How Has the Virtual Event Platform Market Evolved Historically and What is its Current Size?
The virtual event platform market has seen considerable growth due to a variety of factors.
• Over the past few years, the virtual event platform market size has seen rapid expansion. Its growth is forecasted to rise from $14.67 billion in 2024 to $16.39 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.8%.
The remarkable growth during the historic period has been traced back to elements like the implementation of digital transformation initiatives, globalization and remote collaboration, accelaration due to the COVID-19 pandemic, the increasing necessity for flexibility and scalability, as well as improved user engagement features.
What is the Forecasted Market Size and CAGR for the Virtual Event PlatformMarket?
The virtual event platform market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the market size for virtual event platforms is predicted to experience a swift expansion. The projections place it at $31.79 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 18.0%.
Growth within the prediction period is likely due to factors such as analytics and measurement after the event, integration with social media outlets, a competitive and innovative landscape, improved accessibility and inclusivity, and the transformation of virtual trade fairs and exhibits. The forecast period is expected to see key trends like dynamic content formats, tools for real-time collaboration, distribution and monetization of content, focus on inclusivity, better security protocols, accessibility across multiple platforms, and aspects of gamification.
What Are The Primary Growth Drivers In The Virtual Event Platform Market?
The surge in online meetings, conferences, webinars, and events is projected to spur the expansion of the virtual event platform market. The outbreak of a worldwide pandemic has imposed new difficulties for businesses to organize meetings and events. The immediate need to transition to virtual meetings using the latest technology to maintain connectivity and minimize the effects of COVID-19 was a necessity when face-to-face meetings were no longer an option. This abrupt transition towards virtual conferences and events amplified the usage of virtual event platforms. As an example, Kaltura's The State of Virtual Events 2022 survey report, a worldwide survey of roughly 1250 organizers and attendees, indicated that 92% of planners moved to virtual events in 2021, and 94% plan for virtual events in 2022, with 48% aiming to raise the volume of virtual events in 2023. Consequently, the escalating numbers of online events, conferences, and lectures will fuel the growth of the virtual event platform market.
What Is The Segmentation Of The Global Virtual Event Platform Market?
The virtual event platform market covered in this report is segmented –
1) By Component: Platform, Services, Training And Consulting, Support And Maintenance, Deployment And Integration
2) By Organization Size: Large Enterprises, Medium-Size Enterprises, Small Enterprises
3) By End-User: Non Profit, Government, Education, Healthcare And Lifesciences, Third Party Planner, Associations, Corporations
Subsegments:
1) By Platform: Web-Based Event Platforms, Mobile Event Applications, Virtual Event Management Software
2) By Services: Event Planning And Coordination Services, Content Creation Services
3) By Training And Consulting: User Training Programs, Event Strategy Consulting
4) By Support And Maintenance: Technical Support Services, System Updates And Upgrades
5) By Deployment And Integration: Cloud-Based Deployment Solutions, On-Premises Deployment Solutions, Integration With Other Software Tools
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What Emerging Trends Are Shaping The Virtual Event Platform Market Landscape?
A significant emerging trend in the virtual events platform market is the advancement of technology in the realms of augmented reality (AR) and virtual reality (VR). Several dominant businesses in the virtual event platform market are keen on improving their market standing by offering highly sophisticated platforms. As a part of this initiative, they are integrating cutting-edge virtual event platform technologies like CRM, video API, text API, AI and ML, and more into their platforms. AR and VR technologies facilitate user interaction with and manipulation of 3D models in a live environment, thereby enhancing the illusion of reality. For example, VRXtream, an immersive event platform, launched the Metaverse platform for events in January 2022. Complemented with AR and VR technologies, it syncs with the NFT marketplace. This innovative platform offers a broad range of lifelike, interactive, and feature-assisted events that can be directly altered with VR Spaces, NFT characters, and NFT features.
Who Are the Key Players in the Virtual Event Platform Market?
Major companies operating in the virtual event platform market include:
• 6Connex Inc.
• Cvent Inc.
• Microsoft Corporation
• Cisco Systems Inc.
• Zoom Video Communications Inc.
• Influitive Corporation
• Whova Inc.
• OneCause Inc.
• Webex Events (formerly Socio)
• GoTo Webinar (LogMeIn Inc. )
• BlueJeans Events (Verizon Business)
• ON24 Inc.
• PheedLoop Inc.
• vFairs
• BigMarker Inc.
• HeySummit
• Remo Inc.
• EventCube Inc.
• Tame Inc.
• Hopin Limited
• Airmeet Inc.
• Accelevents Inc.
• Attendify Inc.
• Bizzabo Inc.
• Brella Productions Oy
• Cadence Design Systems Inc.
• Crowdcast Inc.
• Intrado Corporation
• Swapcard SAS
• Hubilo Technologies Inc.
What are the Regional Insights into the Virtual Event Platform Market?
North America was the largest region in the virtual event platform market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual event platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
