Research Nester’s recent market research analysis on “Event Management Software Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global event management software market in terms of market segmentation by component, deployment model, organization size, end-user, and by region.
Increasing Adoption of Virtual Events to Promote Global Market Share of Event Management Software
The global event management software market is estimated to grow majorly on account of the increasing preference among enterprises to host virtual events as it helps save time and offers maximum satisfaction to attendees and is anticipated to open lucrative opportunities for event management companies to expand their business. For instance, as per a survey ~ 84% of businesses that hosted virtual events in 2020 admitted that they spent less than when hosting in-person events. Moreover, the rise in the number of entertainment, gaming, and sports events being organized over the past few years is leading to the rising need for software solutions that can streamline the management of events. All such factors are expected to drive the growth of the market over the forecast period. Hence, the demand for event management software is anticipated to increase in the post-COVID-19 era with most SMEs and large enterprises migrating their IT infrastructure to cloud networks.
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Some of the major growth factors and challenges that are associated with the growth of the global event management software market are:
Growth Drivers:
• Increasing Gamification to Engage an Audience, Employees, Students, and Collaborators
• Rising Adoption of Advanced Data Analytics Solutions
Challenges:
The high initial cost of event management software and the scarcity of trained and skilled professionals who can bridge the gap between the offerings of the organizers and the needs of the attendees flawlessly are some of the major factors anticipated to hamper the global market size of event management software. Moreover, the lack of event infrastructure due to reluctance in virtual participation post-pandemic is further estimated to restrict the market growth.
By deployment model, the global event management software market is segmented into on-premise and cloud. The cloud segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The rise in the number of people participating in virtual events and the emerging need for centralized organizing, monitoring, control, communication, and feedback, is expected to propel the segment growth. Cloud helps businesses in setting up a centralized control center to arrange, monitor, and coordinate various components of their digital marketing campaigns without having to invest in dedicated IT infrastructure, thereby saving on IT costs and improving the overall cost structure. It further allows enterprises to run multiple marketing campaigns from different locations.
By region, the North America event management software market is to generate the highest revenue by the end of 2035. This growth is anticipated owing to the presence of several key market players, such as Aventri Inc. as well as several small and medium start-ups. The North American region also hosts several events which is also responsible for the growing demand for event management software by event organizers & planners as they are keen to adopt the latest technology that can aid in smooth management and also improve the overall event experience. According to the findings, in June 2018, over 800 music fests were hosted in the U.S. alone, which attracted over 32 million attendees. Hence, the need for efficient management of various such events is anticipated to lead to the adoption of event management software across the region.
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