A recent report published by Future Market Insights has identified following factors that are prompting the sales of event management software across the globe.
Valley Cottage, NY -- (SBWIRE) -- 04/06/2017 -- Managing events for large organisations and multinational conglomerates can get quite challenging for a group of people. Similar to how almost every other business in the world has remodelled, technology has stepped in to transform the way people manage events. By adopting event management software developed by tech companies, event management businesses are becoming more consolidated and profitable than before. A recent report published by Future Market Insights has identified following factors that are prompting the sales of event management software across the globe.
The foremost factor is the benefit availed by including advanced software in event management processes. Automating functions such as ticketing, venue sourcing, and floor planning, among others, are being streamlined through the help of event management software.
Advantages of social media marketing, digital promotional activities, and rising adoption of cloud-based solutions has also propelled the demand for software that can facilitate these features and help in outselling previous revenues.
High costs of installing event management software might be one of the few factors restraining the market's growth.
Nevertheless, event management companies are looking at favourable opportunities arising from popularity of IoT platforms and real-time analytical solutions.
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Factors as such are fuelling the growth of the global market for event management software, which is presently being valued at US$ 6.8 Bn by Future Market Insights. The report reveals that more than two-third of the market's revenues will be accounted by global sales of software components, among which event planning software are predicted to register highest value CAGR of 13.9%. Furthermore, the market is also likely to witness higher preference to on-premise deployment of event management software. In 2016, more than US$ 4.5 Bn worth of event management software were deployed through on-premise model.
According to the report, the demand for event management software is anticipated to be high among large enterprises such as MNCs. Small and medium enterprises, on the other hand, will collectively account for a little over 40% share of global market revenues. Corporates and event planners have been outlined as the largest end-users of event management software, bringing in more than US$ 13 Bn in revenues towards the end of 2026.
North America has been identified as the most lucrative region for growth of global event management software market. With over 40% share, North America's event management software market will be valued at US$ 8.5 Bn by 2026-end. The Western European region, likewise, is also expected to witness steadfast growth in its event management software market, registering a value CAGR of 13%. Cvent, Inc., Zoho Corporation, etouches Inc., EventBrite Inc., Xing Events, Bizzabo Inc., Ungerboeck Software International, Zerista, Certain, Inc., Gather Technologies Inc., EventZilla, and SocialTables are leading players in the global event management software market, profiled in the report.
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For a long-run outlook, Future Market Insights delivers a bigger, optimistic picture by projecting the global event management software market to soar at 12.1% CAGR and reach US$ 21.3 Bn value by the end of 2026.