During the projected period, the worldwide event management software market is expected to rise from a CAGR of 10% in 2020 to a USD 6.4 billion in 2026. Even after COVID-19, the market for event management software will continue to expand as more companies around the world aim to move their IT infrastructure to the cloud, improve business continuity, and adapt business processes in general. The recent pandemic of COVID-19 is expected to have a negative impact on APAC technology spending.
Demand for actionable business insights from events is a major driver.
Marketers are always looking for new ways to use data to gain meaningful insights in an increasingly competitive global marketplace. Marketers can use the real-time data benefits of the event management software to extract useful business insights from events that are essential to propel the growth of the corporation. For data and business insights to be utilised, event management software must be integrated with a variety of systems, including as CRM, marketing automation software, collaboration platforms, payment gateways, and accounting software. Companies may align their whole event lifecycle with business objectives, allowing CMOs to gain valuable business insights from the data received at various business events. This is made possible by this technology. As a result, it helps businesses make better business decisions by capturing and analysing the behaviour of participants.
It is difficult to integrate event management software with business processes
Integration of event management software with major business systems is tough for organisations. Various methods and systems are used to access, modify, update, and manage the business information of a company. Enterprises must guarantee that all of their systems have the same information in order to avoid system conflicts. Data silos caused by integration problems limit the ability of companies to evaluate their business data and derive useful insights.
Awareness of event management software is a challenge.
As a result, most firms are ignorant of the benefits of event management software, which automates and optimises procedures throughout an event’s lifecycle. The event management software is projected to be widely used in North America and Europe due to the high adoption rates of cloud computing. As a result, event management software is less widely used in these countries than it is in other parts of the world, such as the Middle East and Africa (MEA) and Latin America (LA). To promote the market for event management systems, it is vital to educate the public about their advantages and benefits.
Companies such as Cvent Inc., Aventri Inc., Eventbrite, and Zoho Corporation are leaders in the industry. The main goal of these market participants is to enhance their business operations through strategic alliances and collaborations. When Eventbrite and Elrow Family, a Barcelona, Spain-based producer of party series events and event idea work together on ticketing for over a hundred festivals and performances under the Elrow brand in June 2018, that’s an example of a multi-year ticketing collaboration. Elrow’s festivals and concerts have an annual audience of over 2.4 million people worldwide.