Global Event Management Software Market Size to Reach USD 24.45 Billion in 2032 | Emergen Research

Vancouver, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The worldwide market for event management software reached a value of USD 7.43 Billion in the year 2022. Based on the most recent analysis conducted by Emergen Research, it is projected that the market will experience a Compound Annual Growth Rate (CAGR) of 12.8% throughout the forecast period. This upward trajectory in market revenue can be primarily attributed to the increasing acceptance of automated solutions for managing various aspects of events.

The surge in adopting automated processes within event management operations is a pivotal driver behind the upsurge in revenue for the event management software sector. The integration of automated functionalities such as registration, ticketing, and payment processing lends itself to streamlining the event management workflow by economizing time and mitigating errors. This strategic shift enables event organizers to allocate their energies toward delivering captivating and indelible experiences for attendees. Moreover, the infusion of automation facilitates the aggregation and analysis of data, furnishing event organizers with well-grounded insights that augment event return on investment (ROI).

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Automation, harnessed through personalized communications, chatbots, and other AI-driven tools, serves to heighten attendee engagement. This escalating integration of automated event management elements is prompting event planners to more frequently embrace these automated tasks, thus stoking the demand for event management software offering these functionalities. This demand is anticipated to mount as an increasing number of entities seek enhancements in guest experiences and the streamlining of event management protocols. Consequently, vendors of event management software that can furnish avant-garde solutions aligning with the evolving requisites of the events domain are poised to witness an upswing in revenue. The integration of automation equips event planners with the means to execute events with heightened efficacy and efficiency, thereby elevating the triumph of events and engendering amplified financial gains for all stakeholders involved.

The utilization of Artificial Intelligence (AI) is experiencing a noteworthy upswing within the domain of event management software. AI is progressively being harnessed to dissect data, automate routine functions, and personalize attendee interactions. The deployment of AI-powered chatbots and recommendation engines has the capacity to enrich event communication and empower organizers to formulate decisions rooted in data insights. The integration of artificial intelligence not only optimizes time and resources but also enhances the orchestration of live events, culminating in a smoother experience for event managers.

AI's influence spans across the spectrum of event-related activities, spanning from initial planning to fostering attendee engagement and even bolstering venue security. This infusion of AI technology stands to enhance event efficiency while concurrently heightening attendee satisfaction. Evidently, a multitude of live event entities have embraced AI to streamline and refine their operations in recent times, thereby engendering a robust demand for event management software that accommodates these advancements.

It's important to acknowledge that the integration of event management software with existing operational frameworks can present considerable challenges. Notably, one of the factors potentially impeding revenue growth within this market is the intricate task of harmonizing new software with pre-existing systems. Many enterprises already have established systems in place, and the convergence of novel software with incumbent structures can engender compatibility issues, data compartmentalization, and other intricacies. Addressing these hurdles stands as a pivotal consideration for sustained market growth.

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Scope of Research

Major Companies and Competitive Landscape

The global event management software market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective event management software. Some of the major companies included in the global event management software market report are:

• Stova 
• Bizzabo
• Eventbrite
• Cvent Inc.
• Ungerboeck
• EventMobi
• Whova
• Hopin
• XING Events
• Zoho Corporation Pvt. Ltd.
• Idloom
• Certain, Inc. 

Strategic Development

• On 9 November 2022, Cvent, which is a leading provider of technology for meetings, events, and hospitality, partnered with Zoom Video Communications to enable hybrid events. The two companies will collaborate to offer organizations that use Cvent for in-person events the ability to integrate with Zoom Events and create a seamless hybrid experience. The integrated solution will be demonstrated at Zoomtopia, which is an event that utilizes both Zoom Events and Cvent technologies. Through Cvent's App, which will soon be available in the Zoom App Marketplace, organizations can access the same capabilities used at Zoomtopia, including support for Zoom Meetings, Zoom Webinars, and Zoom Events. users' devices.
• On 15 July 2022, Ungerboeck, which is a provider of software for event and venue management, has introduced Ungerboeck Payments, which is a comprehensive payment solution designed specifically for the events industry. As the industry adapts to a post-COVID world, it is important for venues and event organizers to capitalize on new revenue opportunities and simplify financial processes. Ungerboeck Payments enables businesses to accept electronic payments seamlessly within the Ungerboeck platform, resulting in a more convenient and secure payment experience.

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Some Key Highlights from the Report

• Small & Medium Sized Enterprises (SMEs) segment is expected to register a steady revenue growth rate over the forecast period due to increasing adoption of this software among SMEs. SMEs have limited resources and manpower, and event management software help them automate and streamline their event planning processes, saving time and reducing costs. This software can also assist SMEs to increase the effectiveness of their event management efforts and guarantee seamless collaboration between various teams and stakeholders to improve the outcomes of events.
• On-premise segment is expected to account for a significantly large revenue share over the forecast period. Many organizations have stringent compliance requirements and can be reluctant to host their data in the cloud, especially those in highly regulated areas such as healthcare and finance. On-premise solutions provide more flexibility and customization because businesses can modify the software to meet their unique requirements and integrate it more smoothly with their current systems.
• Market in North America is expected to register a steady revenue growth rate during the forecast period due to rapid growing number of sports, gaming, and other public events across the region, particularly in the United States and Canada. With over 800 music festivals taking place in the United States alone each year, the demand for event management software has surged significantly in this country. The sports and entertainment industry in this region is expected to be one of the major revenue contributors to the event management software market in North America. The legalization of sports betting in multiple states has also contributed to the growth of sports and gaming events, providing event management software providers with more opportunities to cater to the needs of the industry.
• On 10 November 2022, Bizzabo, a platform for meetings and events, introduced a new type of wearable technology for onsite events. This technology is based on the capabilities developed by Klik, a startup that Bizzabo acquired last year. Attendees can utilize Bizzabo's SmartBadge to check in, obtain content, and connect with others. Furthermore, exhibitors can capture and access insightful data on attendee behaviour and interactions. According to Bizzabo, the number of in-person events hosted on its Event Experience OS has grown by almost 724% year-over-year during the first nine months of 2022.

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Emergen Research has segmented global event management software market on the basis of component, deployment, organization size, end-use, and region:

• Component (Revenue, USD Billion; 2019-2032)

• • Software
    1. Event Registration and Ticketing Software
    2. Venue Management Software
    3. Event Planning Software
    4. Event Marketing Software
    5. Analytics and Reporting Software
    6. Visitor Management Software
    7. Others
  • Services
    1. Professional Services
    2. Managed Services

• Deployment Outlook (Revenue, USD Billion; 2019-2032)

• • On-premises
  • Cloud

• Organization Size Outlook (Revenue, USD Billion; 2019-2032)

• • Large Enterprises
  • Small & Medium Sized Enterprises (SMEs)

• End-Use Outlook (Revenue, USD Billion; 2019-2032)

• • Event Organizers & Planners
  • Government
  • Corporate
  • Education
  • Third-party Planners
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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