The Virtual Event Platform Market size was USD 15.3 Billion in 2023 and is expected to Reach USD 64.09 Billion by 2031 with a growing CAGR of 19.6% over the forecast period of 2024-2031.
A virtual event platform is an online platform that enables people to host and attend events in a virtual setting. It provides a variety of features that allow users to interact with each other, such as live streaming, video conferencing, chat, and polling. Virtual event platforms can be used for a variety of events, such as conferences, trade shows, webinars, and training sessions. Virtual event platforms can be used to host webinars, which are online presentations that can be attended by people from all over the world. This is a great way to share information and knowledge with a large audience. The software segment dominated the virtual event platform market in 2022 with a share of over 80%. This is due to the growing demand for virtual event platforms that provide features such as live streaming, video conferencing, and interactive features. The other segment, which includes services such as event planning and marketing, is expected to grow at a faster rate in the coming years. Virtual event platforms offer a cost-effective and convenient way to host events, as they eliminate the need for travel and accommodation. The growing adoption of mobile devices has made it possible for people to attend virtual events from anywhere in the world.
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KEY DRIVERS
The rise of the internet and social media
The increasing popularity of remote work
The increasing affordability of virtual event platforms
The internet and social media have made it easier for people to connect and collaborate online. This has led to a growing demand for virtual event platforms that can be used to host online events, such as webinars, conferences, and trade shows.
RESTRAIN
The lack of physical interaction
There is a lack of standardization in the virtual events market
One of the biggest challenges of virtual events is the lack of physical interaction between attendees. This can make it difficult to build relationships and create a sense of community.
OPPORTUNITY
The use of artificial intelligence
The metaverse is a virtual world that is being created using augmented reality and virtual reality Virtual events are being held in the metaverse, and this trend is expected to pose Opportunity in the market
AI is being used to improve the virtual event experience in a number of ways, such as providing real-time translation, generating transcripts, and moderating conversations. This is helping to make virtual events more accessible and engaging for attendees.
CHALLENGES
It can be difficult to replicate the networking opportunities that are available at traditional in-person events
It can be difficult to ensure the security and privacy of attendees' data at virtual events
Virtual events do not offer the same opportunities for attendees to network with each other, which can be a missed opportunity for businesses.
The virtual event platforms that 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 ONGOING RECESSION
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. In April 2023, Microsoft announced that it would be cutting 18,000 jobs. The company said that the layoffs were necessary to "streamline our organization and better align our resources with our priorities and In May 2023, Google announced that it would be slowing hiring for the rest of the year. The company said that the decision was made "in light of the economic headwinds.
By Component
Platform
Services
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
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North America
USA
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 the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
REGIONAL ANALYSIS
North America had the greatest market share with a revenue share of 39.7% in 2021, 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. From 2022 through 2030, it is anticipated that Latin America, the Middle East, and Africa would all experience significant growth.
the Asia Pacific area is anticipated to experience the fastest growth. From 2022 to 2030, This is due, among other things, to the rising levels of disposable income, the ongoing development of Unified Comminication 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.
The major 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 others in Final Report.
Microsoft: In April 2023, Microsoft announced that it would be launching a new virtual event platform called Microsoft Teams Live Events. This platform will allow businesses to host live events with up to 10,000 attendees.
Google: In March 2023, Google announced that it would be making significant investments in its virtual event platform, Google Meet. These investments will make Google Meet more reliable and scalable, and they will also add new features such as live captions and audience Q&A.
| Report Attributes | Details |
| Market Size in 2023 | US$ 15.3 Billion |
| Market Size by 2031 | US$ 64.09 Billion |
| CAGR | CAGR of 19.6% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments |
|
| Regional Analysis/Coverage | 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) |
| Company Profiles | SpotMe, Attendify, Remo, Cisco, 6Connex, EventMobi, Cvent, Hubilo, vFairs, BigMarker, Zoom, Hopin, Microsoft, Pheedloop, Kestone, Bizzabo, Airmeet, Splash , HeySummit, Socio, Vconferenceonline |
| Key Drivers | • The rise of the internet and social media • The increasing popularity of remote work • The increasing affordability of virtual event platforms |
| Market Challenges | • It can be difficult to replicate the networking opportunities that are available at traditional in-person events • It can be difficult to ensure the security and privacy of attendees' data at virtual events |
Ans. The Virtual Event Platform Market is growing at a CAGR of 20.01 % From 2023 to 2030.
