Event Management Software Market 2019 Global Significant Growth, Technological Advancement & Opportunities to 2024

Posted on 2019-11-19 by MarketsandMarkets in Technology // 0 Comments

Event Management Software Market

Northbrook, IL 60062, USA, 2019-Nov-19 —

The event management software market is expected to grow from USD 5.7 billion in 2019 to USD 11.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 15.0% as per a report by MarketsandMarkets. Major factors expected to drive the growth of the event management software market include rising demand for event automation among marketers, growing use of social media for event marketing, increasing demand to capture actionable business insights from events, and rising adoption of advanced data analytics solutions.

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Why use of AI and machine learning in event management to provide more opportunities?

AI and machine learning technologies facilitate organizations to enhance their business processes and improve their attendee experiences. AI offers organizations several benefits, including personalization, interface-less experience through chatbots, and data protection and integrity. Machine learning enables event organizers to predict the sentiments and preferences of attendees, thereby helping them in attaining a competitive edge in planning and effective decision-making. Furthermore, it can facilitate venue hunting and selections based on organizers’ preferences and history. It also enables organizations to tag, curate, and categorize large amounts of content generated throughout the life cycle of an event.

The Asia Pacific (APAC) region is expected to grow at the highest CAGR in the global event management software market during the forecast period. The region comprises key economies, such as China, India, Japan, Singapore, Malaysia, and Australia. APAC is projected to witness the highest adoption rate of event management software and services, owing to the presence of a large number of Small and Medium-sized Enterprises (SMEs), which are inclined toward the adoption of cloud-based event management software. The increasing adoption of cloud technologies and the presence of a broad customer base are driving the adoption of event management software across enterprises in APAC.

The cloud deployment type is expected to grow at a higher CAGR during the forecast period. Many companies are deploying event management software and solutions in the cloud to improve the mobility and decentralize the data storage and computing. Security is a critical issue that restricts the adoption rate of cloud-based solutions; however, this issue is gradually being eradicated through rigorous security tests conducted with the highest standards by third parties. Due to these advantages, many vendors are switching from the on-premises deployment type to Software-as-a-Service (SaaS)-based solutions.

The SMEs segment is expected to grow at a higher CAGR during the forecast period. Organizations with less than 1,000 employees are categorized as SMEs. SMEs face some specific challenges, such as the need for domain-specific personnel and skilled workforce, budget constraints, and limited economies of scale. The increased competitive market scenario and brand marketing have encouraged the SMEs to invest in event management software and services to reach out to more prospects and participants, and effectively host events for business growth. The increasing use of cloud-based offerings among various organizations has led to the implementation of event management software among SMEs, resulting in reduced IT infrastructure costs increased focus on core activities.

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