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The SNS Insider report indicates that the Virtual Event Platform Market Size was valued at USD 15.3 Billion in 2023, and is expected to reach USD 64.09 Billion by 2031 and grow at a CAGR of 19.6% over the forecast period 2024-2031.
Market Report Scope
The industry that offers software and platforms for hosting and facilitating virtual events, conferences, trade exhibitions, webinars, and other online meetings is known as the virtual event platform market. With the help of these platforms, event planners actually organize and manage virtual events, giving participants a digital venue for distant participation. Additionally, variety of features and capabilities are available on virtual event platforms to simulate the physical event experience in a virtual environment. These features could include interactive sessions, virtual exhibition halls, networking possibilities, live streaming of lectures, and tools for engaging attendees. Moreover, the online event platforms market offer event planners a complete solution for organizing, putting together, and running their virtual events, covering everything from ticketing and registration to content distribution and participant interaction. Furthermore, multiple industries and businesses are assisted by the virtual event platform industry, including trade exhibitions, corporate events, product launches, educational conferences, and more.
Market Analysis
Many organizations are adopting bring-your-own-device (BYOD) and carry-your-own-device (CYOD) solutions to overcome the challenges faced by the organization due to the outbreak of COVID-19. These solutions offer employees easy accessibility to corporate data from remote locations. As organizations are increasingly adopting BYOD and CYOD solutions, they are also likely to adopt virtual event software solutions to interact and communicate with a large number of people on a real-time basis. The virtual event software solution allows organizations to host trade fairs, exhibitions, new product launches, and advertising campaigns from remote locations. Thus, the demand for these solutions is expected to boost the virtual event platform market growth across industries.
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Major The Key Players of Virtual Event Platform Market
SpotMe, Attendify, Remo, Cisco, 6Connex, EventMobi, Cvent, Hubilo, vFairs, BigMarker, Zoom, Hopin, Microsoft, Pheedloop, Kestone, Bizzabo, Airmeet, Splash , HeySummit, Socio, Vconferenceonline
Segmentation Analysis
- By component
The platform segment dominated the virtual event platform market in 2023 and is expected to maintain its dominance in the upcoming years. This is owing to help with different parts of virtual events, including ticketing and registration, content delivery, live streaming, networking, engagement, analytics, and reporting, as well as connectivity with other event management systems propels the market growth significantly.
Growth Factors
- Cost Efficiency
Virtual events offer significant cost savings compared to traditional in-person events, as they eliminate the need for venue rentals, travel expenses, and catering services. Businesses are increasingly recognizing the cost-efficiency of virtual events, driving adoption and investment in virtual event platforms.
- Scalability and Flexibility
Virtual event platforms offer scalability and flexibility to accommodate events of various sizes and formats, from small webinars to large-scale conferences and trade shows. This scalability allows organizations to adapt their event strategies to changing business needs and audience requirements, driving demand for virtual event solutions.
- Enhanced Features and Interactivity
Modern virtual event platforms offer a wide range of features and interactive tools to engage participants and create immersive event experiences. These features may include live polling, Q&A sessions, networking lounges, virtual exhibitor booths, and gamification elements. The availability of such interactive features enhances attendee engagement and satisfaction, driving the adoption of virtual event platforms.
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Key Market Segments
By Component
- Platform
- Services
- Training and Consulting
- Support and Maintenance
- Deployment and Integration
By Organization Size
- Large enterprises
- Medium-sized enterprises
- Small enterprises
By End-user
- Non Profit
- Government
- Education
- Healthcare and Lifesciences
- Third-Party Planner
- Associations
- Corporations
Impact of Russia-Ukraine War
The virtual event platforms have been negatively affected by the Russia-Ukraine war. It is estimated that the overall virtual event market has declined by 10-15% since the start of the war. The war has had a significant impact on the industry, but it has also led to increased awareness of the power of virtual events to connect people and share information. Some of the affected companies include Hopin is a popular virtual event platform that saw a significant decrease in bookings from Russian and Ukrainian businesses in the early days of the war. The company also suspended its operations in Russia and Belarus. Reed Exhibitions is a global event’s organizer that had to cancel or postpone several events in Russia and Ukraine due to the war. Zoom has banned Russian state-owned media from using its platform and has pledged to donate $1 million to humanitarian relief organizations.
Impact of Economic Slowdown
The ongoing recession is expected to have a significant impact on the virtual event platform market. As the market becomes more competitive, virtual event platform providers will need to find ways to differentiate themselves and attract customers. This could lead to lower prices and a decrease in margins. As businesses look for ways to save money, they may shift towards hybrid events that combine virtual and in-person components. This could reduce the demand for pure virtual events. A survey by Bizzabo found that 60% of event planners expect to reduce their event budgets in 2023. The survey also found that 40% of event planners plan to shift towards hybrid events in 2023.
Key Regional Development
The North America had the greatest market share with a revenue share of 42% and is expected to maintain that position over the forecast period. North America is home to developed nations with advanced networking infrastructure, including the United States and Canada. A business hub, North America is well known for being an early user of cutting-edge technology. Over the course of the forecast period, the market in Canada is anticipated to rise as a result of the quickening use of digitally simulated platforms, particularly in the healthcare sector.
The Asia Pacific area is anticipated to experience the fastest growth. From 2024 to 2031, This is due, among other things, to the rising levels of disposable income, the ongoing development of Unified Communication as a Service (UCaaS) Sources, and the rise in start-ups and conglomerates in these areas. Because of the sizeable consumer bases and widespread usage of digital communication platforms in these nations, China and Japan obtained sizable revenue shares in the regional market. Growth in the regional market is anticipated to be fueled by rising acceptance of new technologies and the ongoing rollout of 5G high-speed networks. Due to the growing number of small and medium-sized firms and the continuous use of cutting-edge technologies in these nations, India and Australia are also projected to account for sizable revenue shares.
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Key Takeaways
- The virtual event platform market is witnessing exponential growth, driven by the increasing adoption of remote communication solutions across industries.
- BYOD and CYOD solutions are expected to further fuel the demand for virtual event software solutions, enabling organizations to interact and communicate with large audiences in real-time.
- The economic slowdown and the Russia-Ukraine war have presented challenges to the market, but also opportunities for innovation and adaptation.
Recent Developments
In October 2022: Microsoft partnered with Cisco to enhance collaboration experiences on Microsoft Teams by integrating with Cisco Room and Desk devices. This collaboration aims to provide users with high-quality video technology combined with advanced camera intelligence, noise removal technologies, and active noise cancellation capabilities, offering inclusive and collaborative meeting experiences.
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