Event Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Event Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The event management software market is expected to register a CAGR of 10.65% over the forecast period. Event management software has become a standard for both large-scale and small-scale planners. An increasing number of professional and freelance organizers have bolstered the demand for application-based in the past few years. Event management software solutions are highly beneficial for third-party planners compared to in-house planners, as the third-party planners handle multiple events or shows that occur at any time of the year.

Key Highlights

• The factors influencing the market growth are the significant increase in the number of events in the sports, gaming, and entertainment sectors over the past decade and the widespread adoption of software that can streamline events from start to end, based on historical and real-time data.
• The key players in the market are coming up with new solutions to sustain the market and increase its capability in its offerings. For instance, In April 2022, To kick off the company's customer conference, Cvent CONNECT, Cvent launched the new Cvent Vendor Marketplace. The Vendor Marketplace integrated directly into Cvent's industry-leading online venue sourcing platform, Cvent Supplier Network (CSN), provides users with access to a trusted network of approved vendors and suppliers who offer in-person services and virtual and hybrid events.
• Moreover, The Cvent Vendor Marketplace is a component of the Cvent Supplier Network, which sourced more than USD 9 billion in 2021. By combining the two sourcing solutions, tens of thousands of event planners worldwide will have a single point of contact for all of their venue and vendor sourcing needs and information.
• Furthermore, In April 2021, Aventri, an event management software provider (EMS), launched Aventri Virtual Events 2.0 for interactive virtual and hybrid events. Virtual Events 2.0 is a complete overhaul, from its sleek design to new features that increase engagement and ease of use. The suite uses AI-driven matchmaking and smart recommendations to connect with like-minded attendees. Collaboration tools facilitate interest-based connections, simulating the experience of attending live events.
• As vents are turning out to be great marketing channels, vendors and marketing firms are increasingly looking for collaborations with event organizers. In fact, according to Social Tables, in a recent event marketing survey, 52% of respondents mentioned that event marketing drove more business value to them than other marketing channels. Such statistics further encourage new players' market entry, increasing the demand for mobile-based event management software solutions.
• With the growing lifestyles of the people, innovations have arisen in hosting events. Further, companies and consortiums have focused on hosting theme-based meetings and events at attractive destinations to increase their brand image. Furthermore, the growing organization of social events, such as awareness gatherings, social service, and fundraising events, even those planned by SMEs for marketing purposes, are boosting the demand for event managing software. Further, the outbreak of COVID-19 across the globe, affecting more than 3.9 million people across 212 countries, has significantly affected the market for event management software, as many reputed and recognized sports events have been postponed.

Key Market TrendsMedia and Entertainment Segment Expected to Register a Significant Growth

• Event management software has become highly beneficial for third-party planners compared to in-house planners, as third-party planners plan more than a single concert or show at any time of the year. It is estimated that some of the most popular festivals and events, such as Classic East, Sao Paulo Trip, and Outside Land Music and Art Festival, gross more than USD 16 million per event.
• Such colossal revenue involvement makes media and entertainment events one of the most complicated events to plan, unlike events hosted by several other sectors, such as the educational and industrial ones. Furthermore, downtime in any event organizing process has a terrible effect on the event's reputation. In many cases, many media and entertainment events were hosted for charity purposes; hence, any deviations in the planning process or the software may dent the organizers' reputation.
• As most media and entertainment events are tied up with high revenue movements, analytic tools, and event management software are highly beneficial to event organizers. As most of the event planning in the sector is outsourced to third-party planners, such additional features are a key selling point for many event management software products in the current market scenario.
• The Key players in the market are doing partnerships with the vendors offering video solutions in their events and meetings. For instance, In November 2021, Event management software (EMS) provider Aventri announced a partnership with live video solutions platform Brandlive and its Greenroom technology to make it easier to produce standout virtual and hybrid events. The collaboration combines Aventri's all-in-one virtual and hybrid event platform with Greenroom, Brandlive's patent-pending video production software. Organizers can now use Brandlive's content creation tools to bring the magic of television to Aventri-hosted events.
• The players in the market are focusing on collaborating with vendors who assist Arts and Culture Organisations because of the increased demand for cultural events. For instance, Ungerboeck and Tessitura, which conducts cultural events, are pleased to announce the launch of integration between VenueOps and the Tessitura platform as part of their partnership expansion. Since its debut five years ago, venues have made waves in the event industry as an easy-to-use application for venue management and booking. Platforms are used by performing arts centers, arenas, stadiums, museums, and other facilities to manage event booking, production, resource allocation, task management, and more.

North America Region to Hold Significant Share

• The North America regional segment is expected to hold around half the global share during the forecast period due to the increased adoption of event management software for athletics events in educational institutions, marathons, film festivals, and other private events. The presence of significant players, coupled with the fact of small enterprises and new entrants in the region, are some of the important factors bolstering the market growth.
• The key players in this region are involved in strategic partnerships to improve their product offerings along with updated technologies. In December 2021, Cvent, a technology provider for meetings, events, and hospitality, announced a partnership with ID.me, the significant secure digital identity network, to bring seamless health, testing, and vaccine status verifications to hybrid and in-person events in the United States.
• Furthermore, Informa Markets was one of the first tradeshow organizers to produce a live trade event in North America since the pandemic lockdowns began. In March 2021, The Informa team chose Aventri as their technology partner to ensure seamless, contact-less registration that valued both customer experience and safety when identifying the right technology partner to help support a return to in-person experiences in a post-pandemic era.
• In addition, Cvent Health Check, powered by ID.me, is an easy-to-use solution that enables event organizers to implement a secure method of verifying attendee health status in a few simple steps. Cvent customers can include additional health and safety protocols at their events with easy-to-use, confidential health checks on event attendees' mobile devices by combining ID.me vaccine, testing, and identity verification capabilities with Cvent's robust event marketing and management platform.
• According to Billboard, over 800 annual music festivals are hosted in the US alone, attracting 32 million attendees. The requirement for efficient management of such significant events has driven the market for event management software.
• Further, the outbreak of the COVID-19 pandemic in the region has highly disrupted the market for event management software due to postponement and cancellations. It is predicted that COVID-19 will cut USD 12 billion out of the entertainment industry in the United States alone. Global entertainment giant Cirque du Soleil shut down 44 shows worldwide and will not reopen until January 2021.

Competitive Landscape

The event management software market is moderately competitive and consists of several global and regional players. In terms of market share, few significant players currently hold a dominating share in the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies leverage strategic collaborative initiatives to increase their market share and profitability. The companies operating in the market are also acquiring start-ups working on smart office technologies to strengthen their product capabilities.

• November 2021 -Aventri, an event management software provider (EMS), announced a partnership with CLEAR, a secure identity company, to help attendees return safely to live events. Aventri's event registration and mobile app solutions will be combined with CLEAR's Health Pass to help strengthen and improve health screenings at large-scale events.
• May 2021 - Ungerboeck and EventBooking, two significant software providers of event and venue management tools, announced a merger that will allow the unified company to offer customers an integrated set of capabilities to enhance the world-class solutions they currently provide. Customers will benefit from accelerated technology advancements and innovation and a continued focus on customer success due to the consolidation.
• April 2021 - Harrogate Convention Centre (HCC) moved to the Ungerboeck Cloud and upgraded from an older version to Ungerboeck's most recent version, 30, and now has access to the full range of Ungerboeck's cloud-based software solutions.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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