PUBLISHER: Allied Market Research | PRODUCT CODE: 1414857
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414857
According to a new report published by Allied Market Research, titled, "Virtual Event Platforms Market," The virtual event platforms market was valued at $12.6 billion in 2022, and is estimated to reach $83.8 billion by 2032, growing at a CAGR of 21.2% from 2023 to 2032.
Surge in growing acceptance of online streaming and increasing significance of the event management sector primarily drive the growth of the virtual event platform market. However, insufficient technological expertise to integrate virtual event software and lack of infrastructure for communication and inconsistent networks hamper market growth to some extent. Moreover, increasing reliance on CYOD and BYOD solutions is expected to provide lucrative opportunities for market growth during the forecast period.
The virtual event platform market is segmented on the basis of component, enterprise size, end user, and region. On the basis of component, it is categorized into platform and services. As per enterprise size, it is bifurcated into large enterprise and small and medium-sized enterprises (SMEs). Depending on end user, it is fragmented into government, healthcare and life science, BFSI, education and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the market include Microsoft, Cisco, 6Connex, Accelevents, Remo Inc., Hubilo, vFair, BigMaker, Hopin, and Stova. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.
Top Impacting Factor
Growing acceptance of online streaming
The market for virtual event platforms has expanded dramatically as a result of the growing acceptance of online streaming. The way audiences access and consume events has been completely transformed by online streaming. Virtual event platforms are an effective way to connect participants who are far away from actual events due to the growing need for easy and on-demand information. Participants are able to access live streams, seminars, and interactive sessions from any location in the world with ease owing to these platforms. The effortless deployment and adaptability of virtual event systems have significantly enhanced the accessibility and reach of events, which has raised attendance and engagement. Furthermore, due to the restrictions of COVID-19 pandemic on in-person gatherings, the use of virtual event platforms has accelerated further. Organizations and individuals turned to virtual event platforms to continue holding conferences, trade exhibitions, concerts, and other meetings when many physical events were cancelled or postponed. This sudden change has not only shown how resilient virtual event platforms are, but it additionally brought attention to how well they can provide immersive and interesting events to a worldwide audience.
Increasing significance of the event management sector
Another major factor propelling the market for virtual event platforms is the expanding significance of the event management sector. An increasingly important component of marketing campaigns, corporate strategy, and community engagement initiatives is event management. Innovative solutions that may improve the event experience are in higher demand as businesses realize the importance of events in generating leads, cultivating customer connections, and raising brand awareness. Event managers may create immersive, dynamic, and captivating virtual experiences for guests with the help of virtual event platforms, which come with an array of features and capabilities. These platforms enable event organizers to simplify their processes and produce flawless events by offering tools for networking, ticketing, content management, registration, and analytics, among other things. Additionally, the COVID-19 pandemic highlighted the significance of the event management sector and its flexibility in responding to shifting conditions. Physical events were adversely affected by travel restrictions and bans on mass gatherings. In response, event coordinators started using virtual event platforms to move their gatherings online. In addition to assisting organizations in keeping up with event schedules and connecting with their intended audiences, this change has created new avenues for virtual encounters that are not limited by physical locations.
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By Virtual Event Platforms Component
By Virtual Event Platforms Enterprise Size
By Virtual Event Platforms End User