The Event Management Software Market Is Estimated To Witness High Growth
The Event Management Software Market is estimated to be valued at US$ 15313.69 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The event management software market deals with software solutions that help organize events of all types and sizes. Event management software combines event registration, venue management, online payments, centralized administration, and other features for events ranging from large conferences to small gatherings. Such software helps simplify event planning and saves time and cost for event organizers.
Market key trends:
One of the major trends driving growth of the event management software market is increasing adoption of cloud-based event management software. Cloud-based event management software offers event organizers flexibility and scalability as it allows access to software from any device with an internet connection. The cloud model eliminates the need for expensive on-premise hardware and large upfront costs. Cloud based event management also enables event organizers to centrally manage events from different locations. With increasing internet penetration globally, adoption of cloud-based event management software is expected to rise significantly over the forecast period.
Porter’s Analysis
Threat of new entrants: The high initial capital investment and regulatory requirements pose a high threat of new entrants. Additionally, established players enjoy economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many providers for event management software. However, switching costs are low.
Bargaining power of suppliers: Software developers and technology providers have low bargaining power as there are many substitutes available.
Threat of new substitutes: The threat of substitutes is moderate as traditional tools and in-house developed solutions provide competition. However, specialized event management software offers advanced features.
Competitive rivalry: is high due to many international and regional players competing.
SWOT Analysis
Strengths: Event management software offers advanced features like online registration, customizable forms, payments, and reporting. It helps streamline operations and improves productivity.
Weaknesses: High upfront costs and implementation challenges. Lack of customized features in basic versions.
Opportunities: Growing events industry and shift towards digitalization post-pandemic provides scope. Integration with other tools and technologies enhances capabilities.
Threats: Cybersecurity threats, technical glitches, and privacy issues raise client concerns. Open-source and freemium solutions provide cost-effective alternatives.
Key Takeaways
The Global Event Management Software Market Growth is expected to witness high, exhibiting CAGR of 11% over the forecast period, due to increasing digitization of businesses and surge in corporate events and public functions. By 2030, the market size is projected to reach US$ 45291.56 Mn.
Regional analysis related content: North America dominates the event management software market currently, owing to rapid adoption of advanced technologies. The Asia Pacific region is expected to witness the fastest growth during the forecast period backed by growing tech-savvy population and expansion of MICE sector in countries like India and China.
Key players related content: Key players operating in the event management software market are Cvent, Inc., Certain, Inc., Zoho Corporation, Zerista, etouches Inc., Gather Technologies Inc., EventBrite Inc., EventZilla, Xing Events, SocialTables, Bizzabo Inc., and Ungerboeck Software International. These major providers are focusing on partnerships, integrated solutions and platform enhancements to solidify their market position.