The Event Tech Market in 2024

In the wake of the Covid pandemic, the event technology industry experienced a meteoric rise, driven by the urgent need for virtual solutions to replace in-person gatherings. Thankfully, the Covid pandemic subsided, and in-person gatherings returned. This was disastrous for the event tech world, particularly the companies that could provide adequate tools to support virtual events. The bubble burst, leaving many companies searching for ways to reignite the fire around event technology.

Hopin was once hailed as the fastest-growing company in the world, with a peak valuation of $7.75 billion. In August last year, it sold its event tech platform to RingCentral for just $15 million. In April, it sold the remainder of its assets to Bending Spoons, marking the end of an era for a company that had captured the industry’s imagination but ultimately couldn’t sustain its momentum.

Furthermore, Intrado’s decision to offload its virtual platform to BrandLive and WebEx’s divestment from the events industry reflects a broader trend in the industry. When major players shift their focus away from event technology, it signals that business is not going their way, but it also allows smaller companies to grow their market share.

Stability Enbles Growth

In contrast, the largest event tech providers remain stable and continue to grow their business. Cvent stands above all others, with 4,800 full-time staff focused on event technology. It has been one of several mature event tech companies for over two decades.

While newcomers are still emerging and bringing with them innovative approaches, it’s mainly the long-standing event tech providers with at least a decade of experience that have the largest market share. Long-standing companies, with solid client bases continue to prosper, even though they may no longer be the center of attention for tech investors.

Despite the challenges and changes, the event technology industry stands strong, demonstrating its resilience. The latest Skift Meetings Event Technology Almanac 2024 features 85 event tech companies. Among them, 95% are experiencing stable or increased demand for their services compared to last year. Despite the reality of increased competition, this positive outlook, with 30% of companies reporting a rise in competitive pressures, instills a sense of hope and optimism for the industry’s future.

One key trend from the report is the predominance of in-person events among industry players. Three-quarters of companies featured in the report focus primarily on in-person gatherings, with hybrid events incorporating virtual components gaining traction. While virtual events remain a minority, companies specializing in virtual experiences are finding opportunities to support hybrid events or expand their offerings.

Looking Ahead

As the dust settles on the event technology landscape post-pandemic, questions linger about the industry’s future direction. Will the wave of acquisitions and consolidations stifle innovation, or will new players emerge to disrupt the status quo? How will companies adapt to the shifting demands of event planners and attendees in a post-pandemic world?

The rise and fall of event tech unicorns are a stark reminder of the volatile nature of the event tech market, where success can be fleeting, and adaptability is key to survival. This awareness of the industry’s current state prepares the audience for the challenges and changes they may face.

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