Ans. The Virtual Event Platform Market size is estimated to reach USD 52.87 Billion by 2030.
Ans. Virtual events such as a webinar, video conferencing, and music events that allow information sharing in real-time further fuel the market growth
Ans. North America dominated the virtual events market with a share of 39.71% in 2021. This is attributable to the region being the corporate hub and also an early adopter of new technology.
Ans. Key factors that are driving the virtual events Platform market growth include its cost-effectiveness, ease of connectivity, and growing popularity of Unified Communication as a Service among corporate, education institutes, and various other organizations across industries.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Ukraine- Russia War
4.2 Impact of Recession
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Virtual Event Platform Market Segmentation, By Component
8.1 Platform
8.2 Services
8.2.1 Training and Consulting
8.2.2 Support and Maintenance
8.2.3 Deployment and Integration
9. Virtual Event Platform Market Segmentation, By Organization Size
9.1 Large enterprises
9.2 Medium-sized enterprises
9.3 Small enterprises
10. Virtual Event Platform Market Segmentation, By End-user
10.1 Non Profit
10.2 Government
10.3 Education
10.4 Healthcare and Lifesciences
10.5 Third-Party Planner
10.6 Associations
10.7 Corporations
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Virtual Event Platform Market by Country
11.2.2North America Virtual Event Platform Market By Component
11.2.3 North America Virtual Event Platform Market By Organization Size
11.2.4 North America Virtual Event Platform Market By End-user
11.2.5 USA
11.2.5.1 USA Virtual Event Platform Market By Component
11.2.5.2 USA Virtual Event Platform Market By Organization Size
11.2.5.3 USA Virtual Event Platform Market By End-user
11.2.6 Canada
11.2.6.1 Canada Virtual Event Platform Market By Component
11.2.6.2 Canada Virtual Event Platform Market By Organization Size
11.2.6.3 Canada Virtual Event Platform Market By End-user
11.2.7 Mexico
11.2.7.1 Mexico Virtual Event Platform Market By Component
11.2.7.2 Mexico Virtual Event Platform Market By Organization Size
11.2.7.3 Mexico Virtual Event Platform Market By End-user
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Virtual Event Platform Market by country
11.3.1.2 Eastern Europe Virtual Event Platform Market By Component
11.3.1.3 Eastern Europe Virtual Event Platform Market By Organization Size
11.3.1.4 Eastern Europe Virtual Event Platform Market By End-user
11.3.1.5 Poland
11.3.1.5.1 Poland Virtual Event Platform Market By Component
11.3.1.5.2 Poland Virtual Event Platform Market By Organization Size
11.3.1.5.3 Poland Virtual Event Platform Market By End-user
11.3.1.6 Romania
11.3.1.6.1 Romania Virtual Event Platform Market By Component
11.3.1.6.2 Romania Virtual Event Platform Market By Organization Size
11.3.1.6.4 Romania Virtual Event Platform Market By End-user
11.3.1.7 Turkey
11.3.1.7.1 Turkey Virtual Event Platform Market By Component
11.3.1.7.2 Turkey Virtual Event Platform Market By Organization Size
11.3.1.7.3 Turkey Virtual Event Platform Market By End-user
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Virtual Event Platform Market By Component
11.3.1.8.2 Rest of Eastern Europe Virtual Event Platform Market By Organization Size
11.3.1.8.3 Rest of Eastern Europe Virtual Event Platform Market By End-user
11.3.2 Western Europe
11.3.2.1 Western Europe Virtual Event Platform Market By Component
11.3.2.2 Western Europe Virtual Event Platform Market By Organization Size
11.3.2.3 Western Europe Virtual Event Platform Market By End-user
11.3.2.4 Germany
11.3.2.4.1 Germany Virtual Event Platform Market By Component
11.3.2.4.2 Germany Virtual Event Platform Market By Organization Size
11.3.2.4.3 Germany Virtual Event Platform Market By End-user
11.3.2.5 France
11.3.2.5.1 France Virtual Event Platform Market By Component
11.3.2.5.2 France Virtual Event Platform Market By Organization Size
