Dublin, Feb. 16, 2022 (GLOBE NEWSWIRE) -- The "Virtual Event Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report has been added to ResearchAndMarkets.com's offering.
The virtual event software market is expected to grow from US$ 9,675.8 million in 2021 to US$ 24,201.6 million by 2028; it is estimated to register a CAGR of 12.4% from 2021 to 2028.
The in-person host event industry has experienced a disruption in face-to-face networking, live events, and buzz of an exhibition events owing to the COVID-19 pandemic. This disruption has triggered the scope of virtual events and is expanding across the globe. Technological developments, such as software-as-a-service-based virtual events, are generating a huge impact on the trend of conducting events virtually.
The cloud-based tool allows end users to provide interactive experience while enhancing overall sales experience through podcasting, instant messaging, and virtual product experience. The increasing adoption of digital media marketing platform to expand the audience base has created more opportunities to expand the virtual event software market.
The Work from Home (WFH) policy implemented by several companies as a response to the lockdowns imposed by governments will drive the virtual event software market. The market is expected to grow due to corporations' ongoing attempts to broaden their global presence that demand the need for a connectivity network, which can reach masses across geographical boundaries.
In APAC, the rapid developments in technologies, digitalization of economies, deployment of a high-speed 5G network, and adequate support by governments are among the factors contributing to the smooth evolution of these economies from a developing to the developed stage. The demand for virtual event software is expected to grow substantially during the forecast period, with the growing penetration of high-speed 5G network and rising adoption of virtual event software by small and medium-sized enterprises and large enterprises.
As the sudden outbreak of COVID-19 led in-person events to a halt, many organizations and businesses have resorted to conducting virtual events. Moreover, the COVID-19 pandemic has transformed the event industry to help companies and planners make decisions using virtual event solution.
As COVID-19 pandemic has resulted in cumulative losses of revenue in many countries, especially in the US, every organization is focusing to perform meetings on a digital platform through virtual event software. It has also been noticed that despite live events are now permitted, 90% of companies are still considering hosting virtual events.
A few key players operating in the global virtual event software market and profiled in the market study are
- Cvent Inc.
- EventMobi (5Touch Solution Inc.)
- Hopin
- InEvent Inc
- Pathable, Inc
- Hubilo Technologies Inc.
- Remo.Co
- Ubivent
- vFairs LLC
- Whova Inc
Key Market Dynamics
Key Market Drivers
- Rising inclination toward virtual events globally
- Adoption of virtual events by planners
Key Market Restraints
- Threat of data protection
Key Market Opportunities
- Introduction of live streaming feature and rising concept of hybrid events
Future Trends
- Emergence of advanced technologies
For more information about this report visit https://www.researchandmarkets.com/r/2vctar
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