- Virtual event platforms are used to make new connections for business. Virtual event platforms are easier to host and attend. They deliver a greater return on investment (ROI), as they require less of a budget.
- Events or functions are considered an essential and useful way of communication between clients and companies. Companies, universities, governments, public/private associations, agencies, and hospitality sectors conduct events regularly, which can accelerate the growth of the virtual event platform market.
- Virtual events are emerging, especially as the world continues to deal with the novel coronavirus. The current technology has made it possible for firms to host astonishing online events, which can rival in-person versions. Which benefits the both attendees and event planners during the COVID- 19 outbreak. This has triggered the growth of the virtual event platform market during the COVID- 19 outbreak. Furthermore, the virtual event platform market is witnessing higher demand as most companies have adopted the Work-From-Home (WFH) policy owing to the lockdown imposed by COVID-19. Stay-at-home measures have resulted in increased opportunities for industry participants, as corporates are extensively using video conferencing and other communication platforms for business and client meetings, which in turn has enhanced the demand for virtual event platforms across the world.
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Global Virtual Event Platform Market: Key Drivers and Restraints
- The growing popularity of Unified Communication as a Service (UCaaS) among enterprises, corporates, education institutes, and various other organizations across industries is expected to drive the virtual event platform market during the forecast period.
- For instance- the U.S. based non- profit organization, the Internet Corporation for Assigned Names and Numbers (ICANN), engaged in the maintenance of numerous databases, shifted from an in-person to a virtual event to ensure continuity of its business process during the COVID-19 pandemic. The live gathering was organized by Pathable, Inc., a U.S. based provider of online and web apps for events.
- Rising adoption of virtual event platforms in the healthcare industry to conduct medical conferences and seminars is expected to enhance the demand for virtual event platforms. In addition, the healthcare sector has witnessed the highest ever peak in webinars and digital meetings during the Covid-19 pandemic, which subsequently fuels the growth of the virtual event platform market.
- Technologies such as AR and VR are boosting the demand for digital events as they allow 3D live streaming, encouraging the growth of the virtual event platform market.
- Increasing use of virtual event platforms in small & medium enterprises and large enterprises for businesses to communicate frequently with distantly located service providers for data sharing, training, and discussion meetings is expected to accelerate the growth of the virtual event platform market.
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North America to Account for Major Share of the Global Virtual Event Platform Market
- In terms of region, the global virtual event platform market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is anticipated to lead the global virtual event platform market, due to the stable economy, technological enhancements, and advanced infrastructure in the U.S and Canada, which in turn is expected to accelerate the growth of the virtual event platform market in the region.
- The virtual event platform market in Asia Pacific is expected to hold significant share due to a vast and rising consumer base and increased adoption of digital platforms for communication purposes in developing countries such as China and India. The Asia Pacific region is expected to witness huge adoption of the technology, aided by high-speed 5G network deployment, which in turn enhances the opportunity for virtual events.
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