The market for virtual event platforms is expected to grow at a CAGR of around 21.3% from 2020 to 2027 and expected to reach the market value of around US$ 347.6 Bn by 2027.
Virtual event platforms are designed for organizing an online event that involves people interacting in a virtual environment on the web instead of meeting at a physical location. These events are commonly used by the companies for delivering presentations, training, job fairs, expos, internal meetings, and sessions. These platforms are incorporated with a variety of tools to plan, promote, and execute online events. These are specifically designed to deliver the same feel and value through digital means as the business deliver in-person. Some of the major virtual events across the industries include webinars, virtual conferences, internal hybrid events, and external hybrid events. Moreover, the major benefits of organizing virtual events include accessibility, budget, and no other option due to coronavirus or any other natural calamity.
The covid-19 pandemic has given acceleration to the virtual event platforms in the global market, as the countries have gone through major lockdowns. Social distancing is the major cause of propelling the usage of virtual event platforms in the global market. The need of the hour is to organize the virtual events for every physical meeting along with the effective promotion of the event, attendees’ engagement with the same care and attention as an in-person event. Virtual events are cost-effective means for efficiently bringing the number of attendees from across the globe to a purposeful gathering is a feature propelling the market growth. The benefit of effective online and distance education through the support of virtual event platforms by bringing together domain professionals, educators, and learners from various locations worldwide is further bolstering market growth. Furthermore, the ongoing stay-at-home measures, increasing adoption of digital platforms by educational institutes of developed and developing economies are projected to provide potential opportunities over the forecast period.
On the other side, data security and privacy concerns associated with the digital platform as well as the threat from open-source virtual events solution providers are the factors projected to limit the growth to an extent over the forecast period from 2020 to 2027.
North America accounted for the maximum revenue share in the Virtual Event Platforms Market
In 2019, North America along with its major economies including the US & Canada lead the virtual event platforms market and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The presence of major technology players in the region is primarily supporting the market growth. The continuous developments made by the major players in the virtual event solutions are supporting the growth.
Asia Pacific is anticipated to experience fastest growth over the forecast period from 2020 to 2027
The region along with its major developing economies including China and India is bolstering the regional market value. The ongoing digitalization along with the increasing adoption of technology solutions by the end-users across the industries is supporting the regional market value. Additionally, the development of new collaborative e-learning solutions embedded with state-of-the-art technologies is further bolstering the regional market value.
Key Market Players
The players profiled in the report include 6Connex, BigMarker, Cvent Inc., Hubilo Softech Private Limited, Intrado Corporation, Livestorm SAS, Pathable, Inc., Planning Pod, SKIFT INC., ubivent GmbH, V2, LLC., vFairs, and Whova.
Market By Component
Market By Enterprise
Small & Medium enterprise
Market By End-user
Market By Geography
Middle East & Africa
The market for virtual event platforms is expected to reach a market value of around US$ 347.6 Bn by 2027.
The virtual event platforms market is expected to grow at a CAGR of around 21.3% from 2020 to 2027.
BFSI, healthcare, education, hospitality, government, and others are the segments by end-user in the virtual event platforms market
The covid-19 pandemic has given acceleration to the virtual event platforms, social distancing is the major cause of propelling the usage of virtual event platforms, virtual events are cost-effective means for efficiently bringing the number of attendees from across globe to a purposeful gathering, and benefit of effective online and distance education through the support of virtual event platforms are some of the factors driving the market growth.
6Connex, BigMarker, Cvent Inc., Hubilo Softech Private Limited, Intrado Corporation, Livestorm SAS, Pathable, Inc., Planning Pod, SKIFT INC., ubivent GmbH, V2, LLC., vFairs, and Whova are the prominent players in the virtual event platforms market
North America held the highest market share in the virtual event platforms market
Asia Pacific is expected to be the fastest growing market over the forecast period