The event management as a service market is projected to grow by USD 576.5 Million from 2024-2028, with AI impacting trends and rising demand for online registration and payments – Technavio

News provided byTechnavio 

Sep 24, 2024, 17:01 ET

NEW YORK, Sept. 24, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global event management as a service market size is estimated to grow by USD 576.5 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 12.1% during the forecast period. increasing demand for online registration and payment is driving market growth, with a trend towards emergence of ibeacons for event management However, threat from open-source event management software poses a challenge – Key market players include Accelevents Inc., Active Network LLC, Arlo Software Ltd., Aventri Inc., Bitrix Inc., Bizzabo, Certain Inc., Cvent Holding Corp., Event Temple Labs Inc., Eventbrite Inc., Fortive Corp., Glue Up, Hopin, New Work SE, RainFocus LLC, Ungerboeck, WebMobi, Whova Inc., XING Events GmbH, and Zoho Corp. Pvt. Ltd..

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Market Driver

The Event Management as a Service market refers to the outsourcing of event planning and execution to specialized companies. Businesses can benefit from this model by reducing costs, improving efficiency, and gaining access to expert resources. Event management companies offer a range of services, including venue selection, vendor coordination, logistics, and marketing. By partnering with a reputable event management firm, businesses can focus on their core competencies while ensuring the success of their events. 

Event Management as a Service (EMaaS) is a growing trend in the business world, offering specialized tools and mobile applications to simplify event planning for event organizers. With the increasing complexity of events, productivity is key. EMaaS provides real-time interaction, email notifications, and feedback collection to ensure informed choices for future events. Blockchain technology adds security, while functionality adapts to cultural variations and communication hurdles. Small businesses on tight budgets benefit from automation of tasks, training staff, and internal communication. Personalized experiences and real-time feedback mechanisms enhance the overall experience for varied audiences. Cloud-based software offers low maintenance costs, virtual storage, and backup-restore facilities. Service delivery is seamless, and data-handling attributes ensure security. Assumptions are minimized through automated tasks and real-time interaction. Specialized tools cater to the needs of worldwide conferences, exhibits, and cultural events, making event management more efficient and effective. 

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Market Challenges

• The Event Management as a Service market refers to the outsourcing of event planning and execution to specialized companies. Businesses can leverage this model to save time and resources, focusing on their core operations. Service providers offer end-to-end solutions, from venue selection and vendor coordination to attendee management and post-event analysis. This market continues to grow as more companies recognize the benefits of partnering with experts to deliver successful events.
• The Event Management as a Service market faces several challenges. Purchasing tickets and interaction are key areas where seamless digital solutions are required. In the software segment, capabilities for financial management, conference scheduling, logistical management, vendor management, and monitoring of tasks are essential. Corporate spending and shifting customer preferences towards virtual events present challenges. Sustainability initiatives, regulatory compliance, and emerging markets require adaptability. Economic downturns, seasonality, security issues, environmental factors, event type, and client type add complexity. Event management software, digital tools, and cloud-based platforms offer solutions, including virtual exhibitor booths, chat functionality, live broadcasting, content distribution, and virtual event platforms. Regulatory restrictions and security issues necessitate robust solutions.

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Segment Overview

This event management as a service market report extensively covers market segmentation by

1. End-user
   • 1.1 Corporate
   • 1.2 PO and NGO
   • 1.3 Individuals
2. Type
   • 2.1 Pre-event services
   • 2.2 Onsite services
   • 2.3 Post-event services
3. Geography
   • 3.1 North America
   • 3.2 Europe
   • 3.3 APAC
   • 3.4 Middle East and Africa
   • 3.5 South America

1.1 Corporate– The Event Management as a Service market is experiencing significant growth due to the complete digitization of core event management processes and the adoption of customer-centricity. This segment caters to end-users such as private organizations, corporations, trading associations, educational institutions, and political parties. By outsourcing event management services, these organizations can effectively manage event logistics and enhance operational efficiency, resulting in cost savings of nearly 30%. Services include research, venue selection, hotel reservations, transportation arrangements, food and entertainment planning, site visits, and event execution. The corporate segment is particularly thriving in the UAE, where the government’s strong support for the MICE industry, as outlined in initiatives like Dubai Tourism Vision 2020 and Abu Dhabi Economic Vision 2030, fuels growth. Favorable policy adjustments, enhanced government funding, and robust infrastructure developments create an ideal environment for the expansion of event management enterprises in the UAE, contributing to the growth of the corporate segment of the global Event Management as a Service market.

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Research Analysis

The Event Management as a Service (EMaaS) market is experiencing significant growth due to various factors. Corporate spending on events is on the rise, driven by the understanding that well-executed events can boost brand awareness and customer engagement. Shifting customer preferences towards virtual and hybrid events are also fueling the market’s growth. Sustainability initiatives and regulatory compliance are becoming increasingly important considerations in event planning. Emerging markets and regulatory restrictions present both opportunities and challenges. Economic downturns and seasonality can impact event attendance and budgets. Event management software, digital tools, cloud-based platforms, and mobile applications are transforming the industry, offering event managers specialized tools to streamline processes, increase productivity, and provide informed choices for event organizers. The complexity of events and the importance of delivering an overall excellent experience continue to be key drivers. Blockchain technology and data-handling attributes are gaining attention for their potential to enhance security and streamline event operations. Opinions and behavior of attendees continue to shape event strategies, with a focus on providing informed choices for future events.

Market Research Overview

The Event Management as a Service (EMaaS) market is experiencing significant growth due to corporate spending shifts, changing customer preferences, and sustainability initiatives. Regulatory compliance, economic downturns, seasonality, security issues, and environmental factors also impact the industry. EMaaS offers various tools such as event management software, digital tools, cloud-based platforms, mobile applications, and specialized tools to manage the complexity of events. Event strategies, productivity, and engagement are key considerations, with blockchain, functionality, and security being essential features. Small businesses with tight budgets benefit from EMaaS, while end-user organizations require real-time interaction, personalized experiences, and data-handling attributes. Assumptions about automation of tasks, email notifications, feedback collection, and training staff are important for effective event planning. Cultural variations and communication hurdles present challenges for planning varied audiences and cross-border activities. New features like gamification, AI-powered chatbots, and social media engagement enhance the overall experience for attendees.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
  • Corporate
  • PO And NGO
  • Individuals
• Type
  • Pre-event Services
  • Onsite Services
  • Post-event Services
• Geography
  • North America
  • Europe
  • APAC
  • Middle East And Africa
  • South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio