Unified communication as a Service is increasing among enterprises, corporates, education institutes, and various other organizations across industries are expected to drive global virtual events platform market growth.
JERSEY CITY, N.J., Oct. 12, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Virtual Event Platform Market" By Organization Size (small & medium-sized enterprises and large enterprises), By End-User (Education, Healthcare, Enterprises), and By Geography. According to Verified Market Research, the Global Virtual Event Platform Market size was valued at USD 9.03 Billion in 2020 and is projected to reach USD 22.75 Billion by 2028, growing at a CAGR of 12.24% from 2021 to 2028.
Rising inclination toward virtual events globally and the emergence of live streaming are factors driving the demand for virtual event software. Virtual events have gained popularity majorly since the outbreak of the COVID-19 pandemic. Spurred by lockdowns, organizations have resorted to conducting virtual events. It has also been noticed that 90% of companies still consider hosting virtual events despite permitted live events. Traditional events involve colossal expenditure and long travels for hosts and attendees. Therefore, Technological advancements, such as software-as-a-service-based virtual events, and online conferences, are comes into the picture as easy, fast, and cost-efficient alternatives.
The cloud-based tool allows end-users to provide an interactive experience while enhancing the overall sales experience through podcasting, instant messaging, and virtual product experience. Also, another solution that positively impacts the growth of virtual events is connected through live streaming. Live streaming events enable more participants to access content resources to better align with context. Thus, the increasing adoption of virtual event platforms by nearly 80% of event organizers significantly drives global virtual event platform market growth.
However, virtual event is entirely dependent on technology use. An event app or website with a bad user experience, a malfunctioning camera, or weak internet strength can ruin the virtual event experience. These factors might lead to virtual events; thereby, hampering the Virtual Events Industry growth.
Key Developments inVirtual Event Platform Market
In September 2020, Microsoft Corporation, the software giant, introduced Azure Communications Services, the first fully managed communication platform from a major cloud provider.
In October 2020, Zoom delivered its Zoomtopia keynote address. The tech giant unveiled a series of crucial enhancements of its OnZoom, End-to-End Encryption, Zapps, and Core UC platforms. Also, it has pledged over US$ 1.5 million in grants to remote learning and other social causes
The major players in the market are 6Connex, BigMarker, Hubilo Softech Private Limited, Intrado Corporation, Livestorm SAS, Pathable, Microsoft, ubivent GmbH, Zoom, and Cisco.
Verified Market Research has segmented the Global Virtual Event Platform Market On the basis of Organization Size, End-User, and Geography.
Virtual Event Platform Market, By Organization Size
Small & Medium-Sized Enterprises
Virtual Event Platform Market, By End-User
Virtual Event Platform Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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