Event Management Tools Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Event Management Tools Category Overview

The event management tools category is expected to grow at a CAGR of 14.1% from 2023 to 2030. The North American region accounts for the largest category share, while the APAC region is anticipated to be the fastest-growing region in the forecast period. North America is the most technologically advanced region in the world and possesses numerous medium to large players, which use excellent advanced equipment tools to hold numerous events. The growth of the category in the region is rising due to numerous factors including the increasing number of film festivals, marathons, private events, and athletics events at educational institutions. The U.S. itself holds more than 800 music festivals in a year with millions of attendees attending the events. 

Advanced analytical tools designed for management companies make use of a comprehensive set of methods and techniques to evaluate patterns, recognize trends, resolve problems, promptly forecast future needs, and pave ways based on data and fact-based information. These algorithms help companies make effective decisions using software that utilizes augmented analytics. Integration of data analytics and AI tools further helps them in analyzing patterns alongside providing them with tailored experiences, which allow management companies to widen their network among sponsors, and attendees. Plannernet and Aventri joined to give their clients access to a network of 1,500 professionals in 70 different countries, to help planners find Aventri-experienced meeting and event professionals. AI has helped in automating most complex processes, enhancing security, and helping companies to innovate more in delivering custom experiences to their clients. Stova is one such company that provides an end-to-end complete solution while making use of ML and AI to ease the process and enhance productivity.

The market is fragmented, with the major competitors competing for market dominance. Major companies have joined together to strengthen their market positions along the value chain. The global market has witnessed mergers and acquisitions as well as strategic partnerships to enhance user experiences and provide niche services using technological advancements. In November 2022, Zoom Video Communications collaborated with the U.S.-based leading technology provider for events, meetings, and hospitality, Cvent to provide hybrid experiences for both in-person and virtual events. Companies are tying up with organizations to simplify complex processes. In June 2022, Eventcore, a Seattle-based provider of technology for event registration, was acquired by MeetingPlay + Aventri, a company that specializes in event management solutions for in-person, online, and hybrid events. This merger helped in simplifying the complex registration process and provided a tailored experience for the customers.

The cost of the category depends upon the platform for development, connectivity through GPS, social features, and integration of APIs. Licensing, installation, training, maintenance, and additional custom value-added services further add up to the total cost. Customized event management software can be built between the ranges of USD 20,000 to 50,000 depending upon the varying functionalities. Eventbrite, the world’s largest events marketplace, price goes up to USD 159 per month. Cvent Inc. charges around USD 660 per year for providing management software. Zoho Backstage, an all-in-one event software platform, charges nearly USD 300 per month. Prices fluctuate based on the requirement of the client for the event.

Identification of requirements is crucial for category sourcing, followed by research about available suppliers, evaluation of software features, consideration of price, and licensing. Requesting trials and demos and checking for software integration and compatibility is necessary. Ensuring the software requirement matches desired output by identifying the event requirements. A well-rounded assessment is required by examining the needs through IT personnel, data experts, and category professionals. Depending upon the requirement, various software is available like Eventbrite for ticketing platform with a small budget, Swoogo for virtual, hybrid, and live events, Rainfocus for virtual events, Aventri and Cvent for larger budgeted events, and Brella for increasing networking and integrating full-scale software. 

Event Management Tools Procurement Intelligence Report Scope