April 20, 2024

Event Management Software is Transforming Business Events: Driven by Need for Digitalization and Automation

 

Event management software refers to a suite of tools used for organizing and planning events including conferences, trade shows, corporate parties and more. Such software offers a centralized platform for event registration, accommodation booking, agenda scheduling, attendee management and other core event logistics. The use of event management platforms has been growing steadily as they enable streamlining of processes, reduction of costs and paper wastage as well as enhanced coordination and collaboration among stakeholders.

The Global Event Management Software Market is estimated to be valued at US$ 12,251.7 Mn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030. Key Takeaways

Key players operating in the event management software market include Cvent, Inc., Certain, Inc., Zoho Corporation, Zerista, etouches Inc., Gather Technologies Inc., EventBrite Inc., EventZilla, Xing Events, SocialTables ̧ Bizzabo Inc., and Ungerboeck Software International. Key players are focusing on enhancing their product capabilities and offering additional services around their event management platforms to gain more customers.

The growing demand for automation and digitalization of event processes is a key factor driving increased adoption of event management software. Such platforms enable end-to-end automation from registrations to payments to post-event analytics, thereby saving time and costs for organizers. They also facilitate seamless hybrid and virtual events.

Major software providers are focusing on global expansion through partnerships and acquisitions. For instance, Cvent recently partnered with Tourism Malaysia to promote the use of event management solutions among Asian customers. Such initiatives are helping vendors tap into new geographic markets and consolidate their presence worldwide.

Market key trends
Integration of artificial intelligence and machine learning capabilities is a major trend in the event management software market. AI tools allow predicting attendee behavior, recommending relevant sessions and enabling personalized engagement. They also power predictive analytics for optimizing event budgets and resources.

Gamification of events using software is gaining traction as well. Features such as leaderboards, badges and rewards are being incorporated to make participation more engaging and incentivized. This helps drive higher attendance, networking and knowledge sharing among audiences.

SaaS and cloud-based deployment models are witnessing strong demand from organizers due to benefits like remote access, automatic upgrades and scalability. Major players have also been launching mobile-responsive event apps for convenience of hybrid attendees.

Porter’s Analysis
Threat of new entrants: Low as setting up a new event management software company requires high initial investment and presence of established players.

Bargaining power of buyers: Moderate as there are many players providing event management software. However, switching costs exist for buyers making frequent changes.

Bargaining power of suppliers: Low since event management software companies do not depend heavily on any single supplier and sources technology from multiple technology providers.

Threat of new substitutes: Low, as there are no direct substitutes for event management software used for planning, registration and tracking of events.

Competitive rivalry: High among the key established players providing additional features, integrations and customization capabilities to clients.

Geographical Regions
North America holds the major share of the global event management software market in terms of value owing to high event organization activities in the US and Canada. The presence of leading players and availability of advanced IT infrastructure further contribute to the high market share of the region.

Asia Pacific is anticipated to grow the fastest during the forecast period supported by increasing implementation of digital technologies across industries in developing economies like China and India. Rapid urbanization and growth in SMB sector fuel the demand for event management platforms in the region.

*Note:

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