All You Need to Know About the Event Planning Software Market
By: Ethan Scott
Time and again, software engineers have been developing products that redefine the way in which businesses operate. The event planning industry, for instance, is no longer limited to drafting elaborate plans and creatives on paper, but has now significantly evolved with the advent of innovative software solutions. The application of these software products extends across the management and successful execution of public, private, corporate, and school events.
The market for these software solutions has undergone considerable change over the past few years and has created many lucrative business opportunities. By outperforming traditional approaches to event planning, these products have established a market of their own. As a result, the global market for event planning software is now expected to reach USD 14.45 billion by 2022. Enterprises that are into event planning are now increasingly utilising these software products to reduce their workload and maximise returns. Keeping in mind the constant pace of evolution in the global technology space, the market for these software solutions is only expected to show further growth.
What is Event Planning Software?
These consist of software solutions for the management of all kinds of events (professional and academic conferences, exhibitions, private, and public events). They take care of functionalities such as sourcing and procurement, delegate and registration management, billing and booking, content management (reviewing, abstracting, and paper management), on-site operations, and venue management, amongst others.
Software solutions for event planning are now available for virtually every need. For instance, Bizzabo is a cloud-based event management solution that provides its users with functionalities such as registration, ticketing, payment integration, session & agenda management, and contacts management. Professional event planners can use Bizzabo to effectively manage their events by using its analytics and reporting functions. Similarly, organisers and planners all over the world use a range of software solutions to simplify the management of a variety of time-intensive tasks.
On a global level, the event planning market can be segmented by deployment mode, components, verticals, and the size of the organisation:
Deployment mode: Based on the mode of deployment, the event software market is segmented into two types: on-premise and cloud. The on-premise software is installed and used on a single machine, whereas cloud-based options need not be installed in a particular computer and can be remotely accessed by anyone.
Components: The market is segmented into services and software, with the software segment is further segregated into event planning, event registration, venue management, analytics software, event marketing, and ticketing. Similarly, the service segment is sub-segmented into professional services, managed services, deployment, and integration.
Verticals: Segmentation by verticals is nothing but the segregation of the market according to verticals where the software solutions are most used. These include government, corporate, education, event planners, third-party organisers, and others.
Organisation size: This defines segregation by the size of the organisation for which the event is being conducted. This is further segregated into small, medium, and large organisations. Segregation based on organisation size is essential as it helps in defining the bandwidth for usage. A small organisation is more likely to organise an event at a smaller scale as opposed to a medium or large-sized organisation. This segregation helps event managers in adopting the software that would best suit their event demands.
Software platforms for event management owe their popularity to a variety of features that make tasks simpler. From streamlining registrations to measuring the ROI, they cater to all the requirements for the entire event lifecycle. They offer solutions for website and banner designs, marketing, and even allow planners to influence people through different social media platforms. Software platforms like Gevme and Insider are also available in the form of mobile apps, thus ensuring better visibility of the event to the audience. When it comes to organising events such as corporate meetings for enterprises, software solutions like Etouches also offer features such as workflow management. They also provide planners with valuable functionalities for venue sourcing, budgeting, and seating arrangement.
The software solutions can also be used for carrying out certain tasks. For example, Eventbee and Ticket Tailor are specifically designed for the creation, management, and promotion of events while also taking care of registration and ticketing. Similarly, Wix and Mobirise offer drag and drop themes for the development of creatives and graphics. For events such as award ceremonies and competitions, software solutions such as Slido and Survey Monkey also help event planners in organising polls and surveys.
The growth of this software market is defined by many factors, including the emergence of new event management techniques. These also include the management of significant data records generated by the growing complexities associated with managing large-scale events. In addition to this, their incorporation on a cloud platform has gained popularity across all business verticals. This is primarily due to their ease of access, greater scalability, ease of deployment, and cost-effectiveness. Large and medium-sized enterprises alike can now install software solutions for event planning on their cloud platforms. Small enterprises, on the other hand, can use the public cloud to derive maximum benefit from these software solutions.
The market has also been fueled by increasing use of mobile phones and social media. As more and more people spend the majority of their free time on their screens, social media acts as a perfect tool to influence people about their benefits. However, the growth of the market is hampered by a relative lack of awareness about software solutions for event planning in developing economies. Despite constant advancements in the sector, the market is still concentrated in countries such as USA, UK, France, Germany, China, Japan, India, and Brazil. The market in these countries is dominated by key software players such as Active Network, Xing Events, LLC, Eventbrite, Lanyon Solutions, Zerista, etouches, etc.
The event planning software market presents tremendous scope for growth. The growing demand for automation in event planning along with the need to derive actionable business insights from events presents new growth opportunities in the market. Since more and more enterprises allocate greater organisational budgets for conferences, meetings, and events, the market for these software solutions have a promising future.