The event management software market was valued at USD 8.144 billion in 2019 and expected to reach USD 14.94 billion by 2025, at a CAGR of 10.65% over the forecast period. Event management software has become a standard for both large scale and small-scale planners. An increasing number of professional and freelance organizers have bolstered the demand for application-based in the past few years. Event management software solutions determine to be highly beneficial for third-party planners compared to in-house planners, as the third-party planners handle multiple events or show that occurs at any time of the year.
– The factors influencing the market growth are the significant increase in the number of events in sports, gaming, and entertainment sectors over the past decade and widespread adoption of software that can be used to streamline the events from start to end, based on both historical and real-time data.
– As vents are turning out to be great marketing channels, vendors and marketing firms are increasingly looking for collaborations with event organizers. In fact, according to Social Tables, in a recent event marketing survey, 52% of respondents mentioned that event marketing drove more business value to them than other marketing channels. Such statistics are further encouraging the market entry of new players, increasing the demand for mobile-based event management software solutions.
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– With the growing lifestyles of the people, innovations have arisen in hosting events. Further companies and consortiums have focused on hosting theme-based meetings and events at attractive destinations to increase their brand image. Based on the research of the Experience Institute, a whopping 71% of people consider the destination in the decision to attend a meeting. Beyond that, 20-30% say it’s the deciding factor.
– Furthermore, the growing organization of social events, such as awareness gatherings, social service, and fundraising events, even those planned by SMEs for marketing purposes, are boosting the demand for event managing software.
– Further, the outbreak of the COVID-19 across the globe affecting more than 3.9 million people across 212 countries has significantly affected the market for event management software, as many reputed and recognized sports events had been postponed. For instance, ISSF International Solidarity Championships in Dhaka, Bangladesh, on 22-28 February has been delayed.
Key Market Trends
Media and Entertainment Segment Expected to Register a Significant Growth
– Event management software has become highly beneficial for third-party planners when compared to in-house planners, as the third-party planners plan more than a single concert or show at any time of the year. It is estimated that some of the most popular festivals and events, such as Classic East, Sao Paulo Trip, and Outside Land Music and Art Festival, gross more than USD 16 million per event.
– Such colossal involvement of revenue makes media and entertainment events one of the most complicated events to plan, unlike events hosted by several other sectors, such as the educational and industrial ones. Furthermore, downtime in any event organizing process has a terrible effect on the reputation of the events. In many cases, many media and entertainment events were hosted for charity purposes; hence, any deviations in the planning process or the software may put a dent in the reputation of the organizers.
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