According to new market research report "Virtual Event
Platform Market with
COVID-19 Impact by Component (Platform and Services), Organization Size, End
User (Corporations, Government, Education, Healthcare, Third Party Planner,
Associations, Non-Profit) and Region - Global Forecast to 2026", published
by MarketsandMarkets™, the 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.
Browse and in-depth TOC on
“Virtual Event Platform Market”
144 –
Tables
40 - Figures
187 – Pages
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Platform segment to hold a larger market size 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.
Small enterprises segment to grow at a higher CAGR during the
forecast period.
Small enterprises have an overall revenue of less than 0.1
billion dollars. Small enterprises are focusing on capturing the market through
various growth strategies and catering to customer demands, resulting in the
high adoption of cloud services among small enterprises. These enterprises face
greater challenges of limited budget for marketing and sales activities as
compared to large enterprises and require better methods to resolve
complexities for improving the cost optimization of their business processes.
However, the small enterprises segment is expected to grow at a higher CAGR
during the forecast period. Virtual event platform supports small enterprises
by reducing the overall cost associated with organizing a physical seminar,
conference, or meeting. Further, virtual events are quick to arrange,
inexpensive, and connect relevant people to meetings irrespective of their
locations. These factors are also expected to encourage small enterprises to
adopt virtual event platform at a rapid pace.
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.
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North America to account for the highest market share
during the forecast period
The Virtual Event Platform Market is segmented into five
regions: North America, Europe, APAC, MEA, and Latin America. The Virtual Event
Platform Market report provides insights into these regional markets in terms
of market size, growth rates, future trends, market drivers, and COVID-19
impact. North America is expected to hold the highest market share in the
overall Virtual Event Platform Market during the forecast period. Following
North America, Europe is expected to hold the second-highest market share
during the forecast period. The presence of many virtual event platform vendors
in the US and high awareness among enterprises about the benefits of planned
events as part of strong marketing strategies, Investments in various
technologies, including AI, IoT, big data, AR, and VR, and the growing rate of
adoption of cloud services expected to drive the market in North America.
Europe and MEA are also expected to witness high growth rates during the
forecast period.
The Virtual Event
Platform Market comprises major providers, 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), Splas(US),
HeySummit(UK), Pheedloop(Canada), Socio(US), Vconferenceonline(US),
SpotMe(Switzerland), Orbits(Australia), Brella(US), Run the World(US) and
Eventcube(UK). The study includes an in-depth competitive analysis of key
players in the Virtual Event Platform Market with their company profiles,
recent developments, COVID-19 developments, and key market strategies.
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