The event management software market is segmented by software (event planning, event marketing, facility and ticket management, analytics and reporting, other types of software), organization size (SMEs, large enterprises), deployment type (cloud, on-premises ), The end-user vertical (corporate, government, educational, media and entertainment, other end-user verticals) and geography.

Market Review

• The event management software market was valued at US $ 9.13 billion in 2020 and is expected to reach a value of US $ 16.71 billion by 2026, with a CAGR of 10.65% over the forecast period 2021-2026 ... Event management software has become the standard for both. large and small planners. A growing number of professional and freelance organizers have increased the demand for applied events in the past few years. Event management software solutions are considered to be very beneficial for third-party schedulers over native schedulers because third-party schedulers handle multiple events or shows that occur at any time of the year.
• The factors driving the market growth are the significant increase in the number of events in the sports, gaming and entertainment sectors over the past decade and the widespread adoption of software that can be used to optimize events from start to finish, both based on historical data and real-world data. time.
• As air vents become great marketing channels, suppliers and marketing firms are increasingly looking for opportunities to partner with event organizers. In fact, according to Social Tables, in a recent event marketing survey, 52% of respondents said event marketing brings them more business value than other marketing channels. These statistics further stimulate the entry of new players into the market, increasing the demand for mobile software solutions for event management.
• With the growth of people's lifestyles, innovations have emerged in the organization of events. Other companies and consortia have focused on hosting thematic meetings and events in attractive locations to enhance their brand image. According to a study by the Experience Institute, 71% of people take their destination into account when deciding to attend a meeting. In addition, 20-30% believe that this is a decisive factor.
• Moreover, the growing organization of community events such as information meetings, social services and fundraising events, even those planned by SMEs for marketing purposes, is increasing the demand for event management software.
• In addition, the worldwide outbreak of COVID-19, affecting more than 3.9 million people in 212 countries, has had a significant impact on the event management software market as many well-known and recognized sporting events have been postponed. For example, the ISSF International Solidarity Championship in Dhaka, Bangladesh, 22-28 February has been postponed.

Scope of the report

Event management software is the platform that coordinates all tasks and activities for events from marathons to the Olympic Games. These tasks include sales and marketing, logistics, accounting and travel management. Various types of software such as event planning, event marketing, seat and ticket marketing, and analytics and reporting are considered within the marketplace. The market research also analyzes the implementation of software solutions in end-user verticals such as corporations, government, education, media and entertainment.

Significant growth in the media and entertainment segment is expected

• Event management software has become very beneficial for third-party planners over regular planners as third-party planners schedule more than one concert or show at any time of the year. Some of the most popular festivals and events, such as Classic East, Sao Paulo Trip, and Outside Land Music and Art Festival, are estimated to bring in over $ 16 million per event.
• This colossal revenue share makes media and entertainment one of the most difficult events to plan for, as opposed to events in several other sectors such as education and industry. In addition, downtime in the process of organizing any event has a terrible impact on the reputation of the event. In many cases, many media and entertainment events were conducted for charitable purposes; therefore, any deviation in the planning process or in the software could damage the reputation of the organizers.
• Since most media and entertainment events are associated with high revenue dynamics, such analytics tools and event management software prove to be very useful for event organizers. Since much of the event planning in this sector is outsourced to outside planners, such additional functionality can be a key selling point for many event management software products in the current market scenario.The deepening COVID-19 crisis is having a huge impact on live performances and other similar events. As access restrictions continue, the live broadcasting industry is suffering huge losses. For example, in March 2020, the Event and Entertainment Management Association (EEMA) estimates that the Indian live event industry will face a loss of Rs 3,000 crores during the lockdown period. Due to this pandemic situation, the media and entertainment industry is moving towards cloud-based virtual events. This will create opportunities for market growth in the coming years.

A significant share will belong to the North America region

• The regional segment of North America is expected to account for about half of the global share during the forecast period due to the increased use of sports management software in educational institutions, marathons, film festivals and various other private events. The presence of significant players, combined with the presence of small businesses and new entrants in the region, are some of the important factors driving market growth.
• More than 800 music festivals are held annually in the US alone, attracting 32 million visitors, according to Billboard. The need to effectively manage such significant events has spurred the event management software market.
• The US Labor Department predicts that meeting scheduling jobs will grow 16%, growing faster than the average across all occupations over the next decade. The growing importance of meetings is expected to boost employment among meeting and event organizers. This massive demand for event management specialists indicates a growing demand for event management.
• In addition, the outbreak of the COVID-19 pandemic in the region has severely disrupted the event management software market through postponement and cancellation. COVID-19 is projected to cut $ 12 billion from the entertainment industry in the United States alone. Global entertainment giant Cirque du Soleil has closed 44 shows worldwide and will only reopen in January 2021.
• In addition, ESPN reported that the US sports landscape will lose $ 12 billion in revenue due to the coronavirus outage, with a larger cut if NFL and college games are destroyed. Various college grid games have been delayed due to the coronavirus, affecting the market studied in the region.

Competitive environment
The event management software market is moderately competitive with several global and regional players. In terms of market share, few of the significant players currently hold a dominant market share. These large players with significant market shares are focused on expanding their client base in foreign countries. These companies use strategic joint initiatives to increase their market share and profitability. Companies in the marketplace are also acquiring startups working on smart office technology to leverage their product capabilities.

• In April 2020, event management company Hubilo launched its virtual event platform. The newly developed solution has a real-time networking feature in which a participant can take a seat in the networking room to communicate with people with similar interests. This decision will help the media and entertainment industry overcome losses due to the cancellation of live broadcasts.