ICT-IOT

Event Management Software Market is Expected to Reach USD 16,726.9 Million by 2031

Jun 2024

ICT-IOT

As per the report published by Kings Research, the global Event Management Software Market size was recorded at USD 7,213.6 million in 2023 and is projected to reach USD 16,726.9 million by 2031, growing at a CAGR of 11.22% from 2024 to 2031.

Integration with marketing automation represents a pivotal advancement in event management software, offering a seamless and efficient way to coordinate event promotion and attendee engagement. By integrating with marketing automation platforms, event management software enables organizers to automate various marketing tasks such as email campaigns, social media promotions, and lead generation activities. This integration streamlines workflows, enhances communication with attendees, and improves the overall effectiveness of event marketing efforts.

Moreover, it allows organizers to track attendee interactions and engagement metrics, enabling them to tailor marketing strategies based on real-time data insights. By leveraging the power of marketing automation, event organizers amplify their reach, drive attendance, and maximize the success of their events in an increasingly competitive landscape.

Key Insights

  • Based on the component, the software segment held the largest market share of 75.32% in 2023
  • Based on deployment, the cloud-based segment is likely to generate a revenue of USD 11,690.4 million by 2031
  • Based on the enterprises, the SMEs segment is estimated to experience the fastest growth, registering a CAGR of 11.71% through the forecast period
  • Based on end-user, the event planners segment is expected to witness a robust CAGR of 12.14% over the forecast period
  • On the basis of region, Asia-Pacific is anticipated to depict a CAGR of 13.75% through the estimated timeframe

Eventdex Integrated AI Assistant in their Solutions for Event Planners

January 2024: Eventdex introduced its pioneering AI assistant as part of its suite of applications, encompassing the Badge Printing App, Event Admin Portal, Business Matchmaking software, and Attendee Scan. This cutting-edge tool has been meticulously developed to deliver prompt and contextual assistance to event planners.

Freemium and Subscription-Based Models to Offer Lucrative Opportunities for Market Expansion

The adoption of freemium and subscription-based models presents lucrative opportunities for the expansion of the event management software market. Freemium models offer basic functionalities for free, enabling users to experience the software's capabilities before opting for premium features or upgrades. This approach attracts a larger user base and compels users to upgrade to paid plans for access to advanced features and enhanced support.

Moreover, subscription-based models offer recurring revenue streams and foster long-term customer relationships through ongoing service subscriptions. These models provide flexibility and scalability for users, allowing them to adjust their subscription plans based on their evolving needs and budget constraints.

Moreover, they offer reliable revenue streams for software vendors and facilitate continuous product innovation and improvement to retain and attract customers. The widespread adoption of freemium and subscription-based models presents significant opportunities for the expansion of the event management software market by driving user acquisition, retention, and revenue generation.

Exponential Growth of Social Media Advertising and Marketing to Aid Market Development

The exponential growth of social media advertising and marketing is poised to significantly aid the growth of the event management software market. Social media platforms have become indispensable tools for event promotion, offering unparalleled reach, targeting capabilities, and engagement opportunities. Event organizers leverage social media channels to build anticipation, and increase event participation through targeted advertising campaigns, influencer partnerships, and user-generated content.

Additionally, social media platforms serve as valuable communication channels for engaging with attendees before, during, and after events, thus facilitating real-time interactions, feedback collection, and community building. The extensive use of social media advertising and marketing enables event organizers to expand their event reach, increase brand visibility, and foster meaningful connections with their target audience.

Asia-Pacific to Witness the Fastest Growth, Registering a CAGR of 13.75% Over the Forecast Period

Based on region, the global event management software market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Asia-Pacific is poised to register the fastest growth, depicting a CAGR of 13.75% between 2024 and 2031. The region's dynamic economic landscape, coupled with rapid urbanization and industrialization, is creating a strong demand for event management software. Countries such as China, India, Japan, and Australia are witnessing a surge in corporate events, conferences, and trade shows, fueled by the expansion of industries such as IT, healthcare, finance, and entertainment. Moreover, the increasing adoption of digital technologies and internet penetration is propelling the growth of online event platforms and virtual event solutions in the region.

Additionally, the emergence of mega-events such as the Olympics, Asian Games, and international summits boosts the demand for advanced event management tools to ensure seamless planning, execution, and attendee engagement. As businesses in Asia-Pacific increasingly recognize the importance of enhancing their event management capabilities to stay competitive and foster customer engagement, the market for event management software is projected to experience robust growth in the coming years.

Major Industry Players Ink Lucrative Deals to Strengthen Market Foothold

The global event management software market is fragmented with key players such as Arlo, Stova, Eventdex LLC, RingCentral, Inc., Cvent Inc., Zoho Corporation Pvt. Ltd., Accruent, Eventbrite, Vconfex, ACTIVE Network, LLC, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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