May 25, 2024

Event Management Software is Driven by Event Digitization

 

Event management software facilitate organizations to efficiently plan and organize their events and conferences through a centralized platform. They enable creating event profiles, managing attendee registration and tracking, processing payments, creating event schedules, sending invitation emails, and helping with venue booking and accommodation. The software automates various repetitive tasks involved in organizing events and provides high visibility into the event planning process. This increases productivity and reduces errors. They also offer capabilities to create virtual or hybrid events through live-streaming functionalities to engage remote participants. This is helping organizations reach a global audience and continue their events amid travel restrictions during the COVID-19 pandemic.

The global Event Management Software Market is estimated to be valued at US$ 12,251.7 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The event management software market is witnessing increasing adoption of Artificial Intelligence and predictive analytics capabilities. AI can help streamline the entire event planning process from suggesting nearby venues and hotels based on past data to automating daily tasks like sending email reminders. It also facilitates personalized attendee experiences through micro-targeted communication and recommendations. The incorporation of virtual and augmented reality is another emerging trend in this market. Event organizers are leveraging VR and AR technologies to create immersive experiences for remote participants in virtual or hybrid events. This helps engage audiences and bring events to life even without physical attendance. Integration of event management software with CRM and marketing automation platforms is also gaining traction. This integrated approach provides a centralized hub for event promotion, registration, payments as well as post-event marketing campaigns for better customer engagement throughout the event life cycle.
Porter’s Analysis

Threat of new entrants: The threat of new entrants in the event management software market is moderate. Established players have strong brand recognition and economies of scale which make market entry difficult for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate to high. Buyers have a wide choice of event management software providers and can negotiate on pricing and features.

Bargaining power of suppliers: The bargaining power of suppliers is low. Major suppliers include technology service providers and there are many such suppliers in the market.

Threat of new substitutes: The threat of substitutes is low. There are no direct substitutes for specialized event management software.

Competitive rivalry: The competitive rivalry in the market is high. Key players compete on the basis of product features, pricing, and customer experience.

Key Takeaways

The global event management software market is expected to witness high growth over the forecast period. The market in North America region is expected to dominate due to high technology adoption by enterprises. Key factors driving the growth include growing need for centralized event planning and management among organizations.

Regional analysis

North America is expected to hold the largest share in the event management software market during the forecast period. The growth in the region can be attributed to growing adoption of advanced technologies across industries for centralized event planning and management.

Key players

Key players operating in the event management software market are Cvent, Inc., Certain, Inc., Zoho Corporation, Zerista, etouches Inc., Gather Technologies Inc., EventBrite Inc., EventZilla, Xing Events, SocialTables ̧ Bizzabo Inc. These players are focusing on developing innovative solutions to strengthen their position in the market.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it