Event Management Software Market Size, Business Prospects, and Key Players Updates 2028

Posted on 2022-09-12 by researchinsights in Technology // 0 Comments

Event Management Software Industry Overview

The global event management software market size was valued at USD 5.84 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.5% from 2021 to 2028.

Substantial increase in the number of entertainments, gaming, and sports events being organized over the past few years and subsequently, the growing need for software solutions that can streamline the management of events are some of the factors that are expected to drive the growth of the market over the forecast period. The demand for event management software is anticipated to increase in the post-COVID-19 era as well, as both SMEs and large enterprises gradually migrate their IT infrastructure to cloud networks to enhance business continuity and improve business operations.

Gather more insights about the market drivers, restrains and growth of the Global Event Management Software Market

Event planners and organizers are using gamification as a tool to engage attendees. Gamification of events allows organizers to enhance the experience for attendees. Gamification works on the mechanism of tailoring the benefits to the sentiments of attendees to boost the attendees’ confidence, create a relaxed atmosphere, generate a feeling of common purpose, and ensure easy and effective communication. Event organizers are typically using innovative gamification methods, such as Question and Answer (Q&A) engagement, social media engagement, teamwork games, social programs, and networking games. The outbreak of the COVID-19 has been particularly driving the adoption of event management software. A paradigm shift has been evident in the way conferences and events are being organized in the wake of the outbreak of the pandemic. Virtual events and conferences witnessed a significant rise, particularly in 2020. The growing preference among enterprises to host virtual events is opening lucrative opportunities for event management companies to expand their business, thereby driving the growth of the market over the forecast period.

For marketers, event management software can potentially help in leveraging real-time data to mine actionable business insights from events and further utilize those insights to drive organizational development. As such, integrating event management software with various organizational systems, including marketing automation software, Customer Relationship Management (CRM) systems, payment gateways, accounting software, and collaboration platforms to obtain business and data insights is turning out to be a common practice. Subsequently, while organizations are getting in a better position to align the complete lifecycle of the events with their business objectives, Chief Marketing Officers (CMOs) are managing to gain crucial business insights from the business events. The analysis of the behavior of attendees is also helping organizations in making critical business decisions.

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