The global Event Management Software Market to grow from USD 6.10 billion in 2018 to USD 10.57 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.6% during the forecast period.
The Asia Pacific (APAC) region is expected to grow at the highest CAGR in the global Event Management Software Market during the forecast period. The region comprises key economies, such as China, India, Japan, Singapore, Malaysia, and Australia. APAC is projected to witness the highest adoption rate of event management software and services, owing to the presence of a large number of Small and Medium-sized Enterprises (SMEs), which are inclined toward the adoption of cloud-based event management software. The increasing adoption of cloud technologies and the presence of a broad customer base are driving the adoption of event management software across enterprises in APAC.
In the end-user segment, the third-party planner segment is expected to be the fastest growing in terms of adopting event management software and the associated services during the forecast period. Third-party planners help organizations develop and quickly plan events to manage various aspects, such as invitations, registrations, organizing housing and travel preferences, and collecting payments. They manage all the event activities and deal with everything, ranging from planning to marketing and executing the event.
The cloud deployment type is expected to grow at a higher CAGR during the forecast period. Many companies are deploying event management software and solutions in the cloud to improve the mobility and decentralize the data storage and computing. Security is a critical issue that restricts the adoption rate of cloud-based solutions; however, this issue is gradually being eradicated through rigorous security tests conducted with the highest standards by third parties. Due to these advantages, many vendors are switching from the on-premises deployment type to Software-as-a-Service (SaaS)-based solutions.
The SMEs segment is expected to grow at a higher CAGR during the forecast period. Organizations with less than 1,000 employees are categorized as SMEs. SMEs face some specific challenges, such as the need for domain-specific personnel and skilled workforce, budget constraints, and limited economies of scale. The increased competitive market scenario and brand marketing have encouraged the SMEs to invest in event management software and services to reach out to more prospects and participants, and effectively host events for business growth. The increasing use of cloud-based offerings among various organizations has led to the implementation of event management software among SMEs, resulting in reduced IT infrastructure costs increased focus on core activities.
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