Selbyville, Delaware, May 29, 2023 (GLOBE NEWSWIRE) --
The virtual event platform market valuation is poised to be worth USD 40 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing rate of digitalization in corporate organizations worldwide will influence the industry trends. The rising digitalization has led to the higher effectiveness of virtual events as well as hybrid platforms. In recent years, the demand for UCaaS is increasing as businesses worldwide are looking for unified communications for ensuring the ability and acknowledging the affordability and productivity of cloud communications. However, the dearth of two-way communication in organization events may pose as a restraint of the industry growth to some extent.
The virtual event platform market from the services segment will reach USD 5 billion by 2032, owing to the increasing usage of internet for business discussion, communication, advertising, and quotations. With the growing prominence of recruitment activities, employers are frequently using virtual solutions for interviewing candidates remotely. The rising importance of communication and collaboration in sales and marketing for creating awareness amongst potential customers will also add to the market demand.
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Virtual event platform market from the large enterprises is expected to record over 10% CAGR between 2023 and 2032, driven by the rising need for digital platform distribution in these facilities. Large organizations deploy virtual communication and collaboration for maintaining efficient operations across multiple locations. This can be attributed to the rising pressure on large companies for adopting local strategies to cater to increased business demand as employees, customers, among other business stakeholders are spread across multiple regions. The increasing requirement for virtual event platform software, mainly in the Covid-19 pandemic for effective operations in physical outages will also contribute to the market expansion.
North America virtual event platform market exceeded USD 4 billion in 2022. The growth can be credited to the rising adoption of digital analog platforms in the healthcare sector, mainly in Canada. The surging demand for UCaaS has led to the rise in the number of startups and partners in the region due to the early adoption of several new technologies. The ongoing infrastructure developments in the U.S. and Canada are also complimenting the regional market growth.
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Some of the major virtual event platform market companies include Zoom, Microsoft, Cvent, Cisco, Hopin, On24 and Airmeet. These industry players are focusing on the acquisition of new technologies and partnership strategies to gain competitive benefits in the industry. For instance, in April 2023, Jifflenow, a key B2B meeting scheduling platform, partnered with Cvent, a hospitality technology provider for simplifying event and meeting scheduling for its customers.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Virtual event platform market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Component trends
2.5 Organization size trends
2.6 End- use trends
Chapter 3 Virtual Event Platform market Insights
3.1 Impact of COVID-19 impact
3.2 Impact of Russia Ukraine war
3.3 Impact of U.S.-China trade war
3.4 Industry ecosystem analysis
3.4.1 System integrator
3.4.2 Software provider
3.4.3 Service provider
3.4.4 End user
3.4.5 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.9.1 International standards
3.9.2 North America
3.9.3 Europe
3.9.4 Asia Pacific
3.9.5 Latin America
3.9.6 MEA
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 The rise in popularity of online streaming to replace in-person presentation.
3.10.1.2 Widespread adoption of virtual infrastructure, tools, and services by organizations
3.10.1.3 Integration of advanced technologies, such as artificial intelligence (AI), Virtual Reality (VR)
3.10.1.4 Increasing adoption of digital media marketing platforms
3.10.1.5 Increasing adoption of Unified Communication as a Service (UCaaS)-based solutions
3.10.2 Industry pitfalls & challenges
3.10.2.1 Lack of strong internet infrastructure in developing countries
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
