The global event management software market, which was valued at US$5.6 billion in 2019, is projected to reach a significant valuation of US$18.4 billion by the end of 2029. This impressive growth is anticipated to be driven by a robust CAGR of 12.9% from 2022 to 2029.
Key Market Drivers:
- Gamification for Engagement: The adoption of gamification in events has enabled organizers to enhance attendee experiences, fostering confidence, communication, and a relaxed atmosphere. The COVID-19 pandemic has further accelerated the adoption of event management software, especially for virtual events, making it a key driver of market growth.
- Data-Driven Insights: Event management software provides real-time data that offers valuable insights for marketers and organizations. Integrating this software into various systems, including marketing automation, CRM, payment gateways, and collaboration platforms, helps in making informed decisions and aligning event lifecycles with business objectives.
Challenges and Barriers:
- Taste Preferences: Despite the benefits of plant-based diets and the rise of virtual events, taste preferences remain a challenge. Some consumers find plant-based products unappealing, and addressing this barrier is essential for long-term adoption.
- Cost and Nutritional Value: Concerns about the cost and nutritional value of plant-based protein compared to animal-based protein can impact consumer trust. Misconceptions about the naturalness of plant-based products also pose challenges.
Key Market Segments:
- Application Areas: The beverages sector is the primary application area for event management software, accounting for over 50% of market share. Meat extenders and analogues are also significant segments, representing over 40% of total sales.
Regional Insights:
- North America Dominance: North America leads the global event management software market due to the presence of prominent market players and a high number of public and private events. The region hosts numerous events, including music festivals and educational institution events, driving software adoption.
- Asia Pacific Growth: The Asia Pacific region is expected to experience the highest CAGR between 2022 and 2029. The adoption of technologically advanced solutions and the presence of skilled professionals contribute to market expansion in countries like China and India. The growing number of SMEs in the region also fuels market growth.
Event Management Software Market Competition Landscape:
Major players in the global event management software market, such as Cvent, Aventri, Eventbrite, Ungerboeck, Hopin, Certain, Bizzabo, ACTIVE Network, EventBooking, and Airmeet, are implementing organic and inorganic growth strategies to strengthen their market presence.
Browse Global Event Management Software Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2029 (By Components Coverage, By Deployment Coverage, By Application Coverage, By Org Size Coverage, By End Use Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/event-management-software-market
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COMTEX_440956143/2840/2023-09-26T04:43:27
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