The size of the global market for Event Management Service is expected to reach USD 14.1 billion by 2026, expanding at a compound annual growth rate (CAGR) of 14.9%.
The event management services market size recorded an impressive growth and the reason identified as higher demand for payment and online registration which is expected to support event management grow as a service industry in the next couple of years. Online payments and digital currencies are gaining traction across the world. Organizations are executing online transactions for payment acceptance and event registration during activities to ensure efficiency and convenience. Online registration and payment with the help of cloud, facilitates cost reduction and pose notable opportunities for firms to learn the spending patterns of customers. During the events, active connected device to the software facilitate registration and processing payments. The data gets well-synced with the software and users are enable to have latest updates of event details. In addition to that, it also helps in sending notification to the users.
“The data is automatically synced with the software and remains up-to-date with event details. In addition, cloud offerings also provide automatic online registration, which is used for tracking and managing online payments. It is also used to store user details and send notifications if required,” stated a senior analyst at renowned research institution.
The Event Management Services market is progressing in these regions, which is inclusive of Middle East & Africa, Europe, America and Asia-Pacific. European region got high growth rate due to the international music festivals such as Tomorrowland is gaining momentum. Considerable number of industries and companies are getting involved and invested in such festivals so as to gain higher benefit. America also accounts for similar strong market scenario for event management. The fastest-growing and biggest opportunity region for event management is APAC. With the changing lifestyle and a wide customer base across industries, especially China and India push the event management service market. Hence, there is requirement for brand marketing activities to reach out to potential customers. The key countries of these regions are Singapore, Malaysia, China, India, Japan, and Australia. APAC is anticipated to have higher adoption of event management software as most SMEs are inclined to use cloud-based event management software. Growing adoption of cloud technologies along with broad customer base is expected to drive event management software in APAC.
The Event Management Services market is fragmented due to the companies who provides services to end-users such as public organizations, NGOs, individuals and corporates and is highly competitive. With the higher demand for payment and online registration from the corporate segment, it led to impressive demand for event management services. It is anticipated that corporate sector will be the major end-user of this market by the end of 2022.
As the event management services have strong competition within the market, therefore, there are no foremost event management services players. But to name a few, some of the leading players are ALDA events, Skylight group, Cvent, Ungerboeck Software, SFX Entertainment, Etouches, XING, YG entertainment, and Live Nation Entertainment.
Key Segment Of The Event Management Software Market
Component, 2021-2028 (USD Million)
Service, 22021-2028 (USD Million)
• Professional Service
• Managed Service
Professional Service, 2021-2028 (USD Million)
• Deployment & Integration
• Support & Maintenance
Deployment Type, 2021-2028 (USD Million)
Organization Size, 2021-2028 (USD Million)
• Small & Medium Enterprise
• Large Enterprise
Application, 2021-2028 (USD Million)
• Event Organizers & Planners
Regional Overview, 2021-2028 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa