Organize Big Concerts & Celebrity Gatherings with a Website

Overview	Challenges	Solutions

Overview

The Event Management industry is growing very rapidly around the globe. Whether it is organizing big concerts and celebrity gatherings or trade shows and product launch events, you will need an event management company for sure. The event management industry was valued at $1.1 trillion in 2018 and is expected to grow at a compounded annual growth rate of 10.3%. As per the forecast the industry is expected to be worth $2.33 trillion by 2026.

The event management industry has a lot of potential in the present day and in the near future and in the long run. Many big corporates and established names enter the event management industry, and many have already set their foot deep into the industry. If we focus on how much potential the industry offers, many people are still entering the industry with high hope. We can not let them down for any reason as their high hopes are not wrong in an industry with a market size of more than a trillion-dollar and are growing at a CAGR of 10.3%.

Event management is an extensive industry, and there are many parts of it if you dive a little deeper into it. Some companies might be organizing musical events, corporate events, trade shows, product launches, fundraisers, promotion events, seminars and a lot more depending on what they do. They are all parts of event management. We are also witnessing a boom in small events planning and management companies that organize birthday parties, anniversary parties, festive events, funeral management, small weddings and so on. This segment has made an entry for new bees in the industry a little easier and accessible.

The advantages of these small events are that they do not require a lot of investment and you make very good profits if you are well organized and know how to manage everything properly. This is an excellent way to start and start your journey in the industry. If you know the industry's basics and enjoy your work managing events, you will gradually find your way to become a big player in the market. Event management is an entertaining job if you compare it with any other industry. Your life is not the same every day, and you get to face new challenges every day, and the journey is very enjoyable on its own. You get to meet new people every day, do new things, manage new responsibilities and learn new skills. Certainly, you are never going to get bored in the industry, which is far better than a normal 9 to 5 job for people who don't like that.

Challenges

After the outbreak of Coronavirus and the restrictions on getting out, following social distancing and the fear created from people's gathering, the event management industry has become one of the highly impacted sectors and not at all in a good way. Since people are not gathering and the social distancing norms have created a huge setback for the industry. You can not expect a successful event without an audience. The slowdown in business has also been a major setback to the event industry as many big corporates have cut down their promotional budget. You can see the reflection on the event industry of the same.

Before we discuss the impact of Covid-19 on the event management industry, let's understand how important is the event industry for the global economy.

As per the research by Global Economic Significance Of Business Events Study which was commissioned by the Events Industry Council and conducted by Oxford Economics in 2018:

The total number of people participating in business events annually is 1.5 billion.
The direct and indirect spending from business events is $2.5 trillion.
The number of people working in the industry is 26 million.

The event management industry's worth is more than the total GDP of many countries in the world, and more than 26 million people depend on the industry directly and indirectly. After the outbreak of Covid, when the government forced restrictions on gatherings and events, the industry went from a trillion-dollar industry to obsolete in no time. Although as things are getting back to normal and the restrictions are being lifted the industry is starting to function slowly, but it is not back to normal yet, and we are not even expecting it to be on track in the coming few months. Since we have seen so many successful trials of the vaccines, we can expect things to be better in the period of 5-6 months, but we need to be sure that everything is not going to be like it was earlier in the pre-covid era.

Although the event management industry has faced a slowdown and things have been tough for people working in the industry, we have seen a massive boom in a new segment of the online event management segment. It has been very tough for people to stay at home all day long in their homes during the lockdown, and attending events was not possible at all. This gave an opportunity for digital entrepreneurs to create a platform where people can attend events online right from their home. The concept of virtual events was well accepted, and we have seen outstanding growth in the industry very fast. In 2019, the market size of virtual events was valued at $77.98 billion, and it was expected to grow at a compounded annual growth rate of 23.2%. The industry of virtual event management is expected to be worth $774 billion by 2030.

All this denotes that even after the post-covid era, virtual events will remain a prevalent option. They require fewer resources and costs and people can easily access the events from anywhere. The participants do not need to travel anywhere, and the organizers do not need to organize separate events for different locations. This is the biggest challenge in front of traditional event organizing companies.

Solutions

The challenges in front of the event industry can easily be solved with the help of technology. The event management companies have already been using technology to make their events more appealing and advanced. The big players in the industry already have access to advanced technology. Still, the industry's small companies face challenges in upgrading to the advanced technologies as they can not afford to pay more after the loss they already faced during covid.

At e-GSS, our professionals have helped many small and medium event management companies with the technology advancements they needed. You can also be benefited from the world-class services of e-Global Soft Solutions and take your event management business to the very next level. We understand your challenges and deliver you the solution that best meets your requirements. Whether you need a professional website or a custom CRM software for your business, or you need to promote your event on the web with the help of our digital marketing team, we are here to give you the best solution for your business.

Our professionals work closely with you to monitor the challenges you are facing. They help you find the solution for your business in the most efficient way possible. When our expertise and experience combine with your willpower and efforts, we can assure that your growth will not stop no matter the challenge that comes in your way. We are here to provide you with the best solution to all your challenges regarding software and technology.

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