New York, Sept. 03, 2021 (GLOBE NEWSWIRE) -- Virtual Event Software Market: Key Insights
According to our new research study on “Virtual Event Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Solution, Enterprise Size, End User, and Geography,” the Virtual Event Software Market is projected to reach US$ 24,201.6 million by 2028 from US$ 10,655.0 million in 2021; it is expected to register a CAGR of 12.4% from 2021 to 2028.
Virtual Event Software Market: Competitive Landscape and Key Developments
Cvent Inc.; EventMobi; InEvent Inc; Hubilo Technologies Inc; and Hopin are among the key players profiled during the study of the virtual event software market. In addition, several other essential market players were also studied and analyzed to get a holistic view of the market and its ecosystem.
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In 2021, Hubilo announced its latest release with new features that are designed to improve attendee engagement, foster greater human connection, and elevate the ROI of events. The new version of the Hubilo platform includes approximately 50 improvements overall and offers more engagement capabilities than any other event platform currently in the market.
Virtual events are very similar to in-person ones, except they are hosted over the internet rather than in a single physical location. Since 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 digital platforms through virtual event software. According to statistics, 73% of planners have been able to successfully pivot their event to virtual, 57% of attendees believe that they can conduct the majority of their event objectives online, whereas 41.5% of event professionals are willing to pay up to US$ 5,000 for virtual event software, while only 19% are willing to pay more than US$ 15,000. In the current scenario, almost 58% of virtual tech providers offer both native apps and web-based ways to access the virtual event and approx. 32% of the remaining platforms offer web-based solutions that can be accessed on a browser and mobile devices. Almost 71% of planners continue to employ a digital strategy to maintain their virtual audience once they return to physical events. In North America, internal team meetings/trainings activity type are the most common meeting, with 17% of the market in 2020. Internal team meetings/trainings represent 19% for Europe, 16% for Asia Pacific, and 19% for Central/South America.
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APAC is anticipated to grow at fastest CAGR in the global virtual event software market during the forecast period. Owing to the prominence of Asia in the technology sector, several companies from China, Japan, India, South Korea, and ASEAN are capable of handling online events and webinars. This factor will promote the growth of virtual event software in the Asian market. Moreover, with the integration of advanced features in virtual event software, trade show organizers and end-user companies are likely to get attracted to a new virtual event software. For instance, Airmeet Inc. is an Indian company, which provides a platform for virtual meetups, summits, and workshops with a networking lounge to deliver a rich networking experience. The company offers live video streaming in HD quality with various engagement features such as group chat, Q&A, social lounge with agenda, and raise hand. The new product is accessible on any modern browser.
Technological developments such as software-as-a-service based virtual events is generating a huge impact on the trend of conducting events virtually. The cloud-based tool allows the end user to provide interactive experience while enhancing overall sales experience through podcasting, instant messaging, and virtual product experience. Also, another solution making a positive impact in the growth of virtual events is connect through live streaming. Live streaming events enable a larger number of participants to access content resources to assist them align with context better. Connect through live streaming is a process of streaming entire live video in real time.
Hybrid Events is another aspect that would help in creating lucrative business opportunities for the growth of virtual events. The COVID-19 pandemic has transformed the event industry to assist planners and companies make better decisions utilizing virtual event solution. As 2020 witnessed many virtual events, 2021 will observe a rise of hybrid events.
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Virtual Event Software Market: End User Overview
Based on end user, the virtual event software market is categorized into trade show organizers, event management agencies, corporates, academic organizations, and others. In 2020, trade show organizers dominated the market. With rising number of trade show organizers across the globe, the presence of companies offering trade show platform is also increasing, which, in turn, is impacting the scope of virtual event software. At present, it takes more than a promotion plan and landing page to market products and services. Therefore, with technological developments, a virtual trade show is a perfect multi-functional space to draw attention of leads and sell more.
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