LONDON–(BUSINESS WIRE)–Technavio’s latest market research report on the global event management software market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio analysts, the global event management software market will grow at a CAGR of close to 12% during the forecast period. The rising requirement for low TCO is a major factor driving the market’s growth. For traditional event management software, the total cost of ownership (TCO) comprises the upfront software implementation cost, the software license cost, and the maintenance cost. In event management-as-a-service solutions, cloud vendors are responsible for the maintenance, backup, upgrades, and implementation of the solutions, which reduces the need for internal IT administration.
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In this report, Technavio highlights the emergence of chatbots as one of the key emerging trends in the global event management software market:
Emergence of chatbots
An artificial intelligence (AI)-enabled chatbot can act as an assistant to event organizers. A chatbot may support in an event by different ways such as by answering the commonly asked question by the attendees, collecting their feedback, involving interaction, and delivering customized notifications. A chatbot can be used to inform attendees about any sudden changes in the schedule, the cancellation by a speaker, or the room switches.
A chatbot offers a way to automatically and efficiently communicate with people in a personal and contextual way through instant messaging services. A chatbot is a communication-based AI. Chatbots represent a high level of innovation for brands and event organizers due to their personalized appeal to customers, cost-effectiveness, and data-driven appeal.
“Chatbots are appropriate for events and conference environments as they are easily available by the attendees and offer app-like functions without the need for downloading the app. On the other hand, organizers can use chatbots to deliver mass personalization and save time and money in the process. Thus, in the event management industry, chatbots have the capability to improve the experience of the attendees and provide smarter event management capabilities for the organizers,” says a senior analyst at Technavio for research on enterprise application.
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Global event management software market segmentation
This market research report segments the global event management software market into the following key regions, including the Americas, APAC, and EMEA.
The Americas was the leading region for the global event management software market in 2017, accounting for a market share of nearly 55%. By 2022, EMEA is expected to register the highest growth rate of nearly 3%.
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