From 2022 to 2028, demand for virtual event platforms is anticipated to grow at an astounding CAGR of 16.6%. The market for virtual event platforms is currently valued at US$ 6.78 billion, but by the end of 2028, it is expected to reach US$ 17.05 billion. According to a recent analysis by Future Market Insights (FMI), the market for virtual event platforms will experience astounding development. Different virtual platforms have emerged as businesses transition to cloud computing and augmented reality in the aftermath of Industry 4.0. Their reach has grown even more over the past few months as companies have switched to remote working practises in response to the pandemic issue.
| Virtual Event Platforms Market Size (2022) | US$ 6.78 Bn |
| Estimated Market Revenue (2028) | US$ 17.05 Bn |
| Net Growth Rate (2022-2028) | 16.6% CAGR |
| Market Share of Enterprises/Corporates (2022) | 36.8% |
Recent years have seen a rise in the number of online conferences, trade shows, product launches, and gatherings. The market for virtual event platforms as a whole is made up of numerous integrated platforms, independent programmes, and support services.
With a 36.8% market share, businesses and corporations dominate the global market. The COVID-19 epidemic accelerated the growth of virtual conference platforms as businesses everywhere embraced the trend of remote work and staff members required engaging virtual meeting environments to collaborate and operate effectively.
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Key Takeaways
- Global virtual event platforms market to surge at 16.3% CAGR through 2030
- Prolific expansion opportunities lay in store across the healthcare industry, especially in surgical procedures
- SMEs to make heightened usage of virtual event platforms across the forecast period
- Academic institutions to emerge as extensive virtual event platform end-users by 2030
- Live event support service to register impressive expansion, owing to rising frequency of virtual events
- South Asia & Pacific to be the fastest growing market, India to pivot growth
“Deepening internet penetration globally is prompting solution providers to foray into unconventional markets, thereby expanding their customer base,” infers an FMI analysts.
COVID-19 Impact Insights
The world economy has undergone a profound transformation as a result of the recent coronavirus outbreak. Government-mandated lockdowns have forced firms to adopt work-from-home policies, which has shifted industries to the virtual marketplace.
Global virtual event platforms are anticipated to continue growing rapidly during the pandemic. With meetings and conferences taking place online, large, medium, and small businesses have boosted their spending on cloud and virtual event management tools.
The need for virtual event platforms is expected to grow tremendously, with the education and healthcare sectors set to see the most adoption, predicts Future Market Insights (FMI). People are now able to make appointments with exhibitors, sponsors, and performers thanks to these network-based systems.
Competition Analysis
Prominent players in the global virtual event platforms landscape are: Microsoft Corporation, Cisco Systems, Zoom Video Communications, Cvent, Evenium, SpotMe, Cadence, Cvent Inc, 6Connex Inc. and Hubb LLC among others.
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Multiple strategies, ranging from product enhancements, new solution offerings, collaborations with niche players and strategic acquisitions of smaller players characterize the competitive landscape.
Microsoft Corporation is the leader of the virtual event platforms market, offering a wide pool of cloud-based and conventional communication solutions. In September 2020, the software giant introduced Azure Communications Services, the first fully managed communication platform from a major cloud provider.
Several providers also offer specialized courses on virtual event management platforms. For instance, Cisco Systems provides training courses through its Cisco Networking Academy. It offers specialization in networking, OS & IT, IoT, cybersecurity, programming and infrastructure automation among others.
Recently, in October 2020, Zoom Video Communications delivered its Zoomtopia 2020 keynote address wherein the tech giant unveiled a series of key enhancements of its OnZoom, Zapps, end-to-end encryption and Core UC platforms.
Key Segments of Virtual Event Platforms Industry Survey
Virtual Event Platforms Market by Solution:
- Software
- Integrated Virtual Event Platforms
- Standalone Software
- Services
- Live Event Support
- Post Event Processing Services
- Event Consulting Services
- Support Services
Virtual Event Platforms Market by Enterprise Size:
- Virtual Event Platforms for SMEs
- Virtual Event Platforms for Large Enterprises
Virtual Event Platforms Market by End User:
- Virtual Event Platforms for Enterprises/Corporates
- Virtual Event Platforms for Event Management Agencies
- Virtual Event Platforms for Academic Institutions
- Virtual Event Platforms for Trade Show Organizers
- Others
Virtual Event Platforms Market by Region:
- North America Virtual Event Platforms Market
- Latin America Virtual Event Platforms Market
- Europe Virtual Event Platforms Market
- East Asia Virtual Event Platforms Market
- South Asia & Pacific Virtual Event Platforms Market
- Middle East & Africa (MEA) Virtual Event Platforms Market
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More Valuable Insights on the Virtual Event Platforms Market
Future Market Insights, in its new report, offers an unbiased analysis of the global virtual event platforms market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the virtual event platforms market on the basis of solution (software & service), end-user (enterprise/corporates, event management agencies, academic institutions, trade show organizers & others) and enterprise size (SMEs & large enterprises) across six regions.
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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