The global virtual events platform market is estimated to register a robust CAGR during the forecast period, between 2021 and 2028. A virtual event platform allows users to easily host virtual conferences, virtual sports activities, meetings, online trade exhibits, seminars, and other events. Virtual events are digitally replicated conferences and gatherings that use web-based platforms to allow participants to share information, solve problems online, and discuss.
Virtual conferences and webinars are held for the same purposes as live events such as to deliver a company's message, driving revenue and leads, and building loyalty lifetime value. When compared to live events, virtual events are less expensive to run. Integrating Artificial Intelligence (AI) with business communication platforms has enabled professionals to increase productivity, save time, and optimize workflow more efficiently. Growing popularity of online streaming to substitute in-person presentations is a key aspect for the market expansion. Unlike physical events, the virtual events offer to assist organizations in decreasing the overall cost of hosting a conference, seminar, or meeting without need for expending on event management services.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing number of internet users and wide used of smart devices especially smartphones by a large number of the global population are key factors boosting the market.
- Adoption of digital media marketing platforms to broaden the audience base of virtual events is projected to drive the market expansion in the coming years.
- Transition of enterprises to remote working practices as well as increasing access to cloud services are key drivers, which is expected to boost the market.
- Lack of technological knowledge in integrating virtual event software and other issues such as app or website with a poor user experience, poor internet connectivity, or malfunctioning camera are major challenges that can hinder the market expansion.
- Technological advancement and improved infrastructure of virtual platforms are major factors, which are projected to create massive growth opportunities of the market.
Scope of the report:
The report on the global virtual events platform market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Virtual Events Platform Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Components Types (Conference, Entertainment, Virtual Expo Fairs & Festivals, Webinar, and Others), Organization Sizes (Small Enterprises, Medium-size Enterprises, and Large Enterprises), Applications (Exhibitions/Trade shows, Ticket Sale, Sponsorship, Summits, and Others), End-users (Associations, Corporations, Education, Healthcare & Life Sciences, Government, and Third-party Planner)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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6Connex; Arkadin Cloud Communications; ALE International; Cisco Systems, Inc.; Avaya Inc.; Cvent Inc.; George P. Johnson; Martiz Holdings Inc.; Microsoft Corporation; Kestone; Pathable, Inc.; Veritas Events; Airmeet; vFairs; Eventxtra; and Zoom Communications, Inc.
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Virtual Events Platform Market Segment Insights:
Entertainment segment to hold significant market share
Based on types, the virtual events platform market is segmented into conference, entertainment, virtual expo fairs & festivals, webinar, and others. The entertainment segment is projected to hold significant market share owing to wide use of the virtual platforms for entertainment events. The events are mostly associated with the participation of general public with a wide range of entertainment options such as live entertainment, musical entertainment, electronic entertainment, and mass media entertainment. As a result, one of the primary elements fueling the expansion of the entertainment segment is the increase in popularity of these entertainment events.
Small enterprises segment to account for a substantial share
On the basis of organization sizes, the market is segregated into small enterprises, medium-size enterprises, and large enterprises. The small enterprises segment is anticipated to account for a substantial share in the coming years owing to several benefits to small businesses due to lowering the overall cost of hosting a live meeting, seminar, or conference. Furthermore, virtual events allows several enterprises to organize meetings economically and connect relevant people to meetings regardless of their geographical location.
Sponsorship segment to register a significant growth rate
In terms of applications, the virtual events platform market is fragmented into exhibitions/trade shows, ticket sale, sponsorship, summits, and others. The sponsorship segment is anticipated to register a substantial growth rate during the projected timeline. Sponsorship is a potent and successful marketing technique for increasing and reinforcing brand recognition in particular niche sectors. Furthermore, it is essential for effective marketing, as most events rely on sponsorship to provide more engaging activities and to assist in covering increasing costs.
Third-party planner segment to expand at a robust pace
Based on end-users, the market is segmented into associations, corporations, education, healthcare & life sciences, government, and third-party planner. The third-party planner segment is expected to expand at a robust pace in the coming years. The virtual platform has allowed these planners to broaden their audience and diversity. They also save a lot of time on logistics when conducting a virtual event against a real experience. Virtual events are generally 75% less expensive than in-person experiences since planners typically save money on venue, employees, takedown and setup, food, lodging, travel fees, and other expenses. Working with a third-party planner helps platform providers to focus on internal concerns such as driving registration and generating appealing content rather than external priorities such as logistics and vendor administration.
Asia Pacific is expected to dominate the market
In terms of regions, the virtual events platform market is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market due to high investment coming from Japan and China, the region's two leaders in the use of virtual event platforms. This market expansion can be attributed to a variety of factors including the growing presence of virtual event platform vendors, increasing awareness of virtual event platform utilities, favorable government policies, and rising return on investments. The private and public sectors are investing heavily in the management of their critical assets, leading to an increase in demand for virtual event platform services and solutions.
Segments
By Types
- Conference
- Entertainment
- Virtual Expo Fairs & Festivals
- Webinar
- Others
By Organization Sizes
- Small Enterprises
- Medium-size Enterprises
- Large Enterprises
By Applications
- Exhibitions/Trade shows
- Ticket Sale
- Sponsorship
- Summits
- Others
By End-users
- Associations
- Corporations
- Education
- Healthcare & Life sciences
- Government
- Third-party Planner
By Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
By Key Players
- 6Connex
- Arkadin Cloud Communications
- ALE International
- Cisco Systems, Inc.
- Avaya Inc.
- Cvent Inc.
- George P. Johnson
- Martiz Holdings Inc.
- Microsoft Corporation
- Kestone
- Pathable, Inc.
- Veritas Events
- Airmeet
- vFairs
- Eventxtra
- Zoom Communications, Inc.
Competitive Landscape
Key players competing in the global virtual events platform market are 6Connex; Arkadin Cloud Communications; ALE International; Cisco Systems, Inc.; Avaya Inc.; Cvent Inc.; George P. Johnson; Martiz Holdings Inc.; Microsoft Corporation; Kestone; Pathable, Inc.; Veritas Events; Airmeet; vFairs; Eventxtra; and Zoom Communications, Inc. These players have constantly engaged in various market development activities such as collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.
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