Event Management Software Market size is set to grow by USD 2.42 billion from 2022 to 2027 | Market is driven by the increasing adoption of cashless payment methods- Technavio
NEW YORK, Dec. 4, 2023
NEW YORK, Dec. 4, 2023 /PRNewswire/ -- The global event management software market size is estimated to grow by USD 2.42 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.76% during the forecast period. The increasing adoption of cashless payment methods drives the market growth during the forecast period. Wristbands and other wearable items were used at events to separate attendees into different types or groups previously, whereas, wearables are currently employed in events to distinguish attendees and complete transactions. Furthermore, attendees can load money onto a wearable using cashless payment systems, which they can then use to purchase goods or services at an event. This results in one not needing to carry a wallet. Hence, such factors drive the growth of the market during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
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Event Management Software Market - Segmentation Assessment
This event management software market report extensively covers market segmentation by deployment (cloud-based and on-premise), component (software and services), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
- The market share growth by the cloud-based segment will be significant for market growth during the forecast period. One of the major factors driving the segment growth is the vendor's ability to offer a software-as-a-service (SaaS) pricing model owing to cloud-based software lowering operational and investment risks. Furthermore, the adoption of the cloud-based deployment model has made event management software more affordable. Moreover, the widespread use of the internet can be held responsible for the rising adoption of cloud-based solutions. Hence, owing to all these factors, the global cloud-based event management software market is expected to grow during the forecast period.
By geography, the global event management software market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global event management software market.
- North America is estimated to account for 45% of the growth of the global market during the forecast period. Global IT and retail companies are primarily based in this region. It is anticipated to expand due to an increase in trade shows, international conferences and summits, and sporting events during the forecast period. Moreover, the vast majority of marketing and telecom businesses in this region also use event management software to organize events. Hence, such factors boost the regional market growth during the forecast period.
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Event Management Software Market – Market Dynamics
Leading trends influencing the market
The emergence of chatbots is an emerging trend influencing market growth during the forecast period. Event planners can receive assistance from a chatbot with artificial intelligence (AI), which can help with an event in a variety of ways.
The various ways include responding to frequent queries from attendees, gathering feedback, encouraging interaction, and sending out tailored notifications. Hence, such trends boost the market growth during the forecast period.
Major challenges hindering the market growth
Data security-related issues challenge the growth of the market during the forecast period. Just like many data integration and quality applications, event management software has safety issues. Since they are more affordable and accessible, cloud-based solutions are preferred by some businesses over on-premises ones.
Also, if they are more affordable and accessible, cloud-based solutions are preferred by some businesses over on-premises ones. This results in a lot of users being worried about the data security regulations governing cloud-based solutions. Hence, such challenges impede market growth during the forecast period.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Event Management Software Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the event management software market between 2023 and 2027
- Precise estimation of the size of the event management software market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the event management software market across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of event management software market vendors
The Sporting Events Market is projected to grow by USD 90.42 billion with a CAGR of 8.23% during the forecast period 2021 to 2026.
The security information and event management market is estimated to grow at a CAGR of 9.87% between 2022 and 2027. The size of the market is forecast to increase by USD 3,416.2 million.
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Deployment
- market Segmentation by Component
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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