Global Virtual Event Platform Market, By Component (Software, Services), By Enterprise Size (Large Enterprises, SMEs), By End Use (Corporates, Entertainment Agencies, Event Management Agencies, Academic Institutes, Others), By Region - Size, Share, Outlook, and Opportunity Analysis, 2022 – 2027.
Global Virtual Event Platform Market
The Global Virtual Event Platform Market was valued at USD 12.1 Bn in 2021 which is expected to reach USD 30.5 Bn by 2027 at a CAGR of 16.65% from 2022-2027.
Events and functions are regarded as essential and practical means of communication between businesses and their customers. Using a virtual event platform is an innovative way of assisting businesses all around the world to build new connections and disseminate important information. Hosting and participating in events using virtual platforms is easy, convenient, and can be conducted anywhere anytime. A virtual event platform can host live broadcasts, enable multiple live feeds, and offer video-on-demand conferences with interactive features like audience Q&A and upvoting, all the while offering high levels of security and privacy for online events.
Market Drivers
The global virtual event platform market growth is driven by factors such as the availability of high-speed internet and the change in preference from on-site to off-site meetings.
Since the COVID-19 pandemic's onset, the worldwide live-streaming market has experienced tremendous growth. It has become a successful means of avoiding in-person presentations and meetings while keeping communication ongoing. Customers are also switching to live streaming services to watch or attend live events whenever and wherever they want. This ease of conducting concerts, events, or business conferences without the hassle of arranging for physical locations and thousands of attendees is driving the growth of the virtual events platform market.
Additionally, with the advent of high-speed connectivity technologies, such as 4G, 5G, and fiber internet, consumers are finding it all the easier to connect to events from the comfort of their homes. The demand for online video streaming is being driven by the expansion of high-speed network connections, which will influence the market for virtual event platforms.
Market Restraints
The primary restraints to the growth of the virtual events platform market are the lack of well-built internet infrastructures in emerging economies. Several emerging and underdeveloped economies do not have the resources to support high-quality virtual events. As a result of shaky internet connections and fluctuating bandwidth, people in these nations remain dependent on audio-based communication. Compared to video events, audio-based communication uses a lot less bandwidth and can run on infrastructure with far lesser capacity. Therefore, a major obstacle to the market expansion for virtual event platforms is the absence of a reliable communications infrastructure and internet access.
Market Segmentation
The Global Virtual Event Platform Market is segmented into components of software and services, along with enterprise sizes of large enterprises and SMEs. Further, the market is segmented by end-use, such as corporates, entertainment agencies, event management agencies, academic institutes, and others.
Regional Analysis
The greatest market share is anticipated to belong to North America. The demand is being driven by the growing need for improved virtual event platforms and the quick implementation of cloud services. Corporations like Zoom, Microsoft, and Cisco are actively engaged in partnerships, acquisitions, the development of new products, and improvements, which fosters market growth in this area.
Key Developments
In February 2023, Flox, a metaverse virtual events platform, was introduced to let businesses and brands host massive immersive virtual events. For business, HR, marketing, and event leaders from all industries, the UK-designed 3D virtual platform offers the first full-featured "metaverse" experience and can accommodate up to 25,000 participants.
In October 2022, it was announced that Zoom Corporation launched its all-in-one virtual events platform Zoom Events in India, with a few improvements to suit the Indian market.
Key Players
Zoom Video Communications, Microsoft Corporation, Cisco Systems, Hubb LLC, KitApps Inc, Cvent Holding Corp., Cadence Design Systems, Inc., InEvent Inc, Evenium Inc, Boomset Infotainment Pvt Ltd, Kestone, SpotMe, ubivent GmbH, vFairs.
Market Taxonomy
By Component
• Software
• Services
By Enterprise Size
• Large Enterprises
• SMEs
By End Use
• Corporates
• Entertainment Agencies
• Event Management Agencies
• Academic Institutes
• Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Global Virtual Event Platform Market TOC
1 Introduction
1.1 Objective of the Study
1.2 Market Definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Virtual Event Platform Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Virtual Event Platform Market, By Component
5.1 Y-o-Y Growth Comparison, By Component
5.2 Global Virtual Event Platform Market Share Analysis, By Component
5.3 Global Virtual Event Platform Market Size and Forecast, By Component
5.3.1 Software
5.3.2 Services
6 Global Virtual Event Platform Market, By Enterprise Size
6.1 Y-o-Y Growth Comparison, Enterprise Size
6.2 Global Virtual Event Platform Market Share Analysis, By Enterprise Size
6.3 Global Virtual Event Platform Market Size and Forecast, By Enterprise Size
6.3.1 Large Enterprises
6.3.2 SMEs
7 Global Virtual Event Platform Market, By End Use
7.1 Y-o-Y Growth Comparison, By End Use
7.2 Global Virtual Event Platform Market Share Analysis, By End Use
7.3 Global Virtual Event Platform Market Size and Forecast, By End Use
7.3.1 Corporates
7.3.2 Entertainment Agencies
7.3.3 Event Management Agencies
7.3.4 Academic Institutes
7.3.5 Others
8 Global Virtual Event Platform Market, By Region
8.1 Global Virtual Event Platform Market Share Analysis, By Region
8.2 Global Virtual Event Platform Market Size and Forecast, By Region
9 North America Virtual Event Platform Market Analysis and Forecast (2022-2027)
9.1 Introduction
9.2 North America Virtual Event Platform Market Share Analysis, By Component
9.3 North America Virtual Event Platform Market Size and Forecast, By Enterprise Size
9.4 North America Virtual Event Platform Market Size and Forecast, By End Use
9.5 North America Virtual Event Platform Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Virtual Event Platform Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 Europe Virtual Event Platform Market Share Analysis, By Component
10.3 Europe Virtual Event Platform Market Size and Forecast, By Enterprise Size
10.4 Europe Virtual Event Platform Market Size and Forecast, By End Use
10.5 Europe Virtual Event Platform Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.5.4 Rest of Europe
11 Asia Pacific Virtual Event Platform Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Asia Pacific Virtual Event Platform Market Share Analysis, By Component
11.3 Asia Pacific Virtual Event Platform Market Size and Forecast, By Enterprise Size
11.4 Asia Pacific Virtual Event Platform Market Size and Forecast, By End Use
11.5 Asia Pacific Virtual Event Platform Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4 Rest of Asia
12 Latin America Virtual Event Platform Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Latin America Virtual Event Platform Market Share Analysis, By Component
12.3 Latin America Virtual Event Platform Market Size and Forecast, By Enterprise Size
12.4 Latin America Virtual Event Platform Market Size and Forecast, By End Use
12.5 Latin America Virtual Event Platform Market Size and Forecast, By Country
12.5.1 Brazil
12.5.2 Rest of Latin America
13 Middle East Virtual Event Platform Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Middle East Virtual Event Platform Market Share Analysis, By Component
13.3 Middle East Virtual Event Platform Market Size and Forecast, By Enterprise Size
13.4 Middle East Virtual Event Platform Market Size and Forecast, By End Use
13.5 Middle East Virtual Event Platform Market Size and Forecast, By Country
13.5.1. Saudi Arabia
13.5.2 UAE
13.5.3 Egypt
13.5.4 Kuwait
13.5.5 South Africa
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 Zoom Video Communications
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Microsoft Corporation
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3. Cisco Systems
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Hubb LLC
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 KitApps Inc
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Cvent Holding Corp
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Cadence Design Systems, Inc
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 InEvent Inc
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Evenium Inc
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 Boomset Infotainment PVT Ltd
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies
Others
11. Kestone
12. SpotMe
13. ubivent GmbH
14. vFairs
