CHICAGO, July 5, 2021 /PRNewswire/ -- According to new market research report "Virtual Event Platform Market with COVID-19 Impact by Component (Platform and Services), Organization Size, End User (Corporations, Government, Education, Healthcare, Third Party Planner, Associations, Non-Profit) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Virtual Event Platform Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.7% during the forecast period, to reach USD 18.9 Billion in 2026 from USD 10.4 Billion in 2021.
Key factors that are expected to drive the growth of the market are the increasing adoption of digital media marketing platform to expand the audience base, rise in popularity of online streaming to replace in-person presentation, transition of businesses to remote working approaches, cloud services are gaining popularity in small and medium enterprises and enhance accuracy in collecting customer information. These factors are driving the demand for virtual event platform.
Browse in-depth TOC on "Virtual Event Platform Market"
Platform segment to hold a larger market size during the forecast period.
Based on component, the Virtual Event Platform Market is segmented into two categories: platform and services. The platform supports recreating in-person event experiences by incorporating emerging technologies such as augmented reality, virtual reality, and 3D simulation to offer virtual communication from remote locations. The platform offers various interactive features including live chat box, live polls, one to one video and audio calls which allows thousands of participants to share information in real-time.
Small enterprises segment to grow at a higher CAGR during the forecast period.
Small enterprises have an overall revenue of less than 0.1 billion dollars. Small enterprises are focusing on capturing the market through various growth strategies and catering to customer demands, resulting in the high adoption of cloud services among small enterprises. These enterprises face greater challenges of limited budget for marketing and sales activities as compared to large enterprises and require better methods to resolve complexities for improving the cost optimization of their business processes. However, the small enterprises segment is expected to grow at a higher CAGR during the forecast period. Virtual event platform supports small enterprises by reducing the overall cost associated with organizing a physical seminar, conference, or meeting. Further, virtual events are quick to arrange, inexpensive, and connect relevant people to meetings irrespective of their locations. These factors are also expected to encourage small enterprises to adopt virtual event platform at a rapid pace.
Third Party Planner segment is expected to grow at a higher CAGR during the forecast period.
The third party planner professional planning organizations such as Martiz. The virtual platform has enabled these planners to expand their audience and inclusivity. They also typically save a lot of time on logistics when hosting a virtual event compared to a live experience. Virtual events are approximately 75% less expensive than in-person experiences, as planners typically save money on staff, venue, setup and takedown, accommodations, meals, travel costs, and more. Working with a third-party planner allows platform providers to focus on internal priorities such as driving registration and creating compelling content instead of external priorities including logistics and vendor management. The market has seen tremendous growth of third-party planners adopting the virtual platform, especially after COVID-19 and with new advancements in technology.
North America to account for the highest market share during the forecast period
The Virtual Event Platform Market is segmented into five regions: North America, Europe, APAC, MEA, and Latin America. The Virtual Event Platform Market report provides insights into these regional markets in terms of market size, growth rates, future trends, market drivers, and COVID-19 impact. North America is expected to hold the highest market share in the overall Virtual Event Platform Market during the forecast period. Following North America, Europe is expected to hold the second-highest market share during the forecast period. The presence of many virtual event platform vendors in the US and high awareness among enterprises about the benefits of planned events as part of strong marketing strategies, Investments in various technologies, including AI, IoT, big data, AR, and VR, and the growing rate of adoption of cloud services expected to drive the market in North America. Europe and MEA are also expected to witness high growth rates during the forecast period.
The Virtual Event Platform Market comprises major providers, such as 6Connex (US), Cvent (US), Hopin (UK), Remo (US), Hubilo (US), Vfairs (US), BigMarker (US), Zoom (US), Microsoft (US), Cisco (US), Kestone (India), Accelevents (US), Whova (US), EventMobi (Canada), On24 (US), Vconfex (India), Samaaro (India), Aventri (US), Intrado (US), Bizzabo (US), Airmeet (India), Attendify (India), Splas (US), HeySummit (UK), Pheedloop (Canada), Socio (US), Vconferenceonline (US), SpotMe (Switzerland), Orbits (Australia), Brella (US), Run the World (US) and Eventcube (UK). The study includes an in-depth competitive analysis of key players in the Virtual Event Platform Market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
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