with a CAGR 11.22% Event Management Market Size set to Reach USD 16726.9 Million by 2031 | Says KR

As per the report published by Kings Research, the Event Management Software Market size was recorded at USD 7,213.6 million in 2023. The market is projected to reach USD 16,726.9 million by 2031, growing at a CAGR of 11.22% from 2024 to 2031.

Integration with marketing automation represents a pivotal advancement in event management software, offering a seamless and efficient way to coordinate event promotion and attendee engagement. By integrating with marketing automation platforms, event management software enables organizers to automate various marketing tasks such as email campaigns, social media promotions, and lead generation activities. This integration streamlines workflows, enhances communication with attendees, and improves the overall effectiveness of event marketing efforts.

Moreover, it allows organizers to track attendee interactions and engagement metrics, enabling them to tailor marketing strategies based on real-time data insights. By leveraging the power of marketing automation, event organizers amplify their reach, drive attendance, and maximize the success of their events in an increasingly competitive landscape.

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Major Industry Players Ink Lucrative Deals to Strengthen Market Foothold

The global event management software market is fragmented with key players such as Arlo, Stova, Eventdex LLC, RingCentral, Inc., Cvent Inc., Zoho Corporation Pvt. Ltd., Accruent, Eventbrite, Vconfex, ACTIVE Network, LLC, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

Key Insights:

• Based on the component, the software segment held the largest market share of 75.32% in 2023
• Based on deployment, the cloud-based segment is likely to generate a revenue of USD 11,690.4 million by 2031
• Based on the enterprises, the SMEs segment is estimated to experience the fastest growth, registering a CAGR of 11.71% through the forecast period
• Based on end-user, the event planners segment is expected to witness a robust CAGR of 12.14% over the forecast period
• On the basis of region, Asia-Pacific is anticipated to depict a CAGR of 13.75% through the estimated timeframe

Regional Insights:

• North America: As the most prominent region in the EMS market, North America benefits from the presence of key players, advanced technological infrastructure, and a high rate of adoption of digital solutions.
• Europe: The growing number of conferences, exhibitions, and corporate events in Europe has spurred demand for EMS solutions.
• Asia-Pacific: APAC is anticipated to witness rapid growth due to increasing digitalization and the rising importance of virtual events in emerging markets such as India and China.
• Middle East & Africa: Governments and corporations in the Middle East are adopting EMS to manage large-scale events such as expos, conferences, and public gatherings.

Future Trends:

1. AI and Machine Learning Integration: AI-driven EMS solutions are expected to revolutionize event planning by automating processes such as attendee matchmaking, personalized content recommendations, and predictive analytics for better decision-making.
2. Sustainability in Event Management: With growing awareness of environmental impact, EMS providers are introducing tools to measure and reduce the carbon footprint of events, encouraging the adoption of eco-friendly practices.
3. Increased Mobile Application Use: Mobile apps are becoming an essential tool for real-time event management, providing features like live polling, networking, and instant notifications, which enhance attendee engagement and event outcomes.

Eventdex Integrated AI Assistant in their Solutions for Event Planners

January 2024: Eventdex introduced its pioneering AI assistant as part of its suite of applications, encompassing the Badge Printing App, Event Admin Portal, Business Matchmaking software, and Attendee Scan. This cutting-edge tool has been meticulously developed to deliver prompt and contextual assistance to event planners.

Freemium and Subscription-Based Models to Offer Lucrative Opportunities for Market Expansion

The adoption of freemium and subscription-based models presents lucrative opportunities for the expansion of the event management software market. Freemium models offer basic functionalities for free, enabling users to experience the software's capabilities before opting for premium features or upgrades. This approach attracts a larger user base and compels users to upgrade to paid plans for access to advanced features and enhanced support.

Moreover, subscription-based models offer recurring revenue streams and foster long-term customer relationships through ongoing service subscriptions. These models provide flexibility and scalability for users, allowing them to adjust their subscription plans based on their evolving needs and budget constraints.

Moreover, they offer reliable revenue streams for software vendors and facilitate continuous product innovation and improvement to retain and attract customers. The widespread adoption of freemium and subscription-based models presents significant opportunities for the expansion of the event management software market by driving user acquisition, retention, and revenue generation.

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