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The event management software market size stood at USD 6.63 billion in 2018 and is expected to reach USD 16.11 billion by 2026, exhibiting a CAGR of 11.8% during the forecast period.
The market is anticipated to flourish over the forecast period, mainly owing to the rising demand for automation among event management companies to simplify event functionalities. Additionally, an increasing focus on gaining actionable insights from the events is driving the growth of the market. Event management software facilitates numerous functions such as venue management, ticketing and registration management, event analytics, and lead management, which help event planners to plan and manage events successfully. As it provides different functions in a single platform with reduced costs, event planners need not have to implement various software solutions.
Moreover, geographically, North America showed tremendous growth in adopting this software, mainly attributable to the availability of the latest tools & technologies for ensuring successful event planning. Subsequently, key vendors in the region are continuously investing in research and development to retain their position in the market, which has further fueled growth. For example, in August 2018, Eventbrite acquired Picatic, a provider of ticketing and event registration platform, to strengthen its market position in Canada. Furthermore, the increasing adoption of cloud-based event management software is expected to drive the global event management software market growth over the forecast period.
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High Demand for Centralized Management and Control of Event Promotions, and Financial Transactions
Key players in the market are adopting cloud technology, as it enables the end-users to store massive data and files in a remote location and access it from any internet-enabled areas. Thus, cloud-based software solutions make it easy for event planners to interact with employees, suppliers, and clients. Cloud-based solutions help event planners to create and manage location lists, represent pictorial images or charts for better management, and even help in reaching potential custom events. A cloud-based event management software has the ability to manage event teams at any time from any venue, as well as support and manage booking requests in a streamlined way. Similarly, event promotions, bookings, cancellations, and financial transactions can also be carried out with the help of this software. Cloud-based software helps event planners to prioritize and resolve event tasks in a single platform. Aside from giving all the points of interest relating to cloud, this software simplifies all the everyday tasks associated with event planning. Cloud-based solution will turn most of the tedious and labor-intensive tasks into a smooth and automatic process.
Increasing Demand to Gain Actionable Insights from Events to Fuel Growth
With the continuously flourishing event industry, event planning companies are focusing on gaining actionable data from the past events and make decisions to drive the organizational growth. Event data is precious for event planners to track attendance, social media engagement, and measure the event’s success. Event management software can be integrated with various business systems, such as customer relationship management (CRM), collaboration tools, marketing, and sales software to leverage the existing customer database and generate new conversion rates and sales leads. Event organizers are emphasizing on using event management solutions integrated with big data technology to organize attendee-centric events and deliver an enhanced event experience. Location data and geographical information from the customer’s devices such as smartphones or tablets allow event players to link their digital marketing strategies with prospective participants, thus allowing them to connect with their targeted audience. For instance, this software helps corporate event organizers to access the information about attendees traveling from different places so that they can advise event attendee for lodging and transportation to the event venue.
Exponential Growth of Social Media Advertising and Marketing to Aid Growth
Social media is a robust and free online platform, which is helping event planners to support their business goals. Social media advertising and marketing allow event planners to track their website traffic and get more clients, as well as assist in shaping the reputation of the organization. Event planners are using social media tools, such as Twitter, Facebook, LinkedIn, and Instagram, for their social media outreach. Using tools such as Hootsuite, Oktopost, or Mention, they can analyze the most successful channels and the type of content that the users are sharing. Thus, the use of social media for event marketing is likely to boost the event management software market growth during the forecast period.
High Initial Cost and Complex Integration of Event Management Software to Encumber Growth
The integration of event management software solutions with CRM systems helps event planners to plan, promote, and track all the activities easily. However, integrating this software with CRM or other business functionalities is complicated as it requires high technical expertise. Lack of technical knowledge, especially in SMEs, would lead to failed integration of this software with other business systems, leading to the loss of crucial business information. Furthermore, the high initial costs, along with the lack of expertise, are some of the major factors impeding the market growth rate.
Software Segment to Lead Owing to their Rising Adoption among Entertainment and Corporate Event Planners
Based on component, the market is segmented into software and services. The services segment is further sub-segmented into professional and managed services.
The software segment holds the highest event management software market share and is expected to continue its dominance during the forecast period. The growth of this segment is mainly attributed to the increasing demand for this software among corporate and entertainment event planners. As event planners manage multiple events at the same time, various organizations and event planning companies are adopting software solutions to provide reliable and efficient services to their customers and attendees at minimized costs. Event management software comprises of multiple functions such as venue management, ticketing and registration, lead management, analytics, and reporting, which assist event planners in saving time and cost while allowing them to focus on other activities such as promotions.
The services segment is expected to grow at a considerable rate, mainly owing to the increasing demand for event management services among event planners to align the entire life cycle of their events, thereby, helping them to gain actionable business insights form event data.
On-premises Segment to Lead the Market with Significant Share
Based on deployment, the market has been segmented into cloud and on-premises.
