Cvent and Eventbrite are Renowned Player in the Event Management Software Market- Report by MarketsandMarkets™

According to recent research "Event Management Software Market by Component, Software (Event Registration and Ticketing Software, Event Planning Software, Event Marketing Software), Service, Deployment Type, Organization Size, End-User, and Region - Global Forecast to 2023", The event management software market size is expected to grow from USD 6.10 billion in 2018 to USD 10.57 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.6% during the forecast period.

The growing demand for event automation and increasing focus on gaining actionable business insights from events are the major factors driving the growth of the event management software market. Moreover, the increasing organizational budgets for events, conferences, and meetings, and the need for brand marketing are expected to drive the growth of the event management software market.

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The Asia Pacific (APAC) region is expected to witness the highest growth rate in the event management software market

APAC is one of the fastest-growing regions and has a favorable market for the event management software and service vendors. The region has a broad customer base across industries, and thus needs brand marketing activities to reach out to potential customers. The region comprises key economies, such as China, India, Japan, Singapore, Malaysia, and Australia. APAC is projected to witness the highest adoption rate of event management software, owing to the presence of a large number of Small and Medium-sized Enterprises (SMEs) that are inclined toward the adoption of cloud-based event management software. The increasing adoption of cloud technologies and the presence of a broad customer base are driving the adoption of event management software across enterprises in APAC.

The corporate end-user segment is expected to witness the largest market share during the forecast period

Corporate events are organized to attract customers and channel partners across all small and large companies. The corporate industry conducts occasions, such as meetings, conferences, exhibitions, product launches, roadshows, buyer-seller meets, press conferences, board meetings, executive retreats, award ceremonies, VIP events, and trade shows. The event management software helps corporates control the chaos and simplify their event tasks.

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The large enterprises segment is expected to gain a larger market share during the forecast period

Organizations with more than 1,000 employees are categorized as large enterprises. Such enterprises have a huge corporate network and many revenue streams. Large enterprises’ customers are located across regions and possess high market shares, technical expertise, and effective business strategies. Large enterprises control complex systems and software. Events held by large enterprises are relatively larger and frequent as compared to the Small and Medium-sized Enterprises (SMEs). The number of event management software vendors catering to large enterprises is expected to be increasing, along with the surge in scalable products and multiple features for event organizing, thereby serving various end-users. The software vendors catering to large enterprises are growing in number, as the large enterprises need to maximize their brand promotion and marketing activities to reach out to new customers and enhance the experience of the existing customers.

Cvent (US), with its significant presence in the event management software market, is aspiring to become the top software provider in the market with a focus on organizing various types of events. The company provides specialized solutions to identify appropriate venues, secure a competitive proposal from hotels or venues, manage budgets, market events, send invitations, conduct pre-event surveys, establish social media presence for events, manage process registrations and fee collections, build event-specific mobile apps, manage event logistics, such as traveling and lodging, and surveying and engaging the attendees, and analyze event results and survey feedback after the event. In July 2018, Cvent launched a New Event ROI Model and Measurement Offerings for facilitating marketers and event planners with the ability to measure, comprehend, and demonstrate the revenue impact on their enterprises.

Eventbrite (US), another renowned player in the event management software market, in August 2018, acquired Picatic, a ticketing and event registration platform provider, to strengthen its foothold in Canada. In June 2018, the company partnered with elrowFamily, a worldwide party brand. Furthermore, Eventbrite signed a multi-year ticketing partnership with elrowFamily to manage the ticketing requirements of more than 100 shows and festivals.

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