Technavio: Increase in corporate events to drive global event management as a service market

by Brianna Crandall — April 17, 2015—Technavio, a tech-focused research firm, has published a new report on the global event management as a service market. The report predicts the market will be driven by an increase in the number of corporate events, which are typically organized to launch new products, celebrate the success of a particular product or service, or for lead nurturing and generation.

The market is expected to grow at a compound annual growth rate (CAGR) of 23.45 percent from 2015 to 2019. The major challenge to the market is identified as uncertainty over a company’s return on investment (ROI).

Event management software

Technavio explains that event management software is used for managing and coordinating professional and academic conferences, exhibitions, and shows. Its applications include online registration, online payment, venue selection, procurement, sourcing, paper management, exhibition management, content management, and booking and billing. The software also enables on-site operations such as registration and billing of supplies.

This software helps maintain the quality of the event and provides complete visibility of all the events to customers, adds Technavio. Nowadays, event management software is offered as a service by many vendors. It helps track and access data easily. Also, these service offerings help vendors connect with the social media and other marketing tools.

“Organizations use event management software to reach a maximum number of viewers or attendees, ensure efficiency and cost-effectiveness, and save on advertising costs,” says Faisal Ghaus, vice president of Technavio.

The new report also emphasizes the increased use of events for education purposes. Imparting education through virtual classrooms is a new concept, which is becoming popular not only in traditional educational institutions, but also in training centers with vocational courses.

“Universities are increasingly using event management software to organize events like alumni meetings, education fairs and recruiting fairs,” adds Ghaus.

Event management software can send reminders to students and faculty members, which in turn facilitates the faculty and students connecting with each other on a real-time basis, adds the report.

The 66-page Global Event Management as a Service Market 2015-2019 report is available for purchase from the Technavio Web site.