DUBLIN–(BUSINESS WIRE)–The “Event Management Platform Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Component, Deployment, Application, End-user” report has been added to ResearchAndMarkets.com’s offering.
The event management platform market was valued at US$ 31,236.76 million in 2022 and is projected to reach US$ 60,011.52 million by 2028. It is expected to grow at a CAGR of 11.5% from 2022 to 2028.
In North America and Europe, the event management platform market growth is increasing due to a rising tech-savvy population, high internet penetration, and better internet connectivity, which has resulted in an enormous usage of event management platforms. Moreover, the uptake of advanced data analytics in event management platforms boosts the market growth in these regions; therefore, the demand for event management platforms increases.
The event management platform market growth in APAC increased due to the rapid adoption of advanced technologies in countries, such as China and India. Government initiatives to promote the digital infrastructure are boosting the adoption of event management solutions.
The region has an extensive customer base for many industries, resulting in the need for brand marketing activities to reach out to potential clients. Event management platforms are becoming more popular in APAC due to the growing internet penetration and fierce competition between companies and organizations expanding their businesses in the region. Thus, these factors create a huge opportunity for event management platform market growth.
In MEA and SAM, the event management platform market is growing due to factors such as the integration of gamification and advanced virtual reality techniques in event management platforms for engagement of the audience, adoption of technologies, such as machine learning, artificial intelligence (AI), and the Internet of Things (IoT) in event management platforms. Thus, these factors are expected to provide lucrative opportunities for the event management platform market during the forecast period.
Furthermore, the event industry in North America is undergoing one of the most significant transformations in its history. The COVID-19 pandemic has been significantly boosting the events industry due to technological innovations. With the emergence of cutting-edge technology, conference/seminar events have been revolutionized.
Previously, all event planners only required an overhead projector. However, wireless connectivity has become critical for the growth and efficiency of businesses in North America. Furthermore, LCD projectors, video conferencing, and quick notebooks are the new standard for corporate events in the US. Hence, the growing transition of the event industry is anticipated to offer lucrative opportunities to the event management platform vendors.
Factors, such as a growing inclination toward global virtual events and a surge in industrial webinars influence the event management platform market. Further, the gamification of events to engage a larger audience and the emergence of advanced technologies are among the factors contributing to the event management platform market growth. However, the problems associated with event management platforms are restraining the event management platform market.
As significant resources are necessary to arrange corporate events, the growing government investment and other industries’ expenditure on the event industry are driving the North American event management platform market throughout the forecast period. Companies across the region attempt to harness information for valuable insights as competition is high in the event management platform market.
Furthermore, to use data, event management software providers are integrating their tools with various enterprise systems, including collaboration platforms, customer relationship management (CRM), marketing automation software, and payment gateways. Such technologies assist organizations in capturing and analyzing attendees’ behavior, allowing them to make more effective business decisions.
Active Network; Arlo; Attendify; Aventri; Bizzabo; Cvent; Event Espresso LLC.; Eventbrite, LLC; Grenadine Technologies Inc.; and Zerista, Inc. are a few key event management platform market companies operating in the North American event management platform market.
Gamification is the process of creating game-like systems around content, such as by creating teams, rewarding points for tasks, and tracking completion. Organizations across various industries are focusing on gamification to create high-quality experiences through events. Event organizers are using gamification as a tool to boost the engagement of attendees. Event gamification is the creation of game mechanics that provides attendees an edge by offering a unique event experience.
Event gamification enables organizers to attain event goals and create a fun-filled memorable experience for event attendees. It works based on accessing attendees’ emotions and offers various benefits, such as creating a relaxed atmosphere for attendees, boosting attendees’ confidence, making communication easy and effective, and generating a common purpose.
The event organizers use various gamification methods, including social media engagement, networking games, question and answer engagement, and teamwork games. Any event management platform can perform event gamification. For instance, Glue Up offers an event gamification tool in their event management software.
Event gamification is the creation of game mechanics that gives the company an edge by offering a unique virtual event experience. Thus, event gamification is expected to create opportunities for market players with the rising number of global events.
Key Market Dynamics
- Growing Inclination Toward Virtual Events
- Surge in Industrial Webinars
- Challenges Associated with Event Management Platforms
- Gamification of Events to Engage a Larger Audience
- Emergence of Advanced Technologies
- Active Network, Llc
- Aventri, Inc.
- Bizzabo, Inc.
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