It’s a new decade, and the event management software industry is booming. An increase in the number of large events and attendees — coupled with the rise of online, app-based technologies — has contributed to higher standards in the event planning market. This has resulted in an increase in the number of event software platforms, particularly those that can be used on mobile devices. Among the event industry trends 2020 is showing on the horizon, event management software market growth is perhaps the most marked. In this guide, we dive into event management software growth while touching on several other event trends for 2020.
The Growth of Event Management Software in the New Decade
In today’s tech-driven world, it’s not surprising that the event management software market is growing. As more people take to their laptops and mobile devices to solve problems — and as data becomes increasingly valuable — it’s only natural that event management should move into a realm governed by CPU rather than filing cabinets and paper.
So, just how much is the event software market projected to grow in 2020 and beyond? A study conducted by Mordor Intelligence valued the event management software market at $8.144 billion in 2019. That same study projected the event management software market to reach $14.94 billion by 2025, with a compound annual growth rate (CAGR) of 10.65% over the next five years. To sum things up: the event management software market is poised to grow roughly 40% in the next five years.
From a general perspective, the remarkable growth can be linked to the rise of technology-based goods and services across all markets. That said, the Mordor Intelligence study provides some more nuanced insights into why event management software growth has become one of the biggest event trends for 2020. Among these is the usefulness of mobile applications in the event setting. Mobile apps allow for event planners, speakers and attendees to stay up to date on everything in real time.
As the event app market size grows, so does the list of event app features. Mordor Intelligence observes that today’s top event apps include geolocation and RFID technology to intelligently interact with attendees as they move around an event venue. QR codes and iBeacons are also being used to collect massive amounts of data, which event organizers can sell or use to plan better events going forward.
Event Management Software Growth: A Regional Perspective
Events happen everywhere, but event management software has taken hold in certain areas more than others. The largest market is in North America, which is predicted by Mordor Intelligence’s study to hold roughly half of the market value through 2025. However, the same study identified Europe, Asia and Oceania as high-growth areas for event management software, while North America and South America were identified as mid-growth areas. In terms of market concentration, Mordor Intelligence has placed the event management software market squarely between the consolidated and fragmented extremes. While there are a few major players with sizeable market control, a large number of startups and smaller companies offer unique features that keep them competitive in the event management software market.
Additional Event Trends for 2020
Beyond increasing event app market size, there are a number of additional trends that are defining the event industry going into 2020 and the new decade. These include increased personalization through technology and smaller event sizes, an industry-wide move toward sustainability and the use of augmented reality in events of all kinds. We discuss each of these trends in detail below.
Improved Personalization: Smaller Events, Custom Experiences and an Emphasis on Wellness
Event personalization is big in 2020 — and it’s showing up as a prevailing force in several major areas. The first area is event size. A report from Corporate Event News shows that the average attendance for events in 2019 was just under 100 attendees in the USA and Asia, and just under 50 attendees in Europe. Personalization can also be seen in the number of emerging tools designed to deliver better custom experiences. A recent article published in Adweek shows how brands are using artificial intelligence and big data to create better marketing campaigns and build better products while events are making similar moves to create and curate event activities.
Personalization is identifiable in the increasing emphasis placed on wellness and mindfulness by many of today’s biggest events. Perhaps a reflection of the millennial mindset or a customer-first reaction to increased competition, events like Salesforce’s annual Dreamforce are showing out with yoga booths, guided meditation sessions, fun runs and other engaging activities that will drive attendees to post about the event.
A Sustainability Focus
With each passing year, the world’s environmental issues seem to grow — and not in a good way. Many of today’s events have taken notice. Nearly every big-name music festival has a sustainability initiative, which are as much defense mechanisms as they are overt political or social statements.
Put bluntly, events have big carbon footprints. A quick look at data from Green Event Ninjas breaks down the offenders into categories: food and beverage, travel and accommodations are among the biggest carbon emitters. While events can only do so much to stop travel, many have opted for eco-friendly materials and waste-management processes to keep their environmental impacts low. Another eco-friendly move has been for vendors to offer e-receipts or accept mobile tickets in an effort to cut paper waste, as well as offer schedules and maps via an app versus printing out programs.
New Augmented Reality Features
Augmented reality (AR) blends virtual reality with actual reality so users can experience the real world with a little bit of “oomph.” Growing even faster than the event management software market according to data from eMarketer, the augmented reality market is poised to collide with today’s top events. AR can be used to make events larger than life (literally) by helping facilitate interactive product demonstrations, attendee event navigation and networking, decoration and more. Expect to see more AR at events ranging from music festivals and trade shows in 2020 and beyond.
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Event Management Software Market – Growth, Trends and Forecasts (2020 – 2025). Mordor Intelligence. 2019.
Meetings & Events Future Trends Report Predicts 2019 Market Increase. Corporate Event News. October 2018.
Consumers Yearn for Personalization at Events. Are Brands Taking the Hint? Kristen Alexander. Adweek. March 2018.
Day 4 Highlights: Moments of Silence, Empowerment, and the Formula to Happiness. Salesforce. September 2018.
A Revealing Look at the Carbon Footprint of an Event. Green Event Ninjas. April 2015.
Virtual and Augmented Reality Users 2019: VR Slows as AR Grows. Victoria Petrock. eMarketer. March 2019.