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Event Management Software Procurement Market Size
According to the latest data from the event management software procurement market research report by ELINT Market Research, the market will grow significantly during 2024-2030. The event management software market would register a growth of 12.5% CAGR during the period, and its value is likely to surge from $9.9 billion in 2021 to $11.06 billion in 2022, which is such rapid growth for the market. It can be taken as propelled by the development of digital solutions for managing events, increased demand for automation in planning an event, and expansion of various events worldwide. Moreover, the shift to virtual and hybrid events in light of the COVID-19 pandemic accelerated this need for all-inclusive event management software and further boosted the market.
Regional market analysis shows that the North American region will register a CAGR of 12%, while Europe will be at 11.2% and the Asia-Pacific region at 10%. From this, there is immense growth potential across several geographies, driven by technological advancement and increasing preference towards digital event solutions. Thoma Bravo has agreed to acquire Everbridge, a critical event management technology provider, for $1.5 billion. The deal could help underline just how vital event management software would be in today’s digital environment and will likely further spur innovation and consolidation within the market. These broad-ranging developments augur well for the prospects of event management software and represent significant growth opportunities with increased investments in technology solutions that provide improved experiences at events.
Market Definition
The event management software market comprises many solutions tailored to bring ease and convenience in planning, organizing, and executing an event. It will provide capabilities in registration, ticketing, venue selection, scheduling, engaging attendees, securing analytics, and more detailed activities. Integrating automation into these processes and making the function at its very core of efficient use, reducing manual labor, and creating a better experience for organizers and participants alike will be done with event management software.
Event Management Software Procurement Market Drivers
- Rising Corporate Events
One primary driver is that more corporate events, conferences, and exhibitions are taking place worldwide to connect different businesses and express their products or services.
- Adoption of Digital Technologies
The global industry growth is driven by the rising adoption of digital technologies and the demand for customized event experiences.
Event Management Software Procurement Market Challenges
- Higher Costing
One of the major challenges is the expensive cost of implementation and upkeep for such systems, which is quite out of the budget for small organizations.
- Data Security Concerns
Data security and privacy concerns can turn many companies off from such solutions.
Event Management Software Procurement Market Opportunities
- Virtual and Hybrid Events
Software providers found new opportunities in the rising trend of virtual and hybrid events, which was accelerated by the COVID-19 pandemic.
- Integration of Advanced Technologies
Advanced technologies such as AI, machine learning, and blockchain are highly used to develop event management tools with further personalized and secure offerings.
Event Management Software Procurement Market Segmentation
- Based on deployment types, the event management software procurement market research report segments the market into cloud-based and on-premise solutions.
- The event management software procurement market research report divides the market into small and medium-sized enterprises and large enterprises based on organization size.
- As per end-user, the event management software procurement market research report classifies the market into corporate, government, education, and third-party planners.
Regional Outlook of the Event Management Software Procurement Market
North American region commands a significant share of the event management software market, owing to the high adoption of digital technologies and the presence of key players in this market. Next is Europe, where growth in corporate solid events and exhibitions is reigning. The highest growth rate will be witnessed in the Asia-Pacific region, which has increased economic development, internet awareness, and familiarity with digital solutions. Also, Latin America, the Middle East & Africa are opening up as potential markets prodded by the thriving business events sector.
Cost Component in the Event Management Software Procurement Market
The cost structure in the event management software market typically includes a lot of aspects. The common factors are licensing and subscription fees, which differ from on-cloud or on-premise deployment. Other costs may be related to customization, integration with pre-existing systems, user training, and other long-term maintenance and support activities. Understanding these cost components will, therefore, be a critical enabling factor toward the organization’s budgeting and maximizing returns from investment.
Engagement Strategies in the Event Management Software Procurement Market
Engagement strategies in the event management software market are based on the twofold concepts of optimizing user experience and building long-term relationships. Vendors normally provide personalized demos, free trials, and extensive customer support to draw in users and ensure they stick with their respective platforms. Per suggestions by the end-users, periodic updates and new features become important to keep the customers satisfied on a sustained basis.
Contract Period in the Event Management Software Procurement Market
The event management software market’s contract periods vary greatly, typically from monthly to multi-year agreements. The shorter the contract, the more flexibility and lower initial commitment it allows, thus being more attractive to smaller organizations or those relatively new to such solutions. Longer contracts often come with discounts and added benefits, making them appealing to larger enterprises with a relatively stable need for event management.
Negotiation Factors in the Event Management Software Procurement Market
Negotiating contracts for event management software involves a lot. It includes the overall cost of ownership, licensing, maintenance, and support fees and how receptive the tool will likely be to scale with needs. Other important considerations include terms referring to data security, privacy, and compliance with relevant regulations.
Leading Players in the Event Management Software Procurement Market
The event management software market is highly competitive, and a few key players are in the industry. Leading companies like Cvent/Lanyon, Bizzabo, Ungerboeck International, EMS Software, Aventri, and Event Mobi offer an end-to-end solution for managing most types and sizes of events.
