Event Management Software: Event Planning|Event Marketing|Venue and Ticket Management|Analytics and Reporting, and Others
The event management software market accounted for US$ 5810.6 Mn in 2018 and is expected to grow at a CAGR of 16.02% over the forecast period 2019–2027, to account for US$ 21287.6 Mn by 2027.
North America consists of developed countries, such as the US and Canada, and is open to the adoption of new and emerging technologies like event management software. Moreover, the strong financial position of North America enables it to invest heavily in the approval of the latest and leading tools & techniques for ensuring effective business operations. North America has the headquarters of many large enterprises and organizations and is host to various international events, conferences, etc. Europe is a region consisting of vast culture, political, and business landscape differences, thus, leading to a large number of events, exhibitions, conferences, etc.
The event management software market in Asia-Pacific is showing a slow growth rate during the forecast period. Mainly, the lack of knowledge about the technicality and benefits of event management software and a great approach towards traditional methods of event planning is the primary reason for this slow growth in the region.
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Increased Adoption of Cloud-Based Event Management Software- Trend
Some of the major reasons for the rising trend of adoption of cloud-based event management software are a low initial investment, sophisticated cloud & hosting models, and advanced features. With investment in cloud-based solutions, enterprises are anticipated to reduce their operational costs, decrease human errors, and thus increasing their productivity.
Solution Type Insights
Based on solution type, the market is segmented into solutions and services. In 2018, the software segment led the highest market share followed by the services segment. The software support business networking event to grow audience networking via events feeds, instant meeting request, in-app chats, and notifications. It also offers engagement analytics to organizers to understand audience engagement levels and enhance future events.