The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The event management software market was valued at USD 8.144 billion in 2019 and expected to reach USD 14.94 billion by 2025, at a CAGR of 10.65% over the forecast period 2020 - 2025. 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 determine to be highly beneficial for third-party planners compared to in-house planners, as the third-party planners handle multiple events or show that occurs at any time of the year.
- The factors influencing the market growth are the significant increase in the number of events in sports, gaming, and entertainment sectors over the past decade and widespread adoption of software that can be used to streamline the events from start to end, based on both historical and real-time data.
- 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 are further encouraging the market entry of new players, 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. Based on the research of the Experience Institute, a whopping 71% of people consider the destination in the decision to attend a meeting. Beyond that, 20-30% say it’s the deciding factor.
- 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 the 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 had been postponed. For instance, ISSF International Solidarity Championships in Dhaka, Bangladesh, on 22-28 February has been delayed.
Key Market Trends
Media and Entertainment Segment Expected to Register a Significant Growth
- Event management software has become highly beneficial for third-party planners when compared to in-house planners, as the 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 involvement of revenue 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 reputation of the events. In many cases, many media and entertainment events were hosted for charity purposes; hence, any deviations in the planning process or the software may put a dent in the reputation of the organizers.
- As most of the media and entertainment events are tied up with high revenue movements, such as analytic tools and event management software prove to be highly beneficial to event organizers. As most of the event planning in the sector are outsourced to third-party planners, such additional features stand to be a key selling point for many event management software products, in the current market scenario.
- The increasing crisis due to COVID-19 has a massive impact on live shows and other such events. As the lockdown restriction continues, the live events industry is facing an enormous loss. For instance, in March 2020, as per the estimations of Event and Entertainment Management Association (EEMA), the Indian live events industry is facing a loss of INR 3,000 crore in the period of lockdown. Due to this pandemic situation, the media & entertainment industry is moving towards cloud-based virtual events. This will create a growth opportunity for the market in the coming years.
North America Region to Hold Significant Share
- North America regional segment has expected to hold around half of the global share during the forecast period, due to the increased adoption of the event management software for athletics events in educational institutions, marathons, film festivals, and various other private events. The presence of significant players, coupled with the presence of small enterprises and new entrants in the region, are some of the significant factors bolstering market growth.
- According to Billboard, over 800 annual music festivals are hosted in the US alone, and they attract 32 million attendees. The requirement for efficient management of such significant events has driven the market for event management software.
- The United States Labor Department predicts that the number of meeting planner jobs would jump 16%, increasing quicker than the average for all professions over the next decade. The growing importance of meetings is expected to fuel the growth of employment in meeting and event planners. Such a massive need for event management professionals indicates the increasingly high demand for event management.
- Further, the outbreak of the COVID-19 pandemic in the region has highly disrupted the market for event management software, due to the postponement and cancellation. 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.
- Further, ESPN reported that the US sports landscape would loose USD 12 billion in revenue due to the coronavirus shutdown, with deeper cuts if NFL and college gridiron games are wiped out. Due to the coronavirus, various college gridiron games have been postponed, which have affected the market studied in the region.
The event management software market is moderately competitive and consists of several global and regional players. In terms of market share, few of the 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 are leveraging 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.
- In April 2020, Hubilo, an event management company, has launched its virtual event platform. The newly developed solution has a real-time networking feature, in which an attendee can grab a seat at the networking lounge in order to connect with people who have similar interests. This solution will help the media & entertainment industry to overcome the loss due to the cancellation of live events.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support