Event Management Software Market To Witness High Growth |...

Event Management Software Market To Witness High Growth

Posted 2023-12-05 09:46:24

SWOT Analysis

Strength: Event management software allows event planners to effectively manage all aspects of an event in one central place. This saves time and reduces errors. Event management software provides flexibility as events can be planned from anywhere using a computer or mobile device. Most event management software options offer robust reporting and analytics features that give event planners valuable insights.

Weakness: Transitioning to new event management software requires training staff on the new system. This leads to initial losses in productivity. Some event management software can be difficult to learn and use which causes user frustration. Smaller events may not require all the features of complex event management software, increasing costs unnecessarily.

Opportunity: The rapid growth of virtual and hybrid events during the pandemic has increased demand for event management technology that supports both online and in-person elements. Event management software vendors have expanded their offerings to address this blended event model. Growth in leisure and social events as pandemic restrictions ease is another market opportunity.

Threats: Free or low-cost alternatives threaten the adoption of paid event management software especially among smaller organizations and events. An economic downturn could force event organizers to cut tech budgets or cancel events, impacting sales. Frequent software updates are needed to integrate new features and address security issues, increasing vendor support and migration costs.

Key Takeaways

The Global Event Management Software Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing demand for digitalization of event management processes. Growth in corporate events and tradeshows is fuelling software adoption.

Regional analysis: North America dominates the global event management software market currently, accounting for more than 35% share due to widespread technology usage. Asia Pacific is projected to be the fastest growing regional market encouraged by expanding corporate and entertainment sectors in India and China.

Key players: 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 vendors are focusing on product innovations and partnerships to strengthen their market position.