11.3.2.5.3 France Virtual Event Platform Market By End-user
11.3.2.6 UK
11.3.2.6.1 UK Virtual Event Platform Market By Component
11.3.2.6.2 UK Virtual Event Platform Market By Organization Size
11.3.2.6.3 UK Virtual Event Platform Market By End-user
11.3.2.7 Italy
11.3.2.7.1 Italy Virtual Event Platform Market By Component
11.3.2.7.2 Italy Virtual Event Platform Market By Organization Size
11.3.2.7.3 Italy Virtual Event Platform Market By End-user
11.3.2.8 Spain
11.3.2.8.1 Spain Virtual Event Platform Market By Component
11.3.2.8.2 Spain Virtual Event Platform Market By Organization Size
11.3.2.8.3 Spain Virtual Event Platform Market By End-user
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Virtual Event Platform Market By Component
11.3.2.9.2 Netherlands Virtual Event Platform Market By Organization Size
11.3.2.9.3 Netherlands Virtual Event Platform Market By End-user
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Virtual Event Platform Market By Component
11.3.2.10.2 Switzerland Virtual Event Platform Market By Organization Size
11.3.2.10.3 Switzerland Virtual Event Platform Market By End-user
11.3.2.11.1 Austria
11.3.2.11.2 Austria Virtual Event Platform Market By Component
11.3.2.11.3 Austria Virtual Event Platform Market By Organization Size
11.3.2.11.4 Austria Virtual Event Platform Market By End-user
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Virtual Event Platform Market By Component
11.3.2.12.2 Rest of Western Europe Virtual Event Platform Market By Organization Size
11.3.2.12.3 Rest of Western Europe Virtual Event Platform Market By End-user
11.4 Asia-Pacific
11.4.1 Asia-Pacific Virtual Event Platform Market by country
11.4.2 Asia-Pacific Virtual Event Platform Market By Component
11.4.3 Asia-Pacific Virtual Event Platform Market By Organization Size
11.4.4 Asia-Pacific Virtual Event Platform Market By End-user
11.4.5 China
11.4.5.1 China Virtual Event Platform Market By Component
11.4.5.2 China Virtual Event Platform Market By End-user
11.4.5.3 China Virtual Event Platform Market By Organization Size
11.4.6 India
11.4.6.1 India Virtual Event Platform Market By Component
11.4.6.2 India Virtual Event Platform Market By Organization Size
11.4.6.3 India Virtual Event Platform Market By End-user
11.4.7 Japan
11.4.7.1 Japan Virtual Event Platform Market By Component
11.4.7.2 Japan Virtual Event Platform Market By Organization Size
11.4.7.3 Japan Virtual Event Platform Market By End-user
11.4.8 South Korea
11.4.8.1 South Korea Virtual Event Platform Market By Component
11.4.8.2 South Korea Virtual Event Platform Market By Organization Size
11.4.8.3 South Korea Virtual Event Platform Market By End-user
11.4.9 Vietnam
11.4.9.1 Vietnam Virtual Event Platform Market By Component
11.4.9.2 Vietnam Virtual Event Platform Market By Organization Size
11.4.9.3 Vietnam Virtual Event Platform Market By End-user
11.4.10 Singapore
11.4.10.1 Singapore Virtual Event Platform Market By Component
11.4.10.2 Singapore Virtual Event Platform Market By Organization Size
11.4.10.3 Singapore Virtual Event Platform Market By End-user
11.4.11 Australia
11.4.11.1 Australia Virtual Event Platform Market By Component
11.4.11.2 Australia Virtual Event Platform Market By Organization Size
11.4.11.3 Australia Virtual Event Platform Market By End-user
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Virtual Event Platform Market By Component
11.4.12.2 Rest of Asia-Pacific Virtual Event Platform Market By Organization Size
11.4.12.3 Rest of Asia-Pacific Virtual Event Platform Market By End-user
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Virtual Event Platform Market by Country
11.5.1.2 Middle East Virtual Event Platform Market By Component
11.5.1.3 Middle East Virtual Event Platform Market By Organization Size
11.5.1.4 Middle East Virtual Event Platform Market By End-user
11.5.1.5 UAE
11.5.1.5.1 UAE Virtual Event Platform Market By Component
11.5.1.5.2 UAE Virtual Event Platform Market By Organization Size
