(EMAILWIRE.COM, October 23, 2019 ) MarketsandMarkets expects the Event Management Software Market to grow from USD 5.7 billion in 2019 to USD 11.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 15.0% during the forecast period. Major factors expected to drive the growth of the Event Management Software Market include rising demand for event automation among marketers, the growing use of social media for event marketing, increasing demand to capture actionable business insights from events, and increasing adoption of advanced data analytics solutions.

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Event management software helps enhance the quality of events and provides enhanced visibility for event organizers. Managing events require many hours of hard work of the existing resources; therefore, to streamline the planning, scheduling, and event marketing processes, various organizations are opting for the event management software, which helps them in facilitating reliable and outstanding services to the attendees and customers at a lower cost.

Why use of AI and machine learning in event management to provide more opportunities?

AI and machine learning technologies facilitate organizations to enhance their business processes and improve their attendee experiences. AI offers organizations several benefits, including personalization, interface-less experience through chatbots, and data protection and integrity. Machine learning enables event organizers to predict the sentiments and preferences of attendees, thereby helping them in attaining a competitive edge in planning and effective decision-making. Furthermore, it can facilitate venue hunting and selections based on organizers’ preferences and history. It also enables organizations to tag, curate, and categorize large amounts of content generated throughout the life cycle of an event.

The event organizers and planners end-user is expected to be the fastest-growing in terms of the adoption of event management software during the forecast period. Event organizers and planners help organizations to develop and quickly plan events managing various aspects of events, such as invitations, registrations, organizing housing and travel preferences, and collecting payments. They manage entire activities of hosting a successful event for its clients from planning to marketing and executing.

The SMEs segment is expected to grow at a higher CAGR during the forecast period. Organizations with less than 1,000 employees are categorized as SMEs. SMEs face some specific challenges, such as the requirement of domain-specific personnel and skilled workforce, budget constraints, and limited economies of scale. The increased competitive market scenario and brand marketing have encouraged the SMEs to invest in the event management software and services to reach out to more prospects and participants, and effectively host events for their business growth. The increasing usage of cloud-based offerings among various organizations has led to the implementation of event management software among SMEs as well to reduce their IT infrastructure cost and focus on their core activities.

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