Is #eventtech in a bubble?
India-based ReportsNReports has published a new commercial analysis paper suggesting that the global event management software (EMS) industry is set to continue growing, but only by 8.42% year on year, between now and 2020. This figure seems small and is in direct contrast to the same analyst’s earlier report (‘Global Event Management as a Service Market 2015-2019’), which stated a 23.45% compound annual growth rate for the broader industry in an almost identical period.
This implies that the report sees #eventtech growing at a third of the rate of the wider events business. The reason for this deflated prediction seems to be one of focus – the new report looks specifically at software: “to calculate the market size, the report considers the revenue generated from the subscription of event management software and its maintenance”.
The Guide to Events hasn’t seen the full report (which costs $2,500 to download), but it claims to cover “the market landscape and its growth prospects over the coming years”, with discussion of the performance of key vendors including:
This prediction may or may not be accurate (or biased), but it raises interesting questions about whether #eventtech is operating in a bubble. It would be unusual for any industry at the moment to anticipate slower growth in its technology innovations than in the main bread-and-butter business those innovations seek to disrupt. Certainly, with the rapid growth of events like the Event Technology Show, it would seem that we are on an aggressive upwards swing. With event managers being famously late adopters to technological advancements – indeed many of them only just starting their technology journeys – we suspect it is too early to accurately predict how the market will grow.
Featured image credit: See-Ming Lee