Event Management Software Market
The Event Management Software Market is projected to reach USD 3,902 million in 2027, exhibiting a CAGR of 13.5% over the forecast period. This huge growth is attributed to the increasing usage of EIA software for email retention and compliance and data reduction capabilities across content indexing, types, and retention management.
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Event Management Software Market Dynamics
The event management market is expected to witness a substantial growth over the forecast period. The rising number of cultural events, such as social service, events, and charity events by small and medium sized enterprises, growing internet connectivity, and the evolving need for software solutions that can ease the management of events are some of the major factors driving the event management software market size. Markets are prioritizing harness of data to get actionable insights. In order to use data and business insights the event management software needs to get incorporated with marketing automation software, payment gateways, and accounting software. It enables the organization to spot the entire lifecycle of the events with their business goals, thereby easing Chief Marketing Officers (CMOs) with key business awareness from the data collected through different business events. Furthermore, the coronavirus largely influenced the live shows and events. For instance, according to the Event and Entertainment Management Association (EEMA), the Indian live events industry incurred a loss of INR 3,000 crore during lockdown.
However, lack of product knowledge in developing countries due to insufficient competence and the growing risk of cyber-attacks endangering the privacy and security of the data will restrain the market growth. Moreover, companies find it difficult to incorporate the software with fundamental business systems, which is restraining the event management software market growth.
Regional Drivers
Geographically, the North America is projected to hold a larger share during the forecast period. The software is being adopted for the marathons, film festivals, sports events in educational institutions, and private events. As per Billboard, more than 800 annual music events were hosted in the US alone, captivating nearly 32 million attendees. Also, these events require a systematic management which will further drive the market growth. However, the coronavirus hampered the market due to the cancellation of events.
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