MarketsandMarkets projects the Event Management Software Market to grow from USD 5.7 billion in 2019 to USD 11.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 15.0% during the forecast period. Major factors expected to drive the growth of the event management software market include the rising demand for event automation among marketers, growing use of social media for event marketing, increasing demand to capture actionable business insights from events, and rising adoption of advanced data analytics solutions.
Based on component, services segment to record a higher growth rate than the hardware and software segment during the forecast period
By component, the services segment is expected to grow at a higher rate than the software segment during the forecast period. The services segment has a significant influence on the event management software market growth. The demand for services is increasing with the growing adoption of event management software solutions by enterprises across major application areas. Services are necessary for easy deployment, integration, and proper functioning of the software. Services have been segmented further into professional services and managed services. The professional services segment has been classified into deployment & integration, consulting, and support & maintenance.
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Among services, support & maintenance segment to grow at a higher rate than the deployment and integration, and consulting and advisory services segment during the forecast period
Support & maintenance services are crucial, as they directly deal with customer satisfaction and issues. Every software vendor has a dedicated support team to serve the customers. Support, software maintenance, customer portal, post-deployment assistance, and client testimonials are some of the services provided under the support and maintenance segment. To derive consistent customer satisfaction, service providers regularly focus on enhancing their product knowledge base by receiving feedbacks through interviews and surveys. These services also provide a single point of contact who would help solve customer issues quickly. The customer portal is another helping aid that offers technical tips and software updates to customer forums.
Key and emerging market players include ACTIVE Network (US), Arlo (New Zealand), Attendify (US), Aventri (US), Bizzabo (US), Certain (US), Cvent (US), EventBank (US), EventBooking (US), Eventbrite (US), EventGeek (US), EventMobi (Canada), EventPro (Canada), eventuosity (US), Eventzilla (US), Gather Technologies (US), Hubb (US), Hubilo (India), Meeting Evolution (US), Regpack (US), SignUpGenius (US), Social Tables (US), Ungerboeck Software (US), Whova (US), XING Events (Germany), RainFocus (US). These players have adopted various strategies to grow in the event management software market.
Cvent (US), with a 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 the appropriate venue, secure a competitive proposal from the hotel or venue, manage budgets, market the event, send invitations, utilize pre-event surveys, establish a social media presence for the event, process registrations, manage fee collections, build an event-specific mobile app, and manage event logistics, such as travel & lodging. Additionally, the company provides survey & engage attendees, and analyzes event results & survey feedback following the event. In July 2019, Cvent acquired DoubleDutch, one of the unique leaders in the mobile event app industry, based in San Francisco. The acquisition of DoubleDutch highlights Cvent’s investment in the mobile technology space and would complement and grow the company’s signature mobile event app and onsite solution capabilities.
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Eventbrite (US) is another renowned player in the event management software market. In August 2018, Eventbrite acquired Picatic, a ticketing and event registration platform provider, to strengthen its foothold in Canada. In August 2018, Eventbrite acquired Picatic, a ticketing and event registration platform provider, to strengthen its hold in Canada.
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