The global event management software market was valued at USD 6.89 billion in 2017 and is projected to reach a value of USD 12.51 billion by 2023, at a CAGR of 10.45% over the forecast period, 2018-2023.
Globalization has created many business opportunities for different markets, such as expansion of horizons, international & national level conferences and trade shows (among others) by establishing direct channel of communication. The sustained increase in the number of events has, in-turn, triggered the market, which has evolved into a multi-billion dollar industry. The EMS solutions are evolving rapidly, owing to mobile and digital revolution. An increasing number of vendors in the EMS market are offering their solutions as a service. Most organizations spend 2%-4% of their annual revenues on organizing events. This provides vendors an opportunity to understand the requirements of the organizations and offer customized solutions.
Big data analytics has gradually emerged to be the most prominent collective phenomenon in the early 21st century, and EMS solutions have high advantage of using this big data analytical tools in translating consumer data into actionable insights. Present businesses require systems that can use this data to analyze the usage patterns, demand peaks & consumption fluctuations, and arrive at smart decisions. All of this mandates need systems that can handle big data, effectively.
Event planning software is used to differentiate between types of venues, virtual & live events, seating arrangements, and audio & visual effects. Moreover, this software builds a customer database, with details that aid the marketing teams to access information and remind customers of service requirements, check payment histories, etc. The increased number of events, meetings, and festivals require proper management of events, which will lead to the growth of the market. Large organizations, SMEs, non-profit organizations, and interest groups hold events to promote their products, build business relationships, raise funds, or celebrate. The imperative to save significant sunk costs, which contribute to a substantial amount of resources and money, are major factors emphasizing the need for effective event management systems.
An increase in the number of associations and corporate meetings held in developing nations was the major reason for Asia-Pacific's market growth. The market in the region will experience maximum growth during the forecast period because of the rise in the number of organizations trying to establish themselves in developing countries, such as China, India, and Indonesia. Furthermore, APAC summits, such as APAC Innovation Summit in Hong Kong, which was held in April 2016, and Private Wealth Management APAC Summit held in Macao in October 2016, have and are expected to contribute to the market growth. The total number of organized events held in India rose from 4,317 in 2014 to 5,076 in 2015. The market is forecasted to record a CAGR growth of 17.68% over the next three years. In terms of market size, the organized event sector in India was valued at INR 10,792 crore.
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