NEWARK, Del, May 31, 2022 (GLOBE NEWSWIRE) -- Demand for virtual event platforms is projected to rise at an astronomical CAGR of 16.6% from 2022 to 2028. The global virtual event platforms market stands at a valuation of US$ 6.78 Bn, and is predicted to surge to US$ 17.05 Bn by the end of 2028. Future Market Insights’ (FMI) recent study opines global virtual event platforms market to witness staggering growth, on account o As organizations switch to cloud computing and augmented reality in the wake of Industry 4.0, various virtual platforms have come into existence. Their scope has further increased in the past few months, with businesses transitioning to remote working approaches in light of the pandemic crisis.
A spike in virtual meetings, conferences, trade fairs and product launching events have been witnessed in the recent past. Several integrated virtual event platforms, standalone software and support services characterize the overall virtual events platforms market.
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Key Takeaways
- Global virtual event platforms market to surge at 16.3% CAGR through 2030
- Prolific expansion opportunities lay in store across the healthcare industry, especially in surgical procedures
- SMEs to make heightened usage of virtual event platforms across the forecast period
- Academic institutions to emerge as extensive virtual event platform end-users by 2030
- Live event support service to register impressive expansion, owing to rising frequency of virtual events
- South Asia & Pacific to be the fastest growing market, India to pivot growth
“Deepening internet penetration globally is prompting solution providers to foray into unconventional markets, thereby expanding their customer base,” infers an FMI analysts.
COVID-19 Impact Insights
The novel coronavirus pandemic has induced a drastic reshaping of the global economy. Government mandated lockdowns have compelled organizations to accommodate work from home practices, thereby shifting businesses to the virtual platform.
Throughout the pandemic’s duration, the global virtual event platforms is expected to remain on a high growth trajectory. Large, medium and small enterprises have increased spending on cloud and virtual event management platforms, with meetings and conferences being conducted online.
According to Future Market Insights’ (FMI) estimates, the demand for virtual event platforms will surge exponentially, with maximum uptake likely to be across the education and healthcare industries. These network-based platforms have enabled people to schedule appointments with exhibitors, sponsors and performers.
Competition Analysis
Prominent players in the global virtual event platforms 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 leader of the virtual event platforms market, offering a wide pool of cloud-based and conventional communication solutions. In September 2020, the software giant introduced Azure Communications Services, the first fully managed communication platform from a major cloud provider.
Several providers also offer specialized courses on virtual event management platforms. For instance, Cisco Systems provides training courses through its Cisco Networking Academy. It offers specialization in networking, OS & IT, IoT, cybersecurity, programming and infrastructure automation among others.
Recently, in October 2020, Zoom Video Communications delivered its Zoomtopia 2020 keynote address wherein the tech giant unveiled a series of key enhancements of its OnZoom, Zapps, end-to-end encryption and Core UC platforms.
More Valuable Insights on the Virtual Event Platforms Market
Future Market Insights, in its new report, offers an unbiased analysis of the global virtual event platforms market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the virtual event platforms market on the basis of solution (software & service), end-user (enterprise/corporates, event management agencies, academic institutions, trade show organizers & others) and enterprise size (SMEs & large enterprises) across six regions.
Table of Content
1. Executive Summary
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 / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
4. Virtual Event Platforms, Key Feature Analysis
4.1. Host Live & On-Demand Sessions
4.2. Conduct Live Polling
4.3. Host Live Q&A
5. Global Virtual Event Platforms Market - Pricing Analysis
5.1. Pricing Analysis, By Pricing Model
5.1.1. Subscription Model (User/Month)
5.1.2. Perpetual License based
5.2. Global Average Pricing Analysis Benchmark
6. Virtual Event Platforms Market: COVID-19 Outbreak Impact Analysis
6.1. Impact of COVID-19 Pandemic Crisis on US Virtual Event Platforms Market
6.2. Pre-COVID-19 Analysis
6.3. Post-COVID-19 Analysis
6.4. Expected Recovery Scenario (Short-term / Mid-term / Long-term)
6.5. Key Action Points for Virtual Event Platform Vendors
TOC Continue…
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Virtual event platform market: Segmentation
Solution
- Software
- Integrated Virtual Event Platforms
- Standalone Software
- Service
- Live Event Support
- Post Event Processing Services
- Event Consulting Services
- Support Services
End-User
- Enterprise/Corporates
- Event Management Agencies
- Academic Institutions
- Trade Show Organizers
- Others
Enterprise Size
- SMEs
- Large Enterprises
Region
- North America (U.S & Canada)
- Latin America (Brazil, Mexico & Rest of Latin America)
- Europe (Germany, France, Italy, Spain, U.K, BENELUX, Russia & Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia & Pacific (India, Thailand, Malaysia, Indonesia, Australia & New Zealand)
- Middle East & Africa (GCC, South Africa, Turkey & Rest of MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the 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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