The global virtual event platform market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period to reach USD 30.6 billion in 2027 from USD 12.4 billion in 2022. Key factors expected to drive the market growth include the rise in popularity of online streaming to replace in-person presentation, the increasing adoption of digital media marketing platforms to expand the audience base, accommodating a large number of attendees over virtual event platforms (s), live recording feature and global access to real-time data even after webinars/sessions/events, the transition of businesses to remote working approaches, cloud computing services are gaining popularity across large, medium-sized and small enterprises and enhancement of accuracy in fetching customer information. These factors are driving the demand for virtual event platforms.
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Platform segment to hold a larger market share during the forecast period.
Based on component, the virtual event platform market is segmented into two categories: platform and services. The platform comes packed with several interactive features that go beyond the traditional video conferencing software. The virtual event platform facilitates digital experience via webcasting capabilities. Governments, schools, corporations, and the healthcare sector shifted in-person gatherings to virtual events. According to a recent study by LinkedIn, 45% of future B2B events will be virtual. Industries are adopting the virtual event platform due to the low investment cost and better returns. Hence, low-budget companies can use this platform to manage events and conferences. Corporates are investing heavily in video conferencing and digital event platforms for business and client meetings
Medium-sized enterprises segment to grow at a steady CAGR during the forecast period.
Organizations with an overall employee size between 100–999 are categorized under medium-sized enterprises. When compared to the large enterprises’ segment, the medium-sized enterprises’ segment is facing challenges in terms of resources such as budget and workforce. Medium-sized enterprises are central to the growth and development of economies. They come up with ground-breaking solutions to ever-evolving problems, create employment opportunities, bring revenue, and have the potential to grow into large organizations. Medium-sized enterprises are growing companies, and they need to increase their availability as they have a high level of competition. These enterprises are often looking for ways to expand their businesses and reach new customers and territories; hence, virtual conferences and virtual trade shows enable them to achieve these objectives efficiently and cost-effectively.
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Unique Features in the Virtual Event Platform Market
Platforms provide participants with an immersive and interactive experience by simulating real-world event locations, such as virtual auditoriums, exposition halls, and lobbies that may be customised.
Attendees can engage in real-time participation or watch sessions at their convenience because to the platforms’ support for both on-demand access to recorded content and live streaming of keynote addresses, panel discussions, and presentations.
Platforms provide meaningful connections and interactions between attendees, speakers, and sponsors by offering networking and engagement tools including virtual chat rooms, one-on-one video meetings, and interactive Q&A sessions.
Through live chats, demos, and virtual product demonstrations, sponsors and exhibitors can interact with guests by showcasing their goods and services in virtual exhibition booths.
Platforms use gamification features like leaderboards, challenges, and prizes to boost engagement, encourage interaction with sponsors and content, and encourage attendance.
Major Highlights of the Virtual Event Platform Market
A plethora of virtual event platforms are at the disposal of many event types and industries, encompassing business meetings, webinars, trade shows, exhibits, conferences, and more.
With the use of virtual event platforms, guests can have engaging experiences including customisable virtual auditoriums, exhibition halls, and lobbies. These immersive virtual environments are designed to mimic real-world event locations.
Attendees can engage in real-time participation or watch sessions at their convenience because to the platforms’ support for both on-demand access to recorded content and live streaming of keynote addresses, panel discussions, and presentations.
Platforms provide meaningful connections and interactions between attendees, speakers, and sponsors by offering networking and engagement tools including virtual chat rooms, one-on-one video meetings, and interactive Q&A sessions.
By adding branding components like logos, colours, and visuals, virtual event platforms enable event planners to personalise the event space and give guests a consistent, branded experience.
Top Companies in the Virtual Event Platform Market
The virtual event platform market comprises major providers, such as 6Connex (US), Cvent (US), Remo (US), Hubilo (US), vFairs (US), among others. These market players have embraced different strategies to increase their market shares and expand their global presence. Partnerships, mergers and acquisitions, new product launches and enhancements have been the most dominating strategies adopted by the major players from 2020 to 2022. This has helped them strengthen their offerings and broaden their customer base.
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6Connex is a leading software and service provider for virtual enterprise events. The company offers a range of solutions to enterprises to conduct online events and webinars. Its platform is designed with the purpose of driving engagement in a secure environment for communities worldwide by utilizing the capabilities of V7 software. 6Connex offers reliable and scalable HTML5-based solutions that support a large number of participants connecting through a web-based platform. It has a global presence in virtual technology solutions. The company has expanded its business in Europe, Asia Pacific, and Latin America by working with key channel partners.
Another key player Hopin is a leading provider of live online event platforms where attendees can interact and connect with people across the globe. Its virtual event platforms are known for their full live event capabilities, such as reception areas, stages, breakout sessions, registrations, dedicated chatrooms, recordings, data analytics, and team management. Hopin’s virtual event platform is designed for all types and sizes of events. The company’s software is used by around 3.5 million users and around 50,000 event groups. Hopin offers plenty of sponsorship and customization opportunities to meet online event requirements.
Cvent is a leading software-as-a-service provider specializing in events, meetings, and hospitality technology platforms, with around 2,00,000 active users worldwide. The company offers software solutions to event organizers and marketers for online event registration; venue selection; and virtual, hybrid, and on-site solutions to maximize audience engagement. The reporting feature of the platform offers built-in reports and enables users to create customized reports. Cvent’s solutions optimize the event management value chain and enable clients to manage the number of meetings and events. The company has a geographical presence in the Middle East, North America, Europe, and Asia Pacific.
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