According to a new market research report “Event Management Software Market by Component (Software (Event Registration and Ticketing Software, Event Planning Software, Event Marketing Software) and Service), Deployment Type, Organization Size, End User, and Region – Global Forecast to 2024″, published by MarketsandMarkets, expects the event management software market to grow from USD 5.7 billion in 2019 to USD 11.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 15.0% during the forecast period.
Major factors expected to drive the growth of the event management software market include rising demand for event automation among marketers, growing use of social media for event marketing, increasing demand to capture actionable business insights from events, and rising adoption of advanced data analytics solutions.
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Based on component, services segment to record a higher growth rate than the hardware and software segment during the forecast period
By component, the services segment is expected to grow at a higher rate than the software segment during the forecast period. The services segment has a significant influence on the event management software market growth. The demand for services is increasing with the growing adoption of event management software solutions by enterprises across major application areas. Services are necessary for easy deployment, integration, and proper functioning of the software. Services have been segmented further into professional services and managed services. The professional services segment has been classified into deployment & integration, consulting, and support & maintenance.
Among services, support & maintenance segment to grow at a higher rate than the deployment and integration, and consulting and advisory services segment during the forecast period
Support & maintenance services are crucial, as they directly deal with customer satisfaction and issues. Every software vendor has a dedicated support team to serve the customers. Support, software maintenance, customer portal, post-deployment assistance, and client testimonials are some of the services provided under the support and maintenance segment. To derive consistent customer satisfaction, service providers regularly focus on enhancing their product knowledge base by receiving feedbacks through interviews and surveys. These services also provide a single point of contact who would help solve customer issues quickly. The customer portal is another helping aid that offers technical tips and software updates to customer forums.
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North America to account for the largest market size during the forecast period
North America consists of developed countries, such as the US and Canada. This region is open to the adoption of new and emerging technologies. Moreover, its strong financial position enables it to invest heavily in the adoption of the latest and leading tools and technologies for ensuring effective business operations. Such advantages help organizations in this region gain a competitive edge. North America has the first-mover advantage in the adoption of new technologies, such as smartphones and cloud platforms. North America has the headquarters of many large enterprises and is host to various international events. Enterprises are willingly investing in North America. The factors expected to drive the growth of the event management software market in North America are the stable economy, technological enhancements, and advanced infrastructure.
Key and emerging market players include ACTIVE Network (US), Arlo (New Zealand), Attendify (US), Aventri (US), Bizzabo (US), Certain (US), Cvent (US), EventBank (US), EventBooking (US), Eventbrite (US), EventGeek (US), EventMobi (Canada), EventPro (Canada), eventuosity (US), Eventzilla (US), Gather Technologies (US), Hubb (US), Hubilo (India), Meeting Evolution (US), Regpack (US), SignUpGenius (US), Social Tables (US), Ungerboeck Software (US), Whova (US), XING Events (Germany), and RainFocus (US). These players have adopted various strategies to grow in the Event management software market.
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