“The global virtual event platform market size to grow at a CAGR of 12.7% during the forecast period”
The global virtual event platform market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.7% during the forecast period, to reach USD 18.9 Billion in 2026 from USD 10.4 Billion in 2021. Key factors that are expected to drive the growth of the market are the increasing adoption of digital media marketing platform to expand the audience base, rise in popularity of online streaming to replace in-person presentation, transition of businesses to remote working approaches, cloud services are gaining popularity in small and medium enterprises and enhance accuracy in collecting customer information. These factors are driving the demand for virtual event platform.
The COVID-19 Impact on the global virtual event platform market
The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic has had a positive impact on the virtual event platform market. The COVID-19 pandemic has enabled transformation of traditional events to virtual events with the help of virtual event platform. The proliferation of remote work environments has shifted businesses to cloud has helped to boost the growth of this market. The unprecedented outbreak of the novel virus sent many businesses scrambling to quickly find a digital platform to avoid physical events, meetings and conferences and ensure business continuity. Virtual event platform supports online meetings and conferences and provide access to business-critical information regardless of location – whether that be in the office or working remotely. Organizations across different end-user industries have been investing and creating essential budgets for improving customer experiences. With virtual event platform acting in the same direction, organizations have been seeking advanced platforms for providing best attendee engagement.
The platform segment is expected to hold at a higher market share during the forecast period
Based on component, the virtual event platform market is segmented into two categories: platform and services. The platform supports recreating in-person event experiences by incorporating emerging technologies such as augmented reality, virtual reality, and 3D simulation to offer virtual communication from remote locations. The platform offers various interactive features including live chat box, live polls, one to one video and audio calls which allows thousands of participants to share information in real-time.
Third party planner segment is expected to grow at a higher CAGR during the forecast period
The third party planner professional planning organizations such as Martiz. The virtual platform has enabled these planners to expand their audience and inclusivity. They also typically save a lot of time on logistics when hosting a virtual event compared to a live experience. Virtual events are approximately 75% less expensive than in-person experiences, as planners typically save money on staff, venue, setup and takedown, accommodations, meals, travel costs, and more. Working with a third-party planner allows platform providers to focus on internal priorities such as driving registration and creating compelling content instead of external priorities including logistics and vendor management. The market has seen tremendous growth of third-party planners adopting the virtual platform, especially after COVID-19 and with new advancements in technology.
APAC to grow at the highest CAGR during the forecast period
China and Japan are the leading countries in the adoption of virtual event platform in the region. This market growth attributes to various factors, including the increasing need to adhere to stringent regulations, growing presence of virtual event platform vendors, increasing government support, growing awareness of virtual event platform utilities, and rising return on investments. Public and private sectors are making heavy investments for managing their vital assets, resulting in the rising demand for virtual event platform solutions and services. The vendors have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and mergers and acquisitions, to strengthen their presence in the virtual event platform market. They have adopted a combination of organic and inorganic growth strategies to expand their customer base and market share. Service enhancements to meet the dynamic needs of the market and partnerships are active strategies implemented by major vendors in recent years.
- By Company: Tier 1–37%, Tier 2–38%, and Tier 3–25%
- By Designation: C-Level Executives–22%, Director Level–45%%, and Others–33%
- By Region: North America–42%, Europe–25%, APAC–18%,and RoW-15%
The virtual event platform market is dominated mainly by vendors such as 6Connex (US), Cvent (US), Hopin (UK), Remo (US), Hubilo (US), Vfairs (US), BigMarker (US), Zoom (US), Microsoft (US), Cisco (US), Kestone (India), Accelevents (US), Whova (US), EventMobi (Canada), On24(US), Vconfex (India), Samaaro (India), Aventri (US), Intrado (US), Bizzabo (US), Airmeet (India), Attendify (India), Splash (US), HeySummit (UK), Pheedloop (Canada), Socio (US), Vconferenceonline (US), SpotMe (Switzerland), Orbits (Australia), Brella (US), Run the World (US) and Event cube (UK).
Research Coverage
The report segments the global virtual event platform market by component, the virtual event platform is segmented into two categories: platform and services. By organization size, the market is segmented into three categories: large enterprises, medium-sized enterprises, and small enterprises. By end user, the market is segmented into non profit, government, education, healthcare and life sciences, third party planner, associations and corporations. By region, the market has been segmented into North America, Europe, APAC, MEA, and Latin America.
Key benefits of the report
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall virtual event platform market and the sub segments. This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. The report would help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, opportunities, and COVID-19 impact.
