NEWARK, Del, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The global virtual event platforms market is on a robust growth trajectory, with projections estimating it to reach USD 9,920.8 million by 2024. The market is expected to maintain an exceptional Compound Annual Growth Rate (CAGR) of 16.4% from 2024 to 2034, ultimately surging to USD 45,292.4 million by 2034. This growth is driven by increased digitization, the rise of remote work, and the proliferation of smart devices, which collectively are elevating the demand for virtual networking platforms across the globe.
Virtual event platforms offer features such as multi-live stream support, video-on-demand sessions, and interactive tools like audience Q&A sessions, up-voting, and others. In addition to this, virtual event management services help to establish new connections for businesses. Thus the demand for virtual event platforms is increasing around the world these days.
According to FMI, the widespread use of communication and collaboration tools across various verticals can be a game changer for the integrated virtual meeting platforms market. As, end users including e-commerce, retail, healthcare, construction, manufacturing, and education among others have increased the adoption of virtual event platforms in recent years.
The factors such as digitization in businesses, rising remote work operations, and increasing penetration of smart devices have boosted the demand for virtual networking platforms. Moreover, better digital networking infrastructure is anticipated to augment the virtual event management services market in the coming days.
Drivers and Opportunities:
The Virtual Event Platforms Market is buoyed by several key drivers. The digitization of businesses, the rise of remote work, and the increased penetration of smart devices have significantly boosted the demand for virtual networking platforms. Additionally, the growing reliance on communication and collaboration tools across diverse industries like healthcare, education, and retail is expected to be a game changer for the market.
Furthermore, the integration of live streaming into virtual events offers a significant boost to market growth, allowing for real-time interaction and global reach. The increased marketing and sponsorship opportunities within virtual events, offering detailed analytics and broader audience reach, are also key factors driving the market forward.
Competitive Landscape and Regional Trends:
The competitive landscape of the Virtual Event Platforms Market is characterized by the presence of several key players across different tiers. Leading companies such as Microsoft Corporation, Cisco Systems, and Zoom Video Communications, Inc. dominate the market, collectively accounting for 55% to 60% of the global market share. These Tier 1 companies continuously enhance platform capabilities to cater to emerging needs like hybrid events and personalized attendee experiences.
Regional trends indicate significant growth in Western Europe, particularly in Germany, where government initiatives like "Digital Strategy 2025" are propelling the market forward. In Asia, India is emerging as a strong market due to the boom in event management software start-ups. At the same time, China's extensive internet user base and rapid adoption of 5G technologies are expected to bolster market growth.
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Key Takeaways from the Market Study:
- The global Virtual Event Platforms Market is projected to expand from USD 9,920.8 million in 2024 to USD 45,292.4 million by 2034, at a CAGR of 16.4%.
- The first half of the decade (2024-2034) is anticipated to witness a CAGR of 16.2%, followed by a slight increase to 16.6% in the second half.
- Significant market adoption is observed across various sectors, including e-commerce, healthcare, education, and retail.
- Live streaming features are driving demand for virtual event platforms, especially in the corporate and entertainment sectors.
- The emergence of hybrid events is set to enhance the market's growth potential further.
“Virtual events present innovative opportunities for brands to connect with global audiences in a more personalized and trackable manner compared to traditional in-person events. These platforms enable the seamless integration of branded content, interactive features, and tailored sponsorship options that enhance brand visibility and audience engagement” - opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
Restraints:
Despite the positive outlook, the market faces challenges such as "virtual fatigue," a phenomenon arising from overexposure to online events. As the number of virtual events increases, attendees are becoming more selective, leading to declining participation and engagement. Companies failing to innovate and offer differentiated experiences may struggle to retain market share.
Recent Market Developments:
- Microsoft and InEvent Partnership (July 2023): Microsoft partnered with InEvent to enhance virtual and hybrid event experiences within its Office 365 ecosystem.
- Zoom’s New Event Management Solution (January 2023): Zoom expanded its offerings with a new event management solution that includes advanced production, branding, and analytics tools.
- Cvent and American Express Collaboration (October 2022): Cvent, in partnership with American Express, introduced expanded virtual payment capabilities within its Event Marketing & Management platform.
Key Players:
- Cisco Systems
- Zoom Video Communication Inc.
- Microsoft Corporation
- vFairs
- Cvent Inc.
- Evenium
- SpotMe
- Cadence
- 6Connex
- Accelevents
- InEvent, Inc.
Key Segments of Virtual Event Platforms Industry
By Solution:
In terms of solutions, the industry is segmented into software and services.
By Enterprise Size:
In terms of enterprise size, the industry is segregated into Small Offices (1-9 employees), Small Enterprise (10-99 employees), Medium-sized Enterprise (100-499 employees), Large Employees (500-999 employees), and Very Large Enterprises (1,000+ employees).
By End User:
The End User is classified by Enterprises/corporations, Event Management Agencies, Academic Institutions, Trade Show Organizers, and Others.
By Region:
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and Middle East and Africa (MEA) have been covered in the report.
Author by:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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