Virtual Event Platform Market to See Skyrocketing Rise as Global Companies Move Operations to Remote Working

Jul 21,2020 | Technology

The recent turn of events in the global economy have created a need a for a rapid adaption to the situation. The solutions offered by vendors in the Virtual Event Platform Market have been ideal in transitioning to remote working, ensuring business continuity. This has been the primary growth driver for the global Virtual Event Platform Market in recent years.

Virtual Event Platforms Market

A recent market study published by Future Market Insights on the virtual event platform ma...

Virtual Event Platforms Market

Future Market Insights predicts that the demand for virtual events platforms will surge exponentially as entertainment, education, and corporate enterprises will all migrate to virtual event platforms to tackle the going COVID-19 pandemic.

Convenience of participating in these events through a smartphones or laptops has strengthened the case for the market, creating a massive opportunity for businessmen and artists alike to turn things around financially amidst a crisis.

As the health crisis worsens, the demand for virtual event platform is expected to soar.  These network-based platforms enable attendees to connect and schedule appointments with sponsors, performers and exhibitors. Therefore, integration of networking capabilities to establish connectivity among attendees is boosting the growth of the global Virtual Event Platform Market. Additionally, collection of registration data helps virtual event organizers to gain actionable insights for decision making operations.

Key Strategies Incorporated by Virtual Event Platform Market Players

  • Companies marketing virtual event platforms and services are deploying customized solutions integrated into the cloud. In April 2020, Hubilo deployed a cloud-based event management platform to help end-users host virtual events during the ongoing COVID-19 pandemic.
  • Virtual fair, conference, and trade show platform providers are entering into strategic partnerships and collaborations with innovative technology providers in order to procure and integrate technologies like artificial intelligence (AI) and Deep Learning into their solutions.
  • Several key players like Microsoft are harnessing their in-house research capabilities to develop innovative technologies compatible with their virtual event platforms.

Enhanced Accuracy in Attendee Data Collection

In the coming years, virtual event platforms are expected to collected copious amounts of data that will be generated due to various kinds of institutions and organizations using it. This unstructured data will be later used for identifying the prominent consumer sentiment to deliver improved and customized solutions.

An insight into consumer preferences for virtual events will prove to be exceptionally valuable for the vendors in the market. Developing insight-based strategies for technology enhancement and addition or modification of virtual content will allow the vendors to adapt to the changing needs of businesses and institutions.

Customers are procuring virtual event platforms with such integrated capabilities in order to benefit from traceable analytics and statistics.

“Virtual event platforms and services are proving to be astute solutions that enable end users to host events and interested attendees to stay connected. A high demand for these solutions is being observed in countries highly affected by COVID-19 cases, as key players are offering price relief for end users whose events got affected due to the stringent lockdowns,” says the FMI analyst.

Competition Landscape of Virtual Event Platform Market

Virtual event platforms and service providers are deploying cloud-integrated virtual events management and hosting solutions for emerging end-users operating in banking, financial services, and insurance (BFSI), healthcare and consumer electronics industries. This strategy helps market players generate new revenue streams, especially during the ongoing COVID-19 crisis.

  • For instance, in April 2020, the healthcare division of Wolters Kluwer, deployed virtual conferencing solutions for medical institutions and societies in order to virtually accommodate high profile meetings with heavy public throughput.
  • This solution was widely adopted by end-users operating in healthcare and research and academia industries as professionals rushed to gain insights on the clinical studies performed to tackle rising COVID-19 infections.

End users operating in these industries are gaining technical support by forming partnerships and collaborations with leading networking and connectivity technologies providers.

  • For instance, In April 2020, ETBFSI, a BFSI division of The Economic Times in India, hosted the country’s first BFSI virtual summit. The virtual event platform was deployed by Dell and VMware. For virtual event technical and innovation support, ETBFSI partnered up with BMC Software, Ivalue, Nutanix, Tata Communications, Micro Focus, Aruba Systems and Shro Systems.

More Valuable Insights on Virtual