Event tech market set to double over five years
The global event management software market is set to double in around five years, according to a new report .
Our latest Chart of the Week highlights ReportLinker research which shows that the market size is projected to increase from $7 billion to $14.1bn at a CAGR of 14.9% between 2021 and 2026.
Segment-wise, services are expected to record strong growth in the period. This is due to the rising demand for professional services needed for deployment, integration and maintenance of the software.
The event tech market is projected to double in around five years. Our weekly chart analyses this stat and how it would affect future event strategies.
The cloud segment is also anticipated to rapidly grow on demand for flexible, scalable event management solutions using cloud-deployed connectivity. Participants profiled in the report include event management software vendors from across the globe.
The region split was: North America – 38%, Europe – 26%, Asia Pacific – 18%, Middle East and Africa – 10% and Latin America – 8%.
What’s behind the figures?
Companies were using event software to host conferences, exhibitions and trade shows even before Covid-19. But many still depended on manual processes to get by.
The ensuing digital transformation changed the industry landscape. Tech-based solutions became commonplace – whether you were organising purely virtual events or implementing hybrid show strategies.
With the return of in-person events, most organisers have permanently shifted to online event management platforms to run live shows. New and existing vendors are also bringing innovative solutions to address audience demands for richer and more connected experiences.
It means the event management software industry is growing at a rapid pace. This trend is expected to continue in the future as businesses look for ways to create tech-enhanced shows.
What does it mean for organisers?
The ROI of face-to-face events is undeniable. People are keen to meet each other again in person but also want the experience to be more valuable than before.
The experiment with online tools and technology to improve interactions, networking, content sharing and lead generation has been a remarkable success. Attendees, exhibitors and sponsors want digitally-infused tangible event journeys and touch points that will provide them the best of both worlds.
These Smart Events are quickly becoming the template for future shows to drive ROI and revenue for businesses. It’s imperative for organisers to reshape their strategies to prepare for Smart Events.
The first step is to understand what smart shows are all about – read our complete guide to get started. It’s also crucial to be aware of the Smart Event tools that can enhance the live experience. Download our checklist and get a quick overview.
We hope you enjoyed reading this article and found it useful. At ExpoPlatform, we want to help you build better events and communities. Please get in touch and ask for a demo here. Thank you.
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