Deployment of event management software on the on-premises infrastructure allows event planners to store their data on the premises of an organization, which enables them to gain control over their data. On-premises deployment reduces costs associated with servicing as it comes with one-time licensing fees. Therefore, as organizations tend to depreciate their hardware and software expenses, event planners are more likely to remain at the on-premises deployment.
The cloud deployment segment is expected to flourish in the coming years. It allows organizations to gain control over the system and data, with increased security and support. Key players are continually investing in research and development activities in launching new products. For instance, in April 2019, Aventri, a cloud-based analytics and data-driven end-to-end event management solution provider, launched Aventri Marketplace to give its customers a premium service and technology platform for successful management of the events.
Large Enterprises Are Likely to Drive the Market Growth in Near Future
By enterprise size, the event management software market is categorized into small and medium-sized (SMEs) enterprises and large enterprises.
Event planning teams are getting bigger, with the growing number of events happening worldwide. This EMS (software) helps large event planning companies to quickly establish a communication channel between their teams and carry out event functionalities in an effective manner. The adoption of this software is more among large enterprises as the deployment of this solution requires high cost and a personal data center, which is affordable mainly by these organizations. Also, the need for event management software to manage event-related activities such as registration, marketing, customer engagement, and reporting and analytics is more in large enterprises owing to the frequent occurrence events.
The adoption among SMEs has exhibited the fastest growth in terms of CAGR, mainly due to the increasing inclination of small and medium-sized event planners towards optimizing and automating their business functionality. Furthermore, large enterprises are collaborating with SMEs to share the latest technology advertising campaigns and public platforms.
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Corporate Segment to Dominate Stoked by Rising Number of Events
Based on end-user, the event management software market is segmented into government, corporate, event planners, education, and others.
The corporate segment is expected to proliferate over the forecast period. This growth is mainly attributed to the increasing number of events in the corporate sector. The growing need for hosting corporate events such as seminars, summits, trade conferences, or meetings has led to significant growth in the global market for corporate event planners. Event planning companies are making substantial investments for various events to be organized in the corporate sector.
The event planners segment is expected to grow at a significant CAGR over the forecast period, owing to the increasing need to manage the events successfully. The strategic and business-focused collaborations among event management software vendors are further strengthening the global market.
North America Event Management Software Market, 2018 (USD Billion)
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Geographically, the market is segmented across five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
In North America, financially stable countries such as the U.S. and Canada are always open to new and emerging technologies. Also, these countries have been continuously investing in advanced technologies to gain reliable and efficient services. Vendors in North America are adopting advanced technologies to fulfill user demand for better management of events, collaboration and integration tools, and data analytics. One of the significant factors which is increasing the growth of this software is the presence of established players, coupled with the occurrence of small players in the region. The growing demand for efficient event management software in the region has resulted in collaborations between companies and event organizers. For instance, in June 2018, Cvent, Inc. acquired DoubleDutch, a mobile event management application provider, to accelerate its investment in mobile event technology. This acquisition would help Cvent to accelerate its investment in expanding mobile event application capabilities.
Whereas, Asia Pacific and Europe are expected to grow at a significant rate during the forecast period. This growth in is mainly attributable to the increasing proliferation of smartphones and persistently developing cloud platform. Similarly, the growing number of events such as musical concerts, tradeshows, stand-up comedy shows, and product launches in the region are contributing to the growth of the market in the region. India, Japan, China, and Australia are significant contributors to the event management software market in Asia Pacific.
High Performers such as Active Network, LLC, Arlo, Aventri, Inc., and EventGeek are Collaborating with Smaller Players
Active Network, LLC, emerged as one of the leading players in the global market. The company’s SaaS-based EMS solution offers smart registration, secure payment processing, and data driven tools that are helping event organizers in driving participation and increasing revenue while enhancing the administration. Key market players are proactively strengthening their market position by collaborating with other small players who are introducing innovative technologies in the market. For instance, Aventri partnered up with Plannernet to provide its customers access to a network of 1,500 specialists in 70 countries. It will help planners to find Aventri-experienced meeting and event professionals. However, regional and domestic players such as Active Network, LLC, Bizzabo, Cvent Inc., and Eventbank, have entered the market with innovative solutions. This is projected to have a positive impact on the global market as these companies are anticipated to gain significant market share during the forecast period.
An Infographic Representation of Event Management Software Market
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The event management software market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors as mentioned above, the report encompasses several factors that have contributed to the growth of the market over the recent years.
Value (USD billion)
By Enterprise Size
Fortune Business Insights says that the global market size was USD 6.63 billion in 2018 and is projected to reach USD 16.11 billion by 2026.
In 2018, the global market value stood at USD 6.63 billion.
The market will exhibit a steady growth of 11.8% in the forecast period (2019-2026).
The software segment is the leading segment in this market.
Increasing demand for this software among event planners to efficiently plan and manage events is fueling the demand.
Arlo, Aventri, Inc., EventGeek, and EventMobi are some of the leading players in the global market.
North America dominated the market in 2018.
Growing R&D and increasing demand among event planners to gain actionable insights from events are opening up new application areas for this software in the market.
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