As per the report published by Fior Markets, the global Virtual Event Platform market is expected to grow from USD 95.92 billion in 2020 and reach USD 408.53 billion by 2028, growing at a CAGR of 23% during the forecast period 2021-2028.
A virtual event platform is a software that enables users to host virtual conferences, meetings, seminars, online trade shows, virtual sports competitions, and other events. The web, software programs, and mobile browsers can all be used to access virtual events. These platforms require less capital but yield more significant profits. As a result, low-budget companies can also use these platforms. An essential component of the connection between clients and enterprises is considered a necessary and helpful form of communication in today’s worldwide and networked environment. Virtual events include video and audio conferencing, as well as live streaming and broadcasting. By merging developing technologies such as augmented reality, virtual reality, and 3D simulation to mimic in-person event experiences, the platform enables virtual communication from faraway locations. The platform’s interactive features, including a live chat box, live polls, and one-on-one video and audio chats, allow thousands of individuals to discuss information in real-time.
Individuals can join in any event using digital media regardless of their location. Many web-based platforms are utilized to bring people from all over the world together to attend events. Furthermore, online communication and collaborative activities are fulfilling all aspects of a physical event with the integration of Virtual Reality (VR), Augmented Reality (AR), and Artificial Intelligence (AI). The virtual events industry is growing because of a growing desire among enterprises to use digitally simulated platforms to manage time and resources effectively. Trade displays or exhibitions, video/audio conferences, summits, job fairs, and sales meetings are all examples of digitally simulated events. As a result of stay-at-home initiatives, the industry sees enhanced growth opportunities, as virtual events allow businesses to conduct their business procedures digitally.
Growing global adoption of digitally simulated platforms in various sectors, demand for intercontinental communication services for information sharing, the need for a communication platform, the rising popularity of Unified Communication as a Service, and innovative technologies are the factors driving the market. Lack of awareness, the growing threat of cyber-attacks while operating in a virtual environment, compatibility challenges at various corporate levels, and integrating virtual event software limit the market growth. The availability of several open-source, free solutions for event management, the outbreak of COVID-19, the importance of virtual event software as a powerful tool, and several open-source, accessible solutions for event management are predicted to drive market expansion.
Key players operating in the Global Virtual Event Platform market include Cvent, Hopin, Hubilo, Vfairs, BigMarker, Zoom, Microsoft, Cisco, Accelevents, EventMobi, On24, Vconfex, Samaaro, Airmeet, Splash, SpotMe. To gain a significant market share in the global Virtual Event Platform market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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The platform segment dominated the market and held the largest market share of 58% in the year 2020
Based on components, the Global Virtual Event Platform market is segmented into Services and Platforms. The platform segment dominated the market and held the largest market share of 58% in 2020. This growth is attributed to emerging technologies, interactive features like a live chat box, live polls, and one-to-one video and audio calls, cost-efficient, and highly beneficial.
The third-party Planner segment dominated the market and held the largest market share of 29.15% in the year 2020
Based on End Users, the global Virtual Event Platform market is segmented into Government, Corporations, Healthcare, Education, Third Party Planner, Non-Profit, and Associations. The third-party Planner segment dominated the market and held the largest market share of 24% in 2020. This growth is attributed to the logistics and vendor management, adoption of the virtual platform, saving a lot of time & money, and new advancements in technology.