NEWARK, Del, May 31, 2022 (GLOBE NEWSWIRE) — The demand for virtual event platforms is expected to grow at an astronomical CAGR of 16.6% from 2022 to 2028. The global virtual event platform market stands at US$6.78 billion, and is projected to reach US$17.05 billion by the end of 2028. A recent study by Future Market Insights (IMF) estimates that the global virtual event platform market will witness explosive growth , due to the transition of organizations towards cloud computing and augmented reality in the wake of Industry 4.0, various virtual platforms have emerged. Their reach has grown further in recent months as companies shift to remote working approaches in light of the pandemic crisis.
A spike in virtual meetings, conferences, trade shows, and product launch events has been seen in the recent past. Several integrated virtual event platforms, standalone software and support services characterize the overall virtual event platform market.
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Key points to remember
- Global Virtual Event Platform Market Expected to Jump 16.3% CAGR through 2030
- Prolific expansion opportunities loom in the healthcare industry, especially in surgical procedures
- SMBs will make more use of virtual event platforms during the forecast period
- Academic institutions will become vast end-users of virtual event platforms by 2030
- Live event support service to record impressive expansion, due to increasing frequency of virtual events
- South Asia and the Pacific will be the fastest growing market, India will be the hub of growth
“The deepening of Internet penetration globally is pushing solution providers to enter unconventional markets, thereby expanding their customer base,” an IMF analyst concludes.
Information on the impact of COVID-19
The novel coronavirus pandemic has induced a radical overhaul of the global economy. Government-mandated shutdowns have forced organizations to adapt to work-from-home practices, shifting businesses to the virtual platform.
Throughout the duration of the pandemic, global virtual event platforms are expected to remain on a strong growth trajectory. Large, medium and small businesses have increased their spending on virtual and cloud-based event management platforms, with meetings and conferences taking place online.
According to estimates from Future Market Insights (IMF), the demand for virtual event platforms will increase exponentially, with maximum adoption likely to be in the education and healthcare sectors. These networking platforms allowed people to schedule appointments with exhibitors, sponsors and artists.
The major players in the global virtual event platform landscape are: Microsoft Corporation, Cisco Systems, Zoom Video Communications, Cvent, Evenium, SpotMe, Cadence, Cvent Inc, 6Connex Inc., and Hubb LLC, among others.
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Multiple strategies, ranging from product enhancements, new solution offerings, collaborations with niche players, and strategic acquisitions of smaller players characterize the competitive landscape.
Microsoft Corporation is the market leader in virtual event platforms, offering a wide range of cloud-based and conventional communication solutions. In September 2020, the software giant introduced Azure Communications Services, the first fully managed communications platform from a major cloud provider.
Several vendors also offer specialized courses on virtual event management platforms. For example, Cisco Systems offers training courses through its Cisco Networking Academy. It offers specialization in networks, OS & IT, IoT, cybersecurity, infrastructure programming and automation, among others.
Recently, in October 2020, Zoom Video Communications delivered its Zoomtopia 2020 keynote where the tech giant unveiled a series of key enhancements to its OnZoom, Zapps, end-to-end encryption and Core UC platforms.
More Valuable Insights into the Virtual Event Platform Market
Future Market Insights, in its new report, offers an unbiased analysis of the global virtual event platform market, analyzing the historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections in the virtual event platform market on the basis of solution (software and services), end user (companies/enterprises, event management agencies, academic institutions, organizers trade shows and others) and company size (SMEs and large enterprises) in six regions.
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Innovation / Development Trends
4. Virtual event platforms, analysis of key features
4.1. Host live and on-demand sessions
4.2. Conduct a live survey
4.3. Organize live Q&A
5. Global Virtual Event Platforms Market – Price Analysis
5.1. Price analysis, by pricing model
5.1.1. Subscription model (user/month)
5.1.2. Based on perpetual license
5.2. Comparative analysis of world average prices
6. Virtual Event Platforms Market: Analysis of the impact of the COVID-19 outbreak
6.1. Impact of the COVID-19 pandemic crisis on the US virtual event platform market
6.2. Pre-COVID-19 Analysis
6.3. Post-COVID-19 Analysis
6.4. Expected recovery scenario (short term / medium term / long term)
6.5. Key action points for virtual event platform providers
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Virtual Event Platform Market: Segmentation
- Integrated virtual event platforms
- Standalone software
- Support for live events
- Post-event treatment services
- Event consulting services
- Support services
- Event management agencies
- Academic institutions
- Exhibition organizers
size of the company
- North America (USA and Canada)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Europe (Germany, France, Italy, Spain, UK, BENELUX, Russia and rest of Europe)
- East Asia (China, Japan and South Korea)
- South Asia and Pacific (India, Thailand, Malaysia, Indonesia, Australia and New Zealand)
- Middle East and Africa (GCC, South Africa, Turkey and Rest of MEA)
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About Future Market Insights (IMF)
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 6 years.
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