Government Initiatives and Investments to Create Growth Opportunities for Event Apps Market Players during Forecast Period
According to our latest market study on "Event Apps Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Operating System, Type, and End User," the market is expected to grow from US$ 1,203.89 million in 2022 to US$ 2,648.46 million by 2028; it is expected to grow at a CAGR of 14.0% from 2022 to 2028.
The growth of the meetings & events industry is majorly dependent on the economy, as event spending is reduced due to economic losses. In the US, government initiatives and investments are helping to develop infrastructure and promote new venues for corporate events. According to the independent global advisory firm Oxford Economics findings, face-to-face meetings and events play an integral role in the US economy. The government is investing a huge amount into the meetings & events industry as it is one of the major contributors and supporters of jobs in the US economy. The demand for events and event management applications is high in North America as various associations are dependent on conferences to deliver education, and medical conferences rely on symposiums to share scientific breakthroughs. The Meetings Mean Business Coalition (MMBC), formed during the 2008 financial crisis, emphasizes the important role meetings play in helping people conduct their business. The MMBC and Events Industry Council (EIC) has created extensive protocols to outline best practices to protect attendees and employees in the US. In November 2021, the MMBC and the US Travel Association announced the full integration of the coalition under the US Travel umbrella to strengthen the US events industry. The COVID-19 aid relief and Economic Security (CARES) Act (2020) passed by Congress is also helping the meeting and event organizers through funding programs and assistance. Government officials are hosting business meets and conferences to attract large investments, such as the Select USA—an annual investment summit hosted by the government of the US, to propel the events industry across the region, thereby supporting the event apps market.
Event Apps Market – by Region, 2021 and 2028 (%)
Event Apps Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Enterprise Event Apps, Hybrid Apps, Corporates Meeting Apps, Conference Apps, Trade Show Apps, Festival Apps, and Sports Event Apps), Operating System (iOS, Android, and Web-based), and End User (Event Organizer and Planners, Corporates, Government, Education, and Others)
Event Apps Market Size and Trends | Forecasts 2028
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Source: The Insight Partners Analysis
The presence of a high-tech savvy population in Europe and the increase in penetration of the internet across countries such as Germany, the UK, France, and Russia propel the adoption of event apps across the region. Europe also has several fashion and cosmetic brands that organize events for their brand promotion, which is contributing to the Europe event apps market growth. The event apps market in APAC is expected to grow at a significant rate during the forecast period. The increasing government initiatives to promote digitalization across countries such as China and India are catalyzing the adoption of event apps across the region. The region is also experiencing a rise in brand marketing events by global and local brands, which is further expected to contribute to the growth of the event apps market during the forecast period.
The event apps market is segmented on the basis of operating system, type, end user, and geography. Based on operating system, the event apps market is segmented into iOS, android, and web-based. Based on type, the event apps market is segmented into enterprise event apps, hybrid apps, corporates meeting apps, conference apps, trade show apps, festival apps, and sports event apps. Based on end user, the event apps market is segmented into event organizer and planners, corporates, government, education, and others. Based on geography, the event apps market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. In 2021, North America accounted for a significant market share.
Impact of COVID-19 Pandemic on Event Apps Market
Before the emergence of the COVID-19 pandemic, event apps were widely used due to the growing number of global events. An upsurge in the frequency of corporate meetings, conferences, inductions, music concerts, exhibitions, and sports events is boosting the growth of the global events industry. Furthermore, deploying best-in-class technologies to handle the entire event propels the industry's growth. The growing number of hybrid events is driving the global event apps market. In 2020, the COVID-19 pandemic negatively impacted the event apps market growth due to the cancelation of maximum events globally. The global live events industry lost over US$ 30 billion in 2020 due to the pandemic, including US$ 9.7 billion at the box office, according to the year-end report by the live entertainment industry trade publication Pollstar. Furthermore, the rest of the revenue loss was due to unreported events and ancillary revenues, including sponsorships, ticketing, concessions, merchandise, transportation, restaurants, hotels, and other economic activities commonly associated with live events.
The key players operating in the event apps market include Whova; Cvent Inc.; Evenium; Eventbase Technology Inc.; Livestorm Inc.; Meeting Application; ON24, Inc.; SpotMe; WebEx Events; and Yapp Inc.
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