than a single concert or show that occur at any time of the year. It is estimated that some of the most popular festivals and events, such as Classic East, Sao Paulo Trip, and Outside Land Music and Art Festival, gross more than USD 16 million per event.
Such colossal involvement of revenue makes media and entertainment events one of the most complicated events to plan, compared to events hosted by several other sectors, such as the educational and industrial. Furthermore, downtime in any event organizing process has a terrible effect on the reputation of the events. In many cases, many media and entertainment events are hosted for charity purposes, and hence, any deviations in the planning process or the software may put a dent in the reputation of the organizers.
The very facts that the average ticket price for a music tour concert was around USD 85 million as of 2017 and that more than 20 million people attend such concerts indicate the complexity of these events. Hence, most of the planners in the sector prefer to be accurate by using some event management software, giving a vast scope for increased adoption of this software over the forecast period.
North America Region to Hold Significant Share
North America is expected to occupy around half of the global market share during the forecast period, owing to the increased adoption of this software for athletics events in educational institutions, film festivals, marathons, and various other private events. The presence of many established players, coupled with the presence of small and new entrants in the region, is one of the significant factors augmenting the market growth.
The increasing demand for enhanced and efficient management of events in the region has led to partnerships between companies in the market and event organizers. For instance, Events.com’s proprietary technology platform provided an event management software, which delivered registration services, ticket cancellation insurance, sponsorship sales, and management technology, for the 2018 Rite Aid Cleveland Marathon. Moreover, the increasing frequency of cultural and sports events, such as the New York Marathon, which is the largest in the world, may aid the market growth.
In 2017, the event management software startup, Gather, received a strategic investment to help restaurants and venues manage and grow their private events businesses. The investment of USD 55 million by Vista Equity Partners in Gather depicts the importance of these event management companies. Moreover, as the market is witnessing the entry of new players, such investments in the near future are expected to boost the event management software market.
The event management software market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability. The companies operating in the market are also acquiring start-ups working on smart office technologies to strengthen their product capabilities.
In Dec 2017 Certain acquired Gather Digital, a mobile event application suite for enterprises, associations, and educational institutions. With this acquisition, Certain strengthened its mobile-development and data-integration capabilities, taking advantage of the experience that Gather Digital’s extended team has, in terms of determining the event attendee’s true sentiments.
Major Point of TOC:
Chapter One: INTRODUCTION
Chapter Two: RESEARCH METHODOLOGY
Chapter Three: EXECUTIVE SUMMARY
Chapter Four: MARKET INSIGHTS
Chapter Five: MARKET DYNAMICS
Chapter Six: MARKET SEGMENTATION
Chapter Seven: COMPETITIVE LANDSCAPE
Chapter Eight: INVESTMENT ANALYSIS
Chapter Nine: MARKET OPPORTUNITIES AND FUTURE TRENDS
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