A recent market report valued the conference management services software at US$6.89B for the year of 2017, and predicted that the market will reach a total value of US$12.51B by 2023, with an average CAGR of 10.45% over the reports’ forecast period.
The globalization happening across the world has resulted in an increase in international and national conferences, trade shows and other events, which has strengthened the event management market, including conference management services, as well as the software side of the market, which has grown into a multi-billion dollar industry across the world.
The research reports look into the market, studying its value, and making predictions on the market’s future. According to the paper, the emergence of big data analytics, which has become one of the biggest corporate phenomena in the earlier years of the 21st century, has been great for event and conference management software. According to the report, event and conference software can easily turn consumer data into important insights that decisions can be based off of.
Software is used not only to help manage events, but also build customer databases, which can help the marketing team to find prospective opportunities, verify customer payment histories, and other important customer services.
In terms of regional markets, the Asia-Pacific is one of the key players, and, according to the report, the market is expected to remain one of the biggest regions in the EMS market. This, the report says, is due to the increased in meetings held in Asia-Pacific countries. This increase will continue throughout the report’s forecast period of 2018-2023, as companies seeking to take advantage of the corporate meeting environment in the Asia-Pacific. Additionally, APAC summits in the region, such as Hong Kong’s APAC Innovation Summit, also help with the market’s growth. The region’s market is expected to grow by a CAGR of 17.68%, over three years.
The research, handled by Market Insights Reports, covered the following regions:
- United States;
- North America (Canada and Mexico);
- South America (Argentina, Brazil, Columbia, etc.);
- Europe (Germany, France, Italy, Russia and the UK)
- Asia-Pacific ( China, India, Japan, Korea, and Southeast Asia)
- Middle East and Africa (Egypt, Nigeria, Saudi Arabia, South Africa and UAE), followed by the rest of world.