Event management software market revenue to cross USD 65.57 Billion by 2035, Says Research Nester
Key event management software market players include Aventri Inc., Zoho Corporation Pvt. Ltd., Cvent Holding Corp., Eventbrite, Inc., Active Network, LLC, Bizzabo, Certain, Inc., Meeting Evolution, Eventmobi, Eventzilla Corporation, Hopin Ltd, and others.
New York , Oct. 17, 2023 (GLOBE NEWSWIRE) — The global Event Management Software Market size is poised to grow at a CAGR of over 17.9% from 2023 to 2035. The market is anticipated to garner a revenue of USD 65.57 billion by the end of 2035, up from a revenue of USD 9.09 billion in the year 2022. The major factor for its growth is the growth in the number of concerts. In 2022, in the US about 29% of the population stated that they have attended one or more concerts. Hence, due to the people participation more concerts are set to be organized which would also drive the market revenue.
Additionally, there has been growing automation in event management for distributing tickets and making payment process efficient. Automation of billing processes reduces processing expenses by about 49% and shortens the time it takes to collect payments by close to 61%. Hence, the growing preference for automation is therefore projected to influence the market expansion.
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Event Management Software Market: Key Takeaways
- Market in North America to propel the highest growth
- The Cloud segment to grow at the highest rate
- Market in Asia Pacific market to grow at the highest rate
Surge in Number of Social Media User to Influence the Growth of Global Event Management Software Market
Social media has made it easy for event organizers to advertise their event free of cost. Currently, social media is used by about 5 billion people worldwide, or approximately 61 percent of the world’s population. Simply by creating a profile and posting content that individuals follow find interesting, event planner may increase the reach of the events that they organize. Additionally, social media consists of various interesting feature which makes audience stay engage for free. Hence, the revenue which would have be spend on huge marketing could be saved with the use of social media. Therefore, with the growing popularity of social media the market is also projected to flourish.
Event Management Software Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Education Institutions to Drive the Market Growth in North America
The market for event management software market in North America is set to generate the largest share of about 32% over the forecast period. This could be owing to growing educational institutions in this region. Currently in North America, there are about 1,857 institutes of higher learning with formal recognition. These institutions conduct various events every year. Hence, the use of event management software has become necessary in this region.
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Surge in Number of Smartphones User to Influence the Market Expansion in Asia Pacific
The market in Asia Pacific for event management software is projected to have notable share of about 28% over the coming years. The major factor to influence the market share in this region is growth in number of smartphones. The Asia-Pacific region’s adoption of smartphones increased to about 75% in 2022 from close to 63% in 2019, a significant increase. APAC was predicted to have over 89% smartphone use by 2030. Smartphones has made it easy to manage the event or to promote the image efficiently. Since, large number of people have smartphones this software has become convenient solution.
Event Management Software, Segmentation by Deployment Type
The cloud segment is predicted to capture the largest share of about 70& over the projected period. The major element influencing the segment growth is growing deployment of cloud system since it makes easy to save various data regarding participants, buyer and more. To ensure constant access to data with elastic capacity, the cloud computing provider manages and secures the infrastructure, networks, and storage servers. By 2025, experts predict that the amount of data stored in the cloud will surpass about 99ZB.
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Event Management Software, Segmentation by Organization Size
- Large Enterprise
- Small & Medium Enterprises
The large enterprise segment is projected to have the notable growth over the projected period. This could be owing to rising number of large enterprises. In 2021, there were projected to be about 351,519 large businesses with 250 or more employees worldwide.
Event Management Software, Segmentation by Component
Event Management Software, Segmentation by End User
- Event Organizers & Planners
A few of the well-known market leaders in the global event management software market that are profiled by Research Nester are Aventri Inc., Zoho Corporation Pvt. Ltd., Cvent Holding Corp., Eventbrite, Inc., Active Network, LLC, Bizzabo, Certain, Inc., Meeting Evolution, Eventmobi, Eventzilla Corporation, Hopin Ltd, and others.
Recent Development in the Market
- The integration of Zoho Analytics with business intelligence was announced by Zoho Corporation Pvt. Ltd. It will add the tried-and-true business intelligence and sophisticated reporting capabilities of Zoho Analytics to the company’s cost-effective on-demand CRM platform.
- Express Events was developed by Aventri Inc., a pioneer in event management software (EMS), to simplify the planning and execution of easy-to-deliver events.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
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