Virtual event platform allows businesses to make new connections, such as virtual conferences, meetings, virtual sports events, seminars, and online trade shows. These platforms are easier to host and attend. Virtual event platforms enable peer-to-peer interactions and one-to-many interactions for the audiences, exhibitors, presenters, influencers, and brands to communicate. In events and functions, virtual event platforms are regularly used for the communication between clients and companies. The events are conducted by companies, universities, governments, public/private associations, agencies, and the hospitality sector.
The global virtual event platform market was valued at USD 10.37 billion in 2021 and is expected to grow at a CAGR of 13.0% during the forecast period.
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Prominent Key Players – Covered in the report:
6Connex, ALE International, ALIVE, Avaya Inc, BIGMARKER, Cisco Systems, Inc., Cvent Inc., HOPIN, HUBILO, KESTONE, Microsoft Corporation, On24, REMO, vFairs, ZOOM are some of the prominent participants in the global industry.
A web or mobile browser can be used to access these platforms in order to create, host, and manage virtual events. They provide a higher return on investment (ROI) as they demand less money. Virtual event platform combined with artificial intelligence enables businesses to save time, increase productivity, and efficiently improve workflow. Small and medium businesses have widely adopted virtual event platforms for various purposes such as outsourcing and analytics, access management, content and social media development, and event marketing.
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Virtual Event Platform Market: Growth Drivers
The growth of the global virtual event platform market is driven by the growing adoption of digital media marketing platforms to enlarge the audience base, increase in popularity of online streaming, and changing preference toward remote working approaches and cloud services. Also, the rising adoption of virtual event platforms in the healthcare industry, increasing demand for VR and AR technologies across business, and rising digitalization and increase in the work-from-home policy are majorly fueling the market growth. Further, growing technological advancements such as online conferences and software-as-a-service-based virtual events are boosting the expansion of the virtual event platform market. In addition, the demand for live streaming is expected to favor market growth.
Virtual Event Platform Market: Segmentation
- Based on components, the market is segmented into software and services. The software segment is sub-segmented into integrated Virtual Event Platforms and Standalone Software. The services segment is categorized into live event support, post event processing services, event consulting services, and support services. the software segment accounts for the largest industry share during 2021.
- Based on organization size, the market is bifurcated into large enterprises, medium-size enterprises, small enterprises. The large enterprises segment held the greatest revenue share in 2021.
- By end-user segment, the market is segmented into enterprise/corporates, event management agencies, academic institutions, trade show organizers, and others.
Geographic Overview: Virtual Event Platform Market
North America accounted for the highest revenue share in 2021 and is expected to maintain its dominance in the virtual event platform market over the forecast period. This growth can be attributed to technical breakthroughs, stable economies, and advanced digital infrastructure across the U.S and Canada. There is a higher rate of adoption of new and advanced technology in North America. The Asia Pacific is expected to experience the fastest growth owing to the increasing awareness of this industry, growing demand to adhere to stringent laws, the rising presence of virtual event platform suppliers, growing government initiative and support, and improving return on investments. In addition, high-speed 5G network deployment is expected to create a lucrative opportunity for virtual events.
COVID-19 Impact
The COVID-19 pandemic forced companies to conduct virtual marketing meetings in order to avoid social gatherings and expand the client base. Firms are looking to invest in IT due to the rapid speed of digital transformation in 2021 and to overcome the problems caused by the emergence of COVID-19. The pandemic has had a positive impact on the virtual event platform market.
Industry Developments
- In 2020, Microsoft Corporation, the software giant, launched Azure Communications Services, a cloud-based communications service.
- In 2020, 6Connex, the leading provider of virtual environments, introduced its inaugural virtual winter event, “Winter Celebration in Virtual Downtown Square.”
Virtual Event Platform Market: By Component Outlook
- Software
- Integrated Virtual Event Platforms
- Standalone Software
- Services
- Live Event Support
- Post Event Processing Services
- Event Consulting Services
- Support Services
Virtual Event Platform Market: By Organization Size Outlook
- Large enterprises
- Medium-size enterprises
- Small enterprises
Virtual Event Platform Market: By End-Use Outlook
- Enterprise/Corporates
- Event Management Agencies
- Academic Institutions
- Trade Show Organizers
- Others
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