According to our latest market study, titled "Event Management Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment, Application, and End User," the market is projected to reach US$ 60,011.52 million by 2028 from US$ 31,236.76 million in 2022. It is expected to grow at a CAGR of 11.5% from 2022 to 2028.
The event industry heavily relies on conferences and events, which can be costly and require extensive travel for both hosts and attendees. As a result, there is an increasing trend towards virtual events, which offer cost-effective and eco-friendly alternatives. The growth of virtual events can be attributed to factors such as urbanization, with many event companies favoring virtual infrastructure, products, and services. Additionally, organizations of all sizes are adopting virtual events for purposes such as event marketing, outsourcing, and analytics, as well as content and social media development. This trend is expected to continue to rise as more organizations realize the benefits of virtual events.
The COVID-19 pandemic has contributed to the widespread adoption of virtual events, as many organizations were forced to cancel or postpone in-person events due to lockdowns and social distancing measures. This led to a significant increase in the number of organizations opting for virtual events, with the use of event management platforms doubling in 2020.
The event management platform is rapidly gaining momentum as a tool for efficiently managing virtual events and facilitating interaction with attendees. One way in which live interaction is ensured during virtual events is through live chats, which enable public and private communication. Additionally, virtual events are utilized to provide information and answer individual questions through live chats. Interactive tools such as attendee polls, forums, one-on-one or small group networking, and live Q&A sessions are also integrated into the platform to improve event efficiency. These platform features are key drivers of growth in the event management platform market.
Impact of COVID-19 Pandemic on APAC Event Management Platform Market
Numerous industries, including manufacturing & construction, tourism, and automotive, were experiencing significant growth before the outbreak of the COVID-19 pandemic. However, these industries suffered substantial revenue losses and contracted in terms of growth due to the pandemic. As a result, many companies across various industries have declared bankruptcy or were compelled to lay off significant portions of their workforce.
The COVID-19 pandemic severely impacted the events industry in the APAC region. In 2020, numerous prominent festivals, sporting events, exhibitions, and concerts were canceled as a measure to control the spread of the virus. For example, the Summer Olympics, originally scheduled to be held in Tokyo, were postponed for the first time in its modern history, with the organizers rescheduling it for 2021, starting from July 23. The postponement of such a high-profile event was unprecedented. As a result, the event management platform market was significantly affected by the pandemic in 2020.
During 2021 and 2022, businesses came up with new and creative ways to bring people together and share experiences while complying with social distancing regulations and guidelines imposed due to COVID-19. These restrictions led people to depend on technology to connect with others and have become a driving force for the rapid growth of companies that facilitate such connections. The event management platform market has witnessed significant growth due to the increase in virtual events such as virtual concerts, virtual runs, and virtual meetings.
The event management platform market is divided into three segments based on components, namely hardware, software, and services. In 2021, the software segment dominated the market and held the largest market share. Additionally, the market is segmented based on deployment, with on-premise and cloud-based options. In 2021, the cloud-based segment had a larger market share and led the event management platform market.
Based on application, the market is categorized into event planning, event registration and ticketing, event marketing, content management, networking management, analytics and reporting, audience engagement and communication, visitor management, venue management, virtual lobby management, and others. The event planning segment led the event management platform market with the largest market share in 2021.
Based on end user, the event management platform market is classified into trade show organizers, event management agencies, corporates, academics, organizations, and others. The event management agencies segment led the event management platform market with the largest market share in 2021.
By geography, the event management platform market is categorized into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America (SAM). The Europe region led the event management platform market with the largest market share in 2021.
Key Findings of Study:
The global event management platform market includes companies operating in a broad range of product portfolios. Each category has some well-established key players. Due to the different markets in which they operate and compete, it is not feasible to determine the top 5 players in the global event management platform market. However, based on several parameters, such as overall revenue, brand image, current events product portfolio, geographic reach, customer base, technology adoption and integration, new product/service/feature launches, partnerships, mergers and acquisitions, and other market-related activities, analysts have listed 5 key players operating at a global level, namely Cvent, ON24, Hopin, Eventbrite, and XING Events. ACTIVE Network, LLC; BigMarker; Aventri, Inc.; Bizzabo; Swapcard; Goldcast; WebEx Events; PheedLoop Inc.; Zuddl; and Airmeet are a few other notable players that are profiled in this market study.
In addition to these players, multiple other leading global, regional and local market players, developing companies, market disruptors, and niche market players were studied and analyzed during the course of this study to gather a holistic view of the market.
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