New York, July 18, 2023 (GLOBE NEWSWIRE) -- The global virtual event platform market size is projected to grow at a CAGR of over ~15.7% from 2023 to 2035. The market is expected to garner a revenue of USD 73 billion by the end of 2035, up from a revenue of ~USD 13 billion in the year 2022. The market growth is attributed to the increasing adoption of virtual event platforms due to rapid digitization in public and private organizations. For example, more than 90% of companies are involved in digital initiatives and 88% are implementing digital-first strategies. From 2020 to 2023, companies are expected to invest USD 6 trillion in direct digital transformation while building on mainstream investments and strategies and evolving into digital businesses.
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The digital transformation of organizations has enabled them to move core businesses and activities to the digital space. This has created a demand for virtual event platforms that offer features such as live streaming, virtual conferencing, and interactive features that provide users with an engaging experience.
Global Virtual Event Platform Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- The services segment to garner the highest growth
- Market in North America to grow at the highest rate
Increasing Remote Work as a result of COVID-19 Pandemic across the Globe to Boost Market Growth
Between March 2020 and March 2021, remote work opportunities increased by more than 1,000%. A year into the pandemic, about 16% of US jobs offered remote work, up from 1.3% when it started. Additionally, about 17% of companies worldwide have remote employees working from home. Remote working has enabled companies to reduce travel and accommodation costs for events and conferences, leading to increased demand for virtual event platforms. The platforms offer features like virtual meeting rooms, webinars, and video conferencing to facilitate remote events. About 60% of young adults in the United States prefer to watch TV online via streaming services. The number of subscribers to Netflix, a streaming service platform, reached around 230 million worldwide by the end of 2022. With the spread of online streaming, more people can now access events from anywhere in the world. This has created a demand for virtual event platforms that allow users to securely and reliably host, manage and promote virtual events.
Global Virtual Event Platform Market: Regional Overview
The global virtual event platform market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Demand for Online Events to Drive Market Growth in Asia Pacific Region
The virtual event platform market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The growth of the market can be attributed primarily to the increasing number of more tech-savvy millennials who have a greater acceptance of virtual events, the increasing availability of high-speed internet access, and the increasing demand for cost-effective, personalized online events. Additionally, the growth of 4G (and 5G) internet connections in the region is expected to fuel the growth of the regional market. Approximately 55% and 80% of 4G internet connections were made in India and China in 2019 respectively. 5G connections and base stations in China are the highest in the world. By the end of 2021, the number of 5G connections reached 478 million. As internet connection speeds increase, more and more people can access and use cloud-based platforms, allowing them to take advantage of virtual event platforms such as video conferencing and streaming. This has made it easier for consumers to access and attend events from anywhere with a reliable internet connection, driving demand.
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Growing Adoption of cloud-based technology to Propel Growth in the North America Region
The virtual event platform market in the North American region is estimated to garner the highest CAGR by the end of 2035. Owed to the pandemic, more and more companies and organizations in the region are opting for virtual events due to travel restrictions and physical events, thus contributing to the growth of the regional market. In addition, the increasing adoption of cloud-based technology in the region, which offers cost-effective solutions for virtual events, is also driving the growth of the market. Cloud-based technology offers scalability, enhanced storage, and cost-efficiency, making it a viable option in the events management industry. Additionally, the availability of high-speed Internet in North America has enabled a large number of businesses to adopt cloud-based technology. As a result, companies have not only been able to reduce costs, but also take advantage of the latest technologies.
Virtual Event Platform Segmentation by Component
- Platform
- Services
- Training
- Maintenance
- Deployment
Amongst these segments, the services segment is anticipated to hold the largest share over the forecast period. The growth of the segment is due to increased demand for personalized services such as consulting and support services. Management consulting is expected to be 29% automated shortly. Additionally, investment in trusted digital services is expected to reach $100 billion by 2025. Businesses are realizing the benefits of using virtual event platforms in terms of cost savings and improved customer experience. This increases demand for services such as consulting and support services to help companies better understand the platform and maximize its potential. In addition, companies are increasingly using virtual event platforms to hold events, which also increases the demand for services.
Virtual Event Platform Segmentation by Organization Size
- Large enterprises
- Small & Medium-sized enterprises
Amongst these segments, the small and medium-sized enterprises segment is anticipated to hold a significant share over the forecast period. The growth of the segment is attributed to the increasing acceptance of cloud-based solutions by small and medium-sized businesses due to their affordability and scalability, as well as their minimal upfront costs. In addition, the growing trend for small businesses to host virtual events, as well as the increasing number of new entrants offering specialized services tailored to this customer segment. Additionally, the cost-effectiveness of virtual events compared to physical events is a key factor in the adoption of virtual event platforms by small and medium-sized businesses.
Virtual Event Platform Segmentation by Event Type
- Internal
- External
- Extended
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Virtual Event Platform Segmentation by End User
- BFSI
- Educational Institutions
- Healthcare
- Information Technology (IT)
- Manufacturing
- Media & Entertainment
- Telecom
- Others
Few of the well-known market leaders in the global virtual event platform market that are profiled by Research Nester are Zoom Video Communications, Inc., 6Connex, Microsoft Corporation, Cisco Systems Inc., ALE International, HOPIN, On24, ALIVE, Avaya Inc., BIGMARKER, and other key market players.
Recent Development in the Global Virtual Event Platform Market
- Zoom Video Communications, Inc. unveiled several enhancements to its OnZoom, End-to-End Encryption, Zapps, and Core UC platforms during its Zoomtopia keynote. In addition, more than USD 1.5 million has been committed to grants for distance learning programs.
- 6Connex hosted a virtual winter event titled “Winter Celebration” at Virtual Downtown Square, where friends and family could gather and celebrate in virtual holiday-themed venues. The event was designed to recreate the feel of a traditional Christmas party in a virtual space. It offered virtual locations themed around holidays, music, and movies, and allowed friends and family to get together to celebrate the holidays.
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