The introduction of event management software has witnessed significant uptake by third party media and entertainment sector organizers owing to multi-event requirements.
DUBAI, UAE / ACCESSWIRE / March 18, 2021 / Future Market Insights: The wide scope of applications of event management software including online payments, online registrations, exhibition management, delegate management, venue selection, live polls, audience response solutions, and sourcing and procurement are expected to drive growth opportunities in the industry. The event management software market is estimated to surpass a valuation of US$ 25 Bn by the end of the forecast period in 2031. Growing use of social media applications, and developments in the field of real-time data analytics will support long term growth in the industry.
"Rising demand for automated solutions amidst event management companies for the simplification of event functionalities on single platform, while reducing operational costs are major factors that are driving developments in the event management software market, especially across developed economies," says the FMI study.
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Event Management Software Market - Primary Takeaways
- Service software products are likely to display increased adoption, owing to direct application to consumer experience issues.
- Cloud-based deployment is expected to witness relatively faster growth on the back of cost benefits and easier data management.
- Small and medium enterprises are likely to display higher rates of adoption owing to interest in service automation.
- The United States will hold the lead owing to higher awareness and penetration of event management software for education and private events.
- India and China will remain high potential market owing to the access to skilled professionals in the field.
Event Management Software Market - Growth Factors
- Growth of cloud deployment and improvements to scalability and costs are driving sales opportunities.
- Rising popularity of smartphone applications and event promotion through digital media support growth in the industry.
- Easy access to automated solutions and the growing popularity of virtual events are likely to aid growth.
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Event Management Software Market - Major Constraints
- Lack of awareness about event management software, especially in developing countries is hindering adoption rates.
- Problems with consistent integration of event management software with basic business systems hold back market growth.
Expected Impact on Market by Coronavirus Outbreak
The global covid-19 pandemic has significantly affected the event management software market. Strict lockdown regulations and social-distancing guidelines have resulted in the cancellation or postponement of several high profile international and regional events, which has hurt short term demand.
On the other hand, event management software developers have been leveraging opportunities arising from virtual events and conferences. Such events will continue to gain traction even in the post-covid period, and is likely to positively influence the developments in the industry through the coming decade.
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Competition Landscape
Leading manufacturers operating in the event management software market include but are not limited to Hubilo Technologies Inc., Cvent Inc., Aventri Inc., InEvent Inc., Eventsforce, Ungerboeck, XING Events, Eventzilla, Arlo, Certain Inc., and Eventbrite.
Leading developers in the moderately consolidated event management software market are seeking strategic mergers and acquisitions and product development and launch initiatives to consolidate their market position.
In March 2021, Sumo Logic announced its acquisition of DF Labs with the objective of improving security orchestration, response and automation software for event management. Further, Datto announced the acquisition of BitDam to improve its cybersecurity capabilities for its product offerings. Also, in February 2021, Hubilo Technologies Inc. has revealed a US$ 23.5 Mn Series A funding driven by Lightspeed Venture Partners for product development objectives.
More on the Report
FMI provides detailed actionable insights on the event management software market. The market is segmented in terms of solution (software, services, and support & maintenance), deployment (cloud and on premise), enterprise size (small & medium enterprises and large enterprises), and end user (Event Management Companies, Travel & Hospitality Companies, Corporates, Government, Academic Institutes, and others), across six regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
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SOURCE: Future Market Insights
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