Future Market Insights (FMI) has stated that the global event management software market is expected to rise steadily at a CAGR of 14.1% during the forecast period of 2021 to 2031. Event data is indispensable for event organizers since it helps them monitor social media engagement, attendance, and measure the overall success of any event.
In an online or virtual event, just because event attendees and authorities cannot interact physically does not mean that there is no opportunity to interact via a network. A mobile event management application, whether being used on a smartphone or hosted on a web browser, can connect virtual event attendees and authorities, and establish a group or personal messaging system.
The participants can connect on the application, and can schedule appointments among each other, sponsors and exhibitors. Provision of dedicated networking and connectivity to encourage attendees to meet virtually is boosting market growth. By incorporating registration data and links, virtual event hosts and operators can enable event attendees set up group chats and interact virtually with deployment of network for chat groups, video calls, and other appointments.
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Owing to these factors, the event management software market is anticipated to grow at a significant rate during the forecast period. The large enterprises segment is holding a major share, around 59% of global event management software market in 2021, however, SMEs would show lucrative growth, during the forecast period
Key Takeaways of Event Management Software Market Study
- The cloud based deployment to grow 4.0x of the current market value by the end of 2031
- Increasing penetration of IoT and real-time analytics will drive growth in U.S., enabling it to account for a little below 65% of North America market in 2021
- Double-digit y-o-y growth at over 10% will seal U.K.’s position as a lucrative market within Europe
- Increasing number of events organized in Germany and France, will drive Europe event management software market
- Within East Asia, Japan and South Korea are expected to emerge as strong markets, exhibiting double-digit growth
“Online streaming is gaining traction as event organizers are using live streaming to deliver quality hybrid events and for increasing brand awareness and messaging. Live streaming helps in boosting the interaction between organizations and their clients. It creates new business opportunities as the content of event is accessible to worldwide audience. Online streaming is creating opportunities for organization also by their increasing brand awareness.” says an FMI analyst.
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COVID-19 Paved Way for Growth
The health concerns are increasing around the world and causing significant business impact due to the on-going COVID-19 pandemic – particularly when it comes to delivering events. Since the onset of the epidemic, most events were either cancelled off or postponed. Major conferences such as Mobile World Congress and the HIMSS Global Healthcare Conference & Exhibition are even getting canceled due to the pandemic situations.
With the increasing number of cancellations for in-person events, businesses and corporate organizations are in need of a compelling alternative and an outstanding virtual event experience can be just that. COVID-19 has brought a single positive trend in the events industry that is the adoption of event management software as a viable alternative to in-person events.
All the educational institutes, entertainment firms and corporate enterprises are now going virtual, which is providing immense traction to the market. This adoption will help all the organizations and event planners to prevent event cancellation, thereby minimizing their revenue loss. Owing to such factors the market is anticipated to gain back its momentum by end of Q4 2021.
Rising Demand for Mobile Event Management Applications
The usage of applications is increasing at a tremendous rate with each day passing, and various apps are being considered crucial for most businesses. The event apps are making things quicker, easier and more interactive to the event industry. The increase in the engagement of interactive mobile event applications has been emerging as one of the biggest event trends. Thus users are demanding more event applications offering better quality and services.
More Valuable Insights on Event Management Software Market
In its latest report, Future Market Insights offers an unbiased analysis of the global event management software market, providing historical data for period of 2016-2020 and forecast statistics for the period of 2021-2031. To understand opportunities in the event management software market, the market is segmented on the basis of solution (Software (Integrated Event Management Software, Standalone Software (Venue Management Software, Event Marketing Software, Event Booking & Registration Software, Others)), Services (Managed Services, Professional Services (Event Planning & Consulting, Integration and Implementation, Support & Maintenance))), deployment (cloud, on-premise), enterprise size (large enterprises, small and medium enterprises), end-user (Event Management Companies, Travel & Hospitality Companies, Corporates, Government, Academic Institution, Others) across six major regions.
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