What Is The Definition Of The Global Association Management Software Market?
Association management software refers to an all-in-one software solution designed to equip professional and trade associations with the essential features needed to efficiently operate their organization. This software streamlines organizational processes such as member renewals, revenue tracking, and analytics reporting, facilitating efficient management of the membership pipeline throughout the entire member journey for medium to large associations.
Association Management Software Global Market Report 2024 provides data on the global association management software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Association Management Software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Association Management Software Market Size Expected To Expand, And At What Annual Growth Rate?
The association management software market size has grown rapidly in recent years. It will grow from $2.01 billion in 2023 to $2.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to demographic shifts influenced market dynamics, globalization reshaped economic landscapes, social and cultural movements shaped societal attitudes, and increased political events. The association management software market size is expected to see rapid growth in the next few years. It will grow to $3.90 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to shifting consumer preferences, geopolitical tensions, workforce dynamics, climate change, and sustainability initiatives. Major trends in the forecast period include digitization and telemedicine adoption, e-commerce platforms, remote work, virtual collaboration tools, and the adoption of AI.
What Are The Key Drivers Fueling Growth In The Association Management Software Market?
The increasing adoption of cloud-based technology is expected to propel the growth of the association management software market going forward. Cloud-based technology refers to computing resources and services accessed over the Internet, allowing for scalable and flexible storage, processing, and software delivery. There is a growing adoption of cloud-based technology due to several factors, including its cost-effectiveness, scalability, and the ability to access resources from anywhere. Cloud adoption in AMS enhances efficiency, accessibility, and scalability to streamline association management operations and deliver value to members more effectively. Cloud-based association management software takes care of software updates, patches, and maintenance tasks without requiring manual intervention from IT staff. For instance, in April 2023, according to a survey of around 750 IT professionals and executive leaders conducted by Flexera, a US-based computer software company, 87% of respondents reported having a multi-cloud strategy, and 72% are taking a hybrid approach by combining the use of both public and private clouds. Furthermore, the amount that small and medium-sized businesses (SMBs) spend on cloud services shows a significant increase, with 52% spending over $1.2 million in 2022, up from 38% reported in 2021. Therefore, the increasing adoption of cloud-based technology is driving the growth of the association management software market.
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What Are The Principal Market Segments In The Global Association Management Software Industry?
The association management software market covered in this report is segmented –
1) By Type: Cloud, SaaS, Web
2) By Segment: Member Data Management, Event Management, Finance And Billing, Communications, Reporting And Analytics
3) By Application: Windows, Android Native, iOS Native
4) By Enterprise Size: Small And Medium-Size Enterprises, Large Enterprises
Which Emerging Market Trends Are Altering The Association Management Software Sector?
Leading companies in the association management software market are providing advanced solutions, such as conversational AI, to deliver personalized support and enhance member engagement. Conversational AI tools enable natural language interactions between members or stakeholders and the software platform. For instance, in March 2024, Impexium, a US-based provider of association management software, introduced Impexium Talk (I-Talk), a conversational AI solution that allows association executives to interact with their management system using natural language. This tool improves member support and access to core functions, leveraging advanced natural language processing (NLP), machine learning, and large language model technologies (LLM) to make interactions intuitive and efficient. The growing focus on conversational AI is expected to drive the association management software market, with market sizes anticipated to reach $S billion in 2023, $T billion in 2024, and $U billion in 2028.
What Is The Leading Region In The Association Management Software Market?
North America was the largest region in the association management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the association management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