11.5.1.5.3 UAE Virtual Event Platform Market By End-user
11.5.1.6 Egypt
11.5.1.6.1 Egypt Virtual Event Platform Market By Component
11.5.1.6.2 Egypt Virtual Event Platform Market By Organization Size
11.5.1.6.3 Egypt Virtual Event Platform Market By End-user
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Virtual Event Platform Market By Component
11.5.1.7.2 Saudi Arabia Virtual Event Platform Market By Organization Size
11.5.1.7.3 Saudi Arabia Virtual Event Platform Market By End-user
11.5.1.8 Qatar
11.5.1.8.1 Qatar Virtual Event Platform Market By Component
11.5.1.8.2 Qatar Virtual Event Platform Market By Organization Size
11.5.1.8.3 Qatar Virtual Event Platform Market By End-user
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Virtual Event Platform Market By Component
11.5.1.9.2 Rest of Middle East Virtual Event Platform Market By Organization Size
11.5.1.9.3 Rest of Middle East Virtual Event Platform Market By End-user
11.5.2 Africa
11.5.2.1 Africa Virtual Event Platform Market by Country
11.5.2.2 Africa Virtual Event Platform Market By Component
11.5.2.3 Africa Virtual Event Platform Market By Organization Size
11.5.2.4 Africa Virtual Event Platform Market By End-user
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Virtual Event Platform Market By Component
11.5.2.5.2 Nigeria Virtual Event Platform Market By Organization Size
11.5.2.5.3 Nigeria Virtual Event Platform Market By End-user
11.5.2.6 South Africa
11.5.2.6.1 South Africa Virtual Event Platform Market By Component
11.5.2.6.2 South Africa Virtual Event Platform Market By Organization Size
11.5.2.6.3 South Africa Virtual Event Platform Market By End-user
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Virtual Event Platform Market By Component
11.5.2.7.2 Rest of Africa Virtual Event Platform Market By Organization Size
11.5.2.7.3 Rest of Africa Virtual Event Platform Market By End-user
11.6 Latin America
11.6.1 Latin America Virtual Event Platform Market by country
11.6.2 Latin America Virtual Event Platform Market By Component
11.6.3 Latin America Virtual Event Platform Market By Organization Size
11.6.4 Latin America Virtual Event Platform Market By End-user
11.6.5 Brazil
11.6.5.1 Brazil Virtual Event Platform Market By Component
11.6.5.2 Brazil Virtual Event Platform Market By Organization Size
11.6.5.3 Brazil Virtual Event Platform Market By End-user
11.6.6 Argentina
11.6.6.1 Argentina Virtual Event Platform Market By Component
11.6.6.2 Argentina Virtual Event Platform Market By Organization Size
11.6.6.3 Argentina Virtual Event Platform Market By End-user
11.6.7 Colombia
11.6.7.1 Colombia Virtual Event Platform Market By Component
11.6.7.2 Colombia Virtual Event Platform Market By Organization Size
11.6.7.3 Colombia Virtual Event Platform Market By End-user
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Virtual Event Platform Market By Component
11.6.8.2 Rest of Latin America Virtual Event Platform Market By Organization Size
11.6.8.3 Rest of Latin America Virtual Event Platform Market By End-user
12. Company profile
12.1 SpotMe
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Attendify
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Remo
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Cisco
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 6Connex
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 EventMobi.
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Cvent
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Hubilo
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Products/ Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 BigMarker.
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Products/ Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Zoom
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Products/ Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Company Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. USE Cases and Best Practices
15. Conclusion
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