The North American event management software market is expected to cross USD 7 billion during the forecast period from 2020-2025.
What is Event Management Software?
Event management software is a solution that provides all planning related clarifications from a single platform. An event planner can record events online, send emails and event details to the target audience, track the appropriate location with availability at an associated cost, can manage sessions, conduct surveys to understand comments and create a personalized environment for participants, interact with speakers and other audiences.
Event management software helps event planners to plan and effectively manage the entire event using a single platform. Registration is a crucial aspect in the field of event management, and any error has disastrous consequences on business profits. Event managers around the world are turning to automated solutions that allow not only the registration but also the issuance of tickets, ensuring direct control over the distribution of invitations and sales.
Recent Developments:
Event planning software, such as EventBank, has built-in functions to provide attendees with a personalized VIP experience when they send the invitation. With the CRM function, you can filter people according to the title of their work, their presence in a previous event and even their food preferences, which gives them the impression that you, as host, know and worry about your event experience.
In Dec 2017, Gather Digital, which is a mobile event application suite for associations, corporates and educational institutions, has been acquired by Certain to reinforce its data integration technology and mobile developments.
Market growth and trends:
Media and entertainment events are one of the most complicated events to plan, compared to other sectors, such as education and industry. Also, downtime in any event organization process has a terrible effect on the reputation of events. In many cases, many media and entertainment events are organized for charitable purposes. Therefore, any deviation in the planning process or the software can affect the reputation of the organizers. Hence, they act as the leading segment in the North American event management software business.
Market Drivers and Restraints:
Drivers:
The North American event management software market is driven by the growing need for software to plan, manage and automate the activities associated with events throughout their life cycle. Event planners use monetization features, such as advertisements, sponsored push notifications and premium lists to increase revenue and strengthen their brands. Besides, organizers also use mobile applications and other platforms to collect data during the event through QR codes and iBeacons. This data is often used to personalize the event experience. Therefore, growth in the use of smartphones, coupled with the rise in consumer disposable income fuels the development in the regional market.
Restraints:
Problems with integrating software into the existing system or an organization's software packages are one of the main constraints in the event management software market. In addition, the software requires qualified professionals, as it involves the development of sophisticated software for mobile applications, the generation of reports and the rationalization of the operations involved in monitoring, as well as the analysis of the correct parameters required. Also, the software requires high customization, given the differentiation in the type of events, due to which, there are complexities involved in the development of the software itself, increasing the overall cost of the solution. All these factors are expected to hamper market growth during the forecast period.
Market segmentation:
The North American event management software market is segmented based on its components, mode of deployment, organization size and verticals.
By Components:
Based on the components, the North American event management software market is separated into software and services. The services segment is subdivided into implementation and integration, support and maintenance services, and others. The software segment is further divided into event recording software, event planning software, analysis software, space management software, ticket sales software, event marketing software and others. Among these, the services segment is estimated to account for the prominent share in the forecast period, especially the service and maintenance sub-segment. With the rising adoption of this software, the need for proper maintenance and continuous support is increasing, which will fuel the sector expansion in the North American market.
By Deployment Mode:
Depending on the mode of deployment, the North American event management software market is classified as cloud and on-site/on-premise. Of these, the on-site currently held the dominant share, which, however, is likely to move towards cloud deployment in the coming years. The high-efficiency, along with fewer maintenance costs offered by cloud computing, will ensure its growth in the foreseen period.
By Organization Size:
Depending on the size of the organization, the North American event management software industry is divided into Small, medium and large companies. As of now, large enterprises are having the most substantial chunk of the market as they can invest heavily in the deployment of on-site servers and take care of regular maintenance compared to small and medium enterprises. Nevertheless, the growing transition towards cloud deployment is anticipated to accelerate the market contribution from SMEs in future.
By Vertical:
The different vertical areas where event management software is often used are government, educational institutions, corporates and others. All these sectors are predicted to witness a noteworthy growth rate in the coming years due to the increasing advances in technology and digitization around the area.
Regional Analysis:
North America held the lion's share in the global event management software market, with the contribution from the countries like the USA and Canada. The early adoption of technology, stable economic conditions, presence of key players, and regular events are driving the demand for this software in the North American nations. It is also expected to continue its domain in the forecast period, owing to the increasing film festivals, educational events, fundraisers, and other supporting aspects in the vicinity.
Key Players:
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