Market Research

16.02% CAGR, Event Management Software Market is Surging with $21287.6 Million by 2027 – Bizzabo, Cvent, Event Espresso, Eventbrite

Jun 15, 2020 5:00 PM ET

iCrowd Newswire – Jun 15, 2020

An online event management solution creates an unlimited number of customized reports for event planners at the single click of the button. Data is presented in an easy to read format, and the stories are sent as Excel or CSV files to benefit organizers. Furthermore, the accomplishment of the event is eventually about the numbers. Therefore, accounting reports provide necessary details about the status of payments, registrations, and cancellations. With the news, the user can track financial data concerning your events.

According to the new research report published by The Insight Partners, titled “Event Management Software Market – Global Analysis and Forecast to 2027”, the global event management software market is expected to reach US$ 21.2 Bn in 2027, registering a CAGR of 16.0% during the forecast period 2019-2027.

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Based on solution type, the global event management software market has been segmented into software and services. On the basis of application, the global event management software market has been bifurcated into event planning, event marketing, venue and ticket management, analytics and reporting, and others. Based on end-user, the market has been segmented into corporate, government, education, media and entertainment, and others. North America is expected to dominate the global event management software market during the forecast period owing to increasing adoption of event management applications for mobile phones in the region and growing need of enhanced operations.

The Asia-Pacific market is expected to witness high growth during the forecast period. In Asia-Pacific, there is a large number of factors that are anticipated to impact the growth of the event management market in the coming years. According to the CWT Meetings & Events report, 2018, in Asia, 43% of the web traffic comes from mobile while the figure is only 33% for the rest of the world. China is growing at a very faster pace and is in the race to become a leader of the Internet economy, and Singapore has become a host for such historic meetings as the 2018 North Korea-U.S. Summit.  Major factors driving the event management software market in China are: faster service and localized payment options for events in China, such as WeChat Pay, AliPay, and UnionPay are three most popular payment methods in China. Like all other countries in the world, China has its own regulations governing society, including rules governing cyber-activity. Any company that wants to do business in China via the internet needs to be officially verified by the Chinese government. Few popular event management software in China are: Zoho Backstage, EventBank, Bitric24, Raklet, Eventdex, and Odoo, among others.

Strategic Insights

Market initiative and new development strategies are commonly adopted by companies to expand their footprint worldwide and meet the growing demand. These strategies are mostly observed in Europe and APAC. The players present in the event management software market adopt the strategy of expansion and investment in research and development to enlarge customer base across the world, which also permits the players to maintain their brand name globally

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