Market Trends of Event Management Software Industry
Media and Entertainment Segment Expected to Register a Significant Growth
- Event management software has become highly beneficial for third-party planners compared to in-house planners, as third-party planners plan more than a single concert or show at any time of the year. Some popular events and festivals include Classic East, Sao Paulo Trip, and Outside Land Music and Art Festival generates revenue millions of dollars each year.
- Such colossal revenue involvement 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 event's reputation. In many cases, many media and entertainment events were hosted for charity purposes; hence, any deviations in the planning process or the software may dent the organizers' reputation.
- As most media and entertainment events are tied up with high revenue movements, analytic tools and event management software are highly beneficial to event organizers. As most of the event planning in the sector is outsourced to third-party planners, such additional features are a key selling point for many event management software products in the current market scenario.
- The Key players in the market are doing partnerships with the vendors offering video solutions in their events and meetings. For instance,in July 2022, ASM Global, a leading event management firm, announced a partnerhsip with Infor, a cloud software provider, for a multi-year strategic blueprint to offer the live-entertainment industry's first fully integrated booking, food and beverage, sales, and event management platform. The company plans to use this for trade shows, conventions, and other corporate events as well.
- The players in the market are also focusing on collaborating with vendors who assist Arts and Culture Organisations because of the increased demand for cultural events. Furthermore, the growing number of public events being organized across the globe also creates a favorable outlook for the studied market's growth. For instance, the number od concerts and festivals promoted by Live Nation had increased from 29,592 in 2017 to 43,644 in 2022.
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North America Region to Hold Significant Share
- The North America regional segment is expected to hold a significant market share during the forecast period due to the increased adoption of event management software for athletics events in educational institutions, marathons, film festivals, and other private events. The presence of significant players and small enterprises, and new entrants in the region are some of the important factors bolstering the market growth.
- There are several vendors offering event management software in the North American region. For instance, Cvent Health Check, powered by ID.me, is an easy-to-use solution that enables event organizers to implement a secure method of verifying attendee health status in a few simple steps. Cvent customers can include additional safety protocols at their events with easy-to-use, confidential health checks on event attendees' mobile devices by combining ID.me vaccine, testing, and identity verification capabilities with Cvent's robust event marketing and management platform.
- Furthermore, key players in this region are involved in strategic partnerships to improve their product offerings along with updated technologies. For instance, in April 2023, Tripleseat, a U.S.-based software platform provider for end-to-end functionality for event management, spanning booking, lead generation, planning, event execution workflows, reporting, and analytics, announced a strategic growth investment from General Atlantic. By leveraging this partnership, the company plans to focus on key growth areas, including investing further in its product and technology, expanding market reach, pursuing strategic M&A, and scaling into additional markets.
- According to Billboard, over 800 annual music festivals are hosted in the US alone, attracting 32 million attendees. The requirement for efficient management of such significant events are anticipated to drive the demand for event management softwares in the region.
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