Virtual Event Platform Market Forecasts to 2028 – Global Analysis By Component (Services, Deployment and Integration, Support and Maintenance, Training and Consulting, Platform and Other Components), Organization Size, End User and By Geography

Virtual Event Platform Market Forecasts to 2028 – Global Analysis By Component (Services, Deployment and Integration, Support and Maintenance, Training and Consulting, Platform and Other Components), Organization Size, End User and By Geography

According to Stratistics MRC, the Global Virtual Event Platform Market is accounted for $11.6 billion in 2022 and is expected to reach $24.2 billion by 2028 growing at a CAGR of 13.0% during the forecast period. A tool used to hold interactive events like conferences, trade shows, and workshops online is referred to as a virtual event platform. A virtual events platform's goal is to increase diversity and the audience base. Additionally, it offers a reliable way to boost sales and track significant audience data. The platform, services, training and consultation, support and maintenance, deployment, and integration are the primary elements of the virtual event platform.

According to Kaltura's The State of Virtual Events 2022 survey report, a global survey of around 1250 organizers and attendees, 92% of organizers shifted to virtual events in 2021, 94% plan for virtual events in 2022, and 48% plan to increase the number of virtual events in 2023.

Market Dynamics

Driver

Live streaming of events

Live streaming of several events has significantly increased, particularly in the sports and media sectors. Customers are switching to live streaming services to watch their favourite concerts and events at their preferred time, anytime and wherever they want, thanks to digitalization and the introduction of video-on-demand services. Events that are live streamed can be automatically archived and replayed. Demand for the market is projected to be driven by rising 5G network adoption and enhanced internet infrastructure.

Restraint

Lack of communication infrastructure

Despite the fact that the majority of industrialised nations have highly developed communication infrastructure, several emerging and impoverished nations do not have the resources to handle high-quality virtual events. Additionally, a virtual private network is necessary for speed and a reliable internet connection at private corporate events. Therefore, the absence of reliable internet access and communication infrastructure is a serious obstacle to the market's expansion.

Opportunity

Technological advancements

Although most industrialised countries have extremely advanced communication infrastructure, numerous developing and underdeveloped countries lack the means to manage high-quality virtual events. For speed and a dependable internet connection for private corporate events, a virtual private network is also required. Therefore, the lack of dependable communication and internet infrastructure presents a significant barrier to the market's growth.

Threat

Lack of two-way communication

The audience can take part in a physical event in a variety of ways. When a company plans an online event, these possibilities are somewhat lost. One-way communication events involving live or recorded video are common in many virtual events. However, technology use is absolutely necessary for virtual events. The virtual event experience might be ruined by an event app or website with a poor user experience, a broken camera, or a poor internet connection, which is inhibiting industry growth.

Covid-19 Impact

The covid-19 significantly affected businesses, government agencies, and the healthcare industry. Globally, the number of people hosting and attending virtual events has greatly expanded since it is an effective approach to stop the spread of the new corona virus and maintain company operations. Since adopting a Work-From-Home policy has been a priority for organisations worldwide, virtual event platforms are heavily employed during pandemics across industries including BFSI, government, healthcare, and education among others for attending the event and online meeting. Therefore, it is projected that increasing use of video conferencing platforms for business meetings will increase demand for virtual event platforms.

The software segment is expected to be the largest during the forecast period

The software segment is estimated to have a lucrative growth, due to its advantages. The programme creates technologies like augmented reality and 3D simulation to replicate in-person experiences, enabling virtual collaboration from remote areas. Thanks to the software's interactive features, which include a live chat box, live polls, and one-on-one video and audio chats, thousands of individuals can exchange information in real time.

The small enterprises segment is expected to have the highest CAGR during the forecast period

The small enterprises segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the adoption of cloud services. Through a variety of growth strategies and client demand adaptation, small firms are concentrating on gaining market share. These businesses face more difficulties due to limited funding for sales and marketing activities than larger corporations.

Region with Largest share

North America is projected to hold the largest market share during the forecast period owing to the rising need for an enhanced virtual event platforms and rapid adoption of cloud services boost the demand. Major market players including Microsoft Corporation, Cisco Systems, Inc., and Zoom Video Communications, Inc. are present and actively engaged in partnerships, acquisitions, the development of new products, and product improvements, which promotes market expansion in this area.

Region with highest CAGR

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the high growth of technological adoption. These organizations spend more on cloud services. Due to the availability of trained workforce and the increase in the number of small and medium-sized businesses in the area, the usage of virtual event platforms is anticipated to increase. Therefore, it requires brand marketing operations to connect with potential customers.

Key players in the market

Some of the key players profiled in the Virtual Event Platform Market include Cisco Systems, 6Connex, BigMarker, Citrix Systems, BroadSoft, ALE International, Microsoft Corporation, HeySummit, Cvent Inc., Alive Events Agency, Zoom Video Communications, Inc., Kestone, Accelevents and KitApps Inc.

Key Developments

In June 2021, 6Connex integrated Amazon Personalize into 6Connex SoarSM and RiseSM to offer personalized recommendations by utilizing AI. With this integration, the user will utilize AI capabilities to offer customized recommendations to the event participants.

In May 2021, Cisco made a product enhancement with the new Webex Events service that is video-centric, intelligent, and simple to use. It provides an efficient virtual event experience. Hosts can choose between the webinar mode for an interactive and highly engaging event and the webcast mode for events with limited attendee interactions.

Components Covered
• Services
• Deployment and Integration
• Support and Maintenance
• Training and Consulting
• Platform
• Other Components

Organization Sizes Covered
• Small enterprises
• Medium-sized enterprises
• Large enterprises

End Users Covered
• Government
• Healthcare and Lifesciences
• Education
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities,Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements