A new report released by Technavio, a tech giant in the event management industry, has it that the event management market is expected to grow by 576.5 million dollars from 2024 to 2028, with a CAGR of 12.1% during this period.
According to the report, global corporate expenditure, environmental programs, and legal compliance are all driving changes in the event management sector. To better satisfy client preferences and increase efficiency, event managers are utilising AI, digital tools and cloud-based systems. Limitations notwithstanding, emerging markets have tremendous prospects. Transparency and security are improved by blockchain technology, while event management software and mobile applications provide smooth planning.
Furthermore, the research revealed a significant market trend, showing an impeccable increase in the use of AI and mobile tools. The increased use of smartphones and faster internet connections brought about by 4G technology has led to a preference among customers, shareholders, and employees for social networks like Facebook, LinkedIn, and X (Twitter).
Identified Challenge of the Market
However, the report identified data security as one major challenge faced by the growing market. According to it, due to their affordability and accessibility, several business organisations choose cloud-based solutions over on-premises systems. Nevertheless, because the cloud-based model forces businesses to cede control over their data and move it to the cloud, data security and privacy concerns have many end users worried about the data security regulations governing cloud-based services.
There is a significant chance that cloud-based solutions will experience an information breach, which could lead to data tampering or misuse. Concerns about the lack of transparency surrounding the usage and processing of data are also shared by customers.
The revealed market players in the global event industry
Excitingly, the report also revealed leading market players in the global event management ecosystem, some of which are increasing their presence and impact by using a range of tactics, including collaborations, mergers and acquisitions, product and service launches, and regional growth.
They are as follows;
- Aventri Inc.
- Bitrix Inc.
- Bizzabo
- Arlo Software Ltd.
- Active Network LLC
- Certain Inc.
- Cvent Inc.
- Event Temple Labs Inc
- Eventbrite Inc.
- Fortive Corp.
- Glue Up
- Hopin
- New Work SE
- RainFocus LLC
In conclusion, The report highlighted the significant use of AI in major areas such as guest registration, payment platforms and data analysis. In addition there is an increase in the frequency of meetings and conferences needing AI powered tools thereby expanding the market and necessitating scalable event management processes.
Technavio is a leading market research with a global edge looking to helping companies, organization and executives become better equipped, and to make choices more quickly, sensibly, and successfully.
