Virtual Event Platform Market to Cross USD 52.87 Billion by 2030 Owing to Global Paradigm Shift to Virtual Experiences and Technological Advancements | Report by SNS Insider

According to SNS Insider’s research, the virtual event platform market is propelled by a combination of global trends, technological advancements, and the evolving needs of businesses and organizations.

Pune, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The Virtual Event Platform Market was valued at USD 12.29 billion in 2022 and is projected to reach USD 52.87 billion by 2030, exhibiting a robust CAGR of 20.01% during the forecast period from 2023 to 2030, as per the SNS Insider report.

Market Overview

Virtual event platforms have emerged as transformative solutions, revolutionizing the way people engage and interact remotely. These platforms serve as comprehensive ecosystems, facilitating events, conferences, and meetings in a digital environment. In essence, a virtual event platform is a sophisticated online space that transcends geographical boundaries, allowing participants to connect seamlessly, share information, and engage in real-time, regardless of their physical locations. Such platforms often incorporate features like video conferencing, chat functionalities, interactive sessions, and immersive experiences, providing a dynamic alternative to traditional face-to-face events.

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Market Analysis

The exponential growth of the virtual event platform market can be attributed to several key drivers propelling its adoption across diverse sectors. Firstly, the increasing globalization of businesses has fueled the demand for efficient and accessible communication tools, fostering the adoption of virtual event platforms. Additionally, advancements in technology, such as augmented reality (AR) and virtual reality (VR), have enhanced the immersive experience offered by these platforms, further driving their popularity. Moreover, the cost-effectiveness of virtual events compared to physical gatherings, coupled with the flexibility they afford in terms of scheduling and participation, has positioned virtual event platforms as indispensable tools for modern businesses and organizations.

Major Players Listed in this Report are:

The key players in the Virtual Event Platform Market are SpotMe, Attendify, Remo, Cisco, 6Connex, EventMobi, Cvent, Hubilo, vFairs, BigMarker, Zoom, Hopin, Microsoft, Pheedloop, Kestone, Bizzabo, Airmeet, Splash  , HeySummit, Socio, Vconferenceonline and other players

Virtual Event Platform Market Report Scope:

Report Attributes Details
Market Size in 2022  US$ 12.29 Billion
Market Size by 2030  US$ 52.87 Billion
CAGR  CAGR of 20.01% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2019-2021
Key Drivers • The rise of the internet and social media
• The increasing popularity of remote work
Key Regions/Country North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Key Takeaway from Virtual Event Platform Market Study

  • Webinars have become a preferred mode of communication for businesses, offering a streamlined and interactive way to disseminate information, host training sessions, and engage with audiences. The ease of access and cost-effectiveness of webinars contribute to their dominance in the virtual event space.
  • Simultaneously, XR platforms, encompassing augmented and virtual reality technologies, are reshaping the landscape by providing immersive and engaging experiences. The integration of XR technologies enhances virtual events, making them more captivating and memorable.

Recent Developments

  • EventMobi has recently made waves with its acquisition of the virtual event platform, Run The World. The acquisition of Run The World by EventMobi is poised to bring about a synergy of expertise, technological prowess, and creative solutions. Run The World, known for its dynamic and interactive virtual event platform, has been a key player in reshaping the way events are hosted and experienced in the digital realm.
  • GlobalMeet Webcast has forged a strategic partnership with Hive Streaming. This collaboration brings together two industry leaders, each renowned for their expertise in virtual event solutions, promising an elevated standard of performance and capabilities for event organizers.

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Market Dynamics Analysis

The dynamic landscape of the virtual event platform market is characterized by a complex interplay of drivers, restraints, challenges, and threats. Drivers such as technological advancements, globalization, and cost-effectiveness propel market growth. However, restraints, including concerns about data security and the digital divide, pose challenges to widespread adoption. The evolving nature of the technology and the need for continuous innovation also present challenges, while external threats like cybersecurity risks underscore the importance of robust security measures. Navigating these dynamics requires a strategic and forward-thinking approach to ensure the sustained growth and relevance of virtual event platforms in the ever-evolving digital landscape.

Virtual Event Platform Market Segmentation

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

Key Regional Developments

The regional dynamics of the virtual event platform market underscore the global nature of its impact, with different regions experiencing varying rates of adoption and growth. North America, with its tech-savvy population and robust infrastructure, has emerged as a key player in the virtual event landscape. Meanwhile, Asia-Pacific showcases substantial potential for growth, driven by a burgeoning digital economy and the increasing emphasis on remote collaboration. Europe, with its diverse business landscape, is also witnessing significant traction in virtual event platform adoption. These regional nuances highlight the adaptability and relevance of virtual event platforms on a global scale, with each region contributing to the overall expansion of the market.

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Impact of Recession on Virtual Event Platform Market Growth

The ongoing recession has paradoxically acted as a catalyst for the virtual event platform market. As organizations seek to optimize costs and adapt to economic uncertainties, virtual events have emerged as a strategic and cost-effective solution for maintaining communication and engagement. The recession has prompted businesses to reevaluate traditional event models, favoring virtual alternatives that offer comparable efficacy without the logistical and financial burdens associated with physical gatherings. This shift in mindset has not only sustained the market but has, in fact, propelled its growth, underscoring the resilience and adaptability of virtual event platforms in challenging economic climates.

Table of Contents - Highlighted Points

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis
4.1 Impact of Ukraine- Russia War
4.2 Impact of Recession

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Virtual Event Platform Market Segmentation, By Component

9. Virtual Event Platform Market Segmentation, By Organization Size

10. Virtual Event Platform Market Segmentation, By End-user

11. Regional Analysis

12. Company profile

13. Competitive Landscape

14. USE Cases and Best Practices

15. Conclusion

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