Event Management Software Market Size

Event Management Software Market Analysis

The Event Management Software Market size is estimated at USD 13.01 billion in 2024, and is expected to reach USD 21.18 billion by 2029, growing at a CAGR of 10.24% during the forecast period (2024-2029).

The major factors influencing the market growth are the significant increase in sports, gaming, and entertainment events over the past decade and the widespread adoption of software that can streamline events from start to end based on historical and real-time data.

• 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 are highly beneficial for third-party planners compared to in-house planners, as third-party planners handle multiple events or shows that occur at any time of the year.
• With the growing lifestyles of the people, demand for innovations has arisen in hosting events. As a result, companies and consortiums have started to focus on hosting theme-based meetings and events at attractive destinations to increase their brand image. 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.
• Considering the growing demand, key market players are coming up with new solutions to sustain the market and increase the capability of their offerings. For instance, in April 2022, Cvent CONNECT launched the new Cvent Vendor Marketplace to kick off the company's customer conference. The Vendor Marketplace, integrated directly into Cvent's industry-leading online venue sourcing platform, Cvent Supplier Network (CSN), provides users with access to a trusted network of approved vendors and suppliers who offer in-person services and virtual and hybrid events.
• Furthermore, 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 further encourage new players' market entry, increasing the demand for mobile-based event management software solutions as they help in gaining actionable insight that can be used by businesses to fulfill various business goals.
• However, a higher price tag associated with event management software is among the major factor challenging the studied market's growth. Additionally, a lower consumer awareness, especially across the developing and less developed regions, also challenges the growth of the studied market.
• The outbreak of COVID-19 across the globe has had a notable impact on the growth of the studied market, as it affected millions of people and businesses across various countries. The containment measures taken to curb the spread of the virus ensured many reputed and recognized sports events were either postponed or canceled, bringing a slowdown in the studied market. However, with the impact of the pandemic reducing and economic activities starting to gain traction, the post covid period is anticipated to favor the studied market's growth.