The global event management software (EMS) market will rise at a compound annual growth rate (CAGR) of 8% between 2016 and 2020, reaching $8.66 billion, according to a recent report by Technavio Research.

The increasing number of corporate events and meetings is the major growth factor for the market, the firm says. EMS helps companies identify the target audience, find venues, design concepts, plan logistics, create online registration and feedback forms, and coordinate with the technical team.

The majority of the demand for event management applications is in the Americas, which accounts for about 60% of the overall market share. The U.S. is the leading revenue-contributing country, due to an increase in the number of conferences and meetings.

“Enterprises across the globe are adopting cloud computing and cloud-based services for their business needs, owing to the cost-effectiveness of cloud solutions,” Amrita Chaudury, lead analyst, ICT at Technavio, said in a statement.

“Cloud-based services have several benefits such as rapid scalability, easy access, uninterrupted service and high security,” Chaudury said. “With the advent of cloud computing, companies are trying to shift their data to hosted systems. Organizations prefer cloud software models over on-premises models, and this is expected to propel the growth of the market during the forecast period.”

EMS software is also used for conducting sporting events and managing activities such as tracking logistics, placing reminder calls to participants and investors, and managing schedules.

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