Global Market Outlook on Event Management Tools
The global event management software market was valued at USD 6.89 billion in 2017 and is projected to reach a value of $12.51 billion by 2023, at a CAGR of 10.45 percent over the forecast period, 2018-2023.
- Increase in number of organized events with enhanced and effecting budgeting and marketing is a major factor driving the growth of the event management software market
- The increase in adoption of event planning software and event registration software by Small and Medium-sized Enterprises (SMEs) is expected to drive the event management software market
- North America is dominating the Global Event Management Software Market with the largest market share in the region, and therefore accounting for $2.96 billion and is expected to grow over $6.95 billion by 2022
- Event Management Software Market in Asia-Pacific market is expected to grow at CAGR of 9.31 percent from $1.32 Billion in 2016 to $2.48 Billion by 2022
- The Europe market for Event Management Software Market is expected to grow at 11.23 percent CAGR (2016-2022)
- Organizations with more than 1,000 employees are categorized as large enterprises. The large entity segment is expected to gain a larger market share during the forecast period
- The market size of event management tools is relatively high in case of large enterprises, as compared to SMEs
Key trends in the market
Globalization has created many business opportunities for different markets by establishing direct channel of communication. The Event Management Software (EMS) solutions are evolving rapidly, owing to mobile and digital revolution.
- Companies have a great opportunity to use a single platform to manage the logistics of planning, the on-site technology and even the post event data collection and analysis.
An open API is a publicly available application programming interface that enables data to flow seamlessly from one platform to another so that there is less cumbersome processes to be managed. It collaborates with solutions that manage other parts of the process
As EMS solutions are becoming more integrated, data is also getting accumulated and cleansed. Information becomes easier to collect, analyze, and manage.
EMS solutions have high advantage of using big data analytical tools in translating consumer data into actionable insights. Present businesses require systems that can use this data to analyze the usage patterns, demand peaks and consumption fluctuations, and arrive at smart decisions.
Event planning software is used to differentiate between types of venues, seating arrangements, and audio & visual effects. Moreover, this software builds a customer database that aid the marketing teams to access information and communicate with customers.
An increase in the number of associations and corporate meetings held in developing nations was the major reason for Asia-Pacific's EMS market growth.
Best practices adopted by similar companies
Large companies are engaging with technology providers whose capabilities and features are aligned with the organization’s requirement as well as integrates seamlessly with internal systems. In case of smaller events of less than 100 attendees, companies do not engage with large event management software providers due to increase in cost. Instead they manage with basic tools available online for free or for a minimal amount.
- Event Management Software varies from one to the other based on the requirements and budgets of the buyers
- There are entry-level, mid-size and high-end solutions. For most organizations, an entry level and low cost system does not offer the amount of tools, automation and customization needed to be effective. On the other hand, high-end solutions can become too expensive
- The right solution ultimately depends on the complexity of the events, the impact that the buyer is looking for, organization’s long-term goals and the number of business processes that can be automated or streamlined
- Event Management tool provider should be able to articulate why they’re uniquely capable of helping the organization to improve and better manage its meetings and events
- Representatives of the technology provider work as a member of the Meeting team of the buyer to ensure seamless performance