According to a recent analysis by Future Market Insights (FMI), the market for virtual event platforms will experience astounding development. Different virtual platforms have emerged as businesses transition to cloud computing and augmented reality in the aftermath of Industry 4.0. Their reach has grown even more over the past few months as companies have switched to remote working practises in response to the pandemic issue.
The market for virtual event platforms is anticipated to grow at a CAGR of 16.6% from 2022 to 2028, when it is expected to be valued at US$ 17.05 billion.
A spike in virtual meetings, conferences, trade fairs and product launching events have been witnessed in the recent past. Several integrated virtual event platforms, standalone software and support services characterize the overall virtual events platforms market.
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- Global virtual event platforms market to surge at 16.3% CAGR through 2030
- Prolific expansion opportunities lay in store across the healthcare industry, especially in surgical procedures
- SMEs to make heightened usage of virtual event platforms across the forecast period
- Academic institutions to emerge as extensive virtual event platform end-users by 2030
- Live event support service to register impressive expansion, owing to rising frequency of virtual events
- South Asia & Pacific to be the fastest growing market, India to pivot growth
COVID-19 Impact Insights
The novel coronavirus pandemic has induced a drastic reshaping of the global economy. Government mandated lockdowns have compelled organizations to accommodate work from home practices, thereby shifting businesses to the virtual platform.
Throughout the pandemic’s duration, the global virtual event platforms is expected to remain on a high growth trajectory. Large, medium and small enterprises have increased spending on cloud and virtual event management platforms, with meetings and conferences being conducted online.
According to Future Market Insights’ (FMI) estimates, the demand for virtual event platforms will surge exponentially, with maximum uptake likely to be across the education and healthcare industries. These network-based platforms have enabled people to schedule appointments with exhibitors, sponsors and performers.
Prominent players in the global virtual event platforms landscape are: Microsoft Corporation, Cisco Systems, Zoom Video Communications, Cvent, Evenium, SpotMe, Cadence, Cvent Inc, 6Connex Inc. and Hubb LLC among others.
Multiple strategies, ranging from product enhancements, new solution offerings, collaborations with niche players and strategic acquisitions of smaller players characterize the competitive landscape.
Microsoft Corporation is the leader of the virtual event platforms market, offering a wide pool of cloud-based and conventional communication solutions. In September 2020, the software giant introduced Azure Communications Services, the first fully managed communication platform from a major cloud provider.
Several providers also offer specialized courses on virtual event management platforms. For instance, Cisco Systems provides training courses through its Cisco Networking Academy. It offers specialization in networking, OS & IT, IoT, cybersecurity, programming and infrastructure automation among others.
Recently, in October 2020, Zoom Video Communications delivered its Zootopia 2020 keynote address wherein the tech giant unveiled a series of key enhancements of its On Zoom, Zaps, end-to-end encryption and Core UC platforms.Virtual event platform market: Segmentation Solution
- Integrated Virtual Event Platforms
- Standalone Software
- Live Event Support
- Post Event Processing Services
- Event Consulting Services
- Support Services
- Event Management Agencies
- Academic Institutions
- Trade Show Organizers
- Large Enterprises
- North America (U.S & Canada)
- Latin America (Brazil, Mexico & Rest of Latin America)
- Europe (Germany, France, Italy, Spain, U.K, BENELUX, Russia & Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia & Pacific (India, Thailand, Malaysia, Indonesia, Australia & New Zealand)
- Middle East & Africa (GCC, South Africa, Turkey & Rest of MEA)
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More Valuable Insights on the Virtual Event Platforms Market
Future Market Insights, in its new report, offers an unbiased analysis of the global virtual event platforms market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the virtual event platforms market on the basis of solution (software & service), end-user (enterprise/corporates, event management agencies, academic institutions, trade show organizers & others) and enterprise size (SMEs & large enterprises) across six regions.