The Global Event Management Software Market is projected to valued at $9.28 billion US dollars by the year 2020, a significant increase from the $5.44 billion US dollars it was value at in 2015. This is an estimated compound annual growth rate of 11.3 percent between 3015 and 2020, which is a significant increase.
Globally, an estimated 510 people attend events, such as business conferences, meetings, and social functions, including weddings, birthday celebrations, anniversaries, graduations and the like. The increasing budgets that are being set aside for these events, and the increased complexity of the events is creating a greater demand for a more streamlined and efficient process.
The global event management software market is expected to experience a significant surge in growth between the years 2015 and 2020, with a projected compound annual growth rate of 11.3 percent over the forecasted period. The increased amount of smart phone users, an increase in the budgets in regard to events, and the fast adoption of the cloud platform are the factors that are expected to be the primary drivers in the global event management software market.
The growth of multimedia, handheld and wearable devices, as well as social media, have all enhanced events and improved the overall experience that they provide.
There are several sectors within the global event management software market. Of all of these sectors, the analytics software sector is expected to experience the highest compound annual growth rate during the forecasted period of time. A boost in the demand of meetings, conferences, induction and exhibitions have led event organizers to try to procure and implement the best technology that can effectively handle the entire life cycle of an event, from start to finish.
The services segment of the global event management software market is also excepted to experience significant growth over the forecasted period. It is projected that this sector will experience the fastest compound annual growth rate between the years 2015 and 2020.
There are several end users that contribute to the global event management software market. Of all of these end users, however, the following are expected to fuel the growth of this market the most:
The primary end user of global event management software market is expected to be the individual users segment. A boost in the amount of social events, including the likes of weddings, reunions, birthday celebrations, graduation celebrations, and other similar types of hospitality events will lead to significant growth in this segment of the global event management software market. Individual users contribute a substantial amount of investments in events, which means that they have great expectations for the outcome they provide.
The following deployment models are expected to dominate the global event management software market during the forecasted time period:
The cloud based solutions segment of the global events management software market accounted for the major of the market share in 2016. This segment will continue to dominate the market over the forecasted time period. Increased adoption of cloud based event management software solutions and the benefits that it offers, as well as the ability to function without the need for additional software or hardware are believed to be the driving factors that will allow the cloud based deployment model to stand on top. Furthermore, the ease of access, even from remote locations, will also allow for the increased growth of this segment.
Several regions will contribute to the growth of the global event management software market. The regions that are projected to experience the most significant growth, however, include:
The Americas currently dominate the global event management software market. This region accounted for more than 60 percent of the market share in the year 2016. End users in the United States have always been quick to adopt this type of technology, which is the primary reason this region is the largest contributor to the growth of this market, and will continue to be the largest region to fuel its growth in during the forecasted time period. Moreover, an increase in the amount of corporate meetings and conferences will also help to fuel the steady augmentation of this market in the Americas right through the end of the forecasted period.
While the Americas are projected to dominate this market during the forecasted period, the Asia Pacific region is expected to experience the fastest growth in the event management software market on a global scale. The growth of this market in developing countries in Asia Pacific will primarily be due to the fast adoption of emerging trends, including the cloud and mobility.
The global event management software market is highly competitive. This is largely due to the addition of new players in the market, as well as the new and innovative products that these key players are offering.
The largest vendors in the event management software market including Xing Events, Cvent, Certain Inc, eTouches, Event Brite DEA, Certain Inc, Active Networks, Lanyon and Zerista. New key vendors are also emerging in this market, such as Social Tables, Reg Point Solutions and Eventzilla.
It is predicted that significant investments in research and development in order to create and manufacture more cutting edge products will allow the global event management software market to boom. Advancements in research and development and new productive innovation will be the result of the ever-increasing amount of people who are hosting and attending events. Those who are interested in investing in this market will likely see a positive return on their investment.