Event management for large corporations and multi-national conglomerates can be very challenging for the organizers. However, the advent of technology has transformed the traditional manner with which event organizers conceptualize and manage events. Many event management providers have become more consolidated and successful through the adoption of event management software developed by some tech companies.
In a recent report that was published by Future Market Insights, the following factors have been identified to prompt the sales of event management software all over the world.
- The major factor that has enhanced the popularity of event management software is the benefit gained in the event management processes. If certain functions are automated like ticketing, venue sourcing and floor planning, event planning becomes more streamlined.
- The demand for events management software is being fuelled by social media marketing, digital promotional activities and increasing adoption of cloud-based solutions.
- On the other hand, the high costs of event management software installation have restrained its market growth.
- Meanwhile, event management providers are looking towards favourable opportunities to use the software because of the popularity of Internet of Things (IoT) platforms and real-time analytical solutions.
According to Future Market Insights, the market for event management software is valued at S6.8 billion. The report reveals that more than two-thirds of revenues gained by the event management market will be accounted by the global sales of the software components. Event planning software is predicted to generate the highest value CAGR at 13.9%.
The event management industry is most likely to witness increasing preferences for on-premise deployment of the software. It is anticipated that the demand for the events management software will be high among large enterprises. On the other hand, small and medium sized businesses will collectively account for only 40% share of the global market revenue. The largest end-users will be corporate and event planners.
When searching for conference and event management service provider, it is important to choose based on high level of experience, flexibility, personal service and attention to details. There are event managers that have gained a good reputation in the industry due to their proven track record in providing outstanding results.