The global virtual event platforms market is witnessing robust growth, driven by a surge in demand for remote collaboration tools and virtual meeting solutions. According to recent market analysis, the virtual event platforms market, valued at USD 7,888 million in 2023, is expected to expand at a remarkable compound annual growth rate (CAGR) of 16.6% from 2023 to 2033. This growth trajectory positions the market to reach an estimated USD 36,735.8 million by the end of 2033.
The rise of virtual event platforms can be traced back to the significant shift towards remote work arrangements precipitated by the global pandemic. In 2020, virtual conference platforms gained widespread adoption as organizations sought efficient ways to conduct meetings and events without physical presence. This trend accelerated the development of integrated virtual meeting platforms, facilitating seamless communication and collaboration while circumventing the limitations of in-person gatherings.
The forecasted growth underscores the increasing reliance on digital solutions for remote engagement across industries. Virtual event platforms offer flexibility, scalability, and cost-effectiveness, making them indispensable tools for enterprises navigating a dynamic business landscape.
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Technological proliferation has substantially increased across the world and this trend has penetrated all industries and applications. The increasing adoption of cloud-based technologies in businesses has enabled them to deploy multiple virtual solutions to ensure smooth business operations.
However, difficulty in software integration and compatibility issues across multiple platforms are expected to constrain virtual networking platform adoption. The lack of developed internet infrastructure in multiple economies is also expected to slow down market growth on a global scale.
Key Takeaways from the Virtual Event Platforms Market Study Report
- The United States is the leading region in the adoption of all types of virtual event platforms in comparison to any other country. The net worth of its present market in the United States is US$ 1,537.3 million and is expected to grow at 13.2% over the next ten years.
- Presently Germany is the largest shareholder of the global virtual event platform market in Europe and would generate nearly US$ 463 million in 2023. However, the virtual event platform market in the United Kingdom is expected to witness a year-on-year growth rate of 20.3% through 2033.
- Demand for virtual event platforms in China is predicted to grow at a CAGR of 15.4% during the forecast period. By the end of this forecast period, this regional market is expected to reach US$ 1,879.4 million.
- Meanwhile, India is anticipated to witness a robust growth rate of 24.5% in the adoption of virtual event platforms in the country. It is further expected to overtake the United States and reach a valuation of US$ 3,027.8 million by the end of the year 2033.
- Demand for virtual event platforms is anticipated to be high for SMEs over the coming years at a CAGR of 18.4%.
- Event management agencies currently account for a market share of 27.1% in the global virtual event platforms market landscape. While the enterprise or corporate sector is the leading segment and contributes nearly 30% of the market revenue generated globally.
- At present, the academic institutions’ segment accounts for a market share of 13.2% in the global virtual event platforms marketplace. This segment is projected to grow at a higher rate of 21.4% in the adoption of virtual event platforms over the forecast years.
Competitive Landscape for the Virtual Event Platforms Market Players
Microsoft Corporation, Cisco Systems, Zoom Video Communications, Cvent Holding Corp., Evenium Inc., SpotMe Inc., Cadence Design Systems, Inc., Hubb LLC., InEvent Inc., KitApps Inc. (Attendify), Boomset Infotainment PVT Ltd., vFairs Inc., ubivent GmbH, and Kestone Inc. among others are some of the major players in the global virtual event platforms market.
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
- Other 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 or 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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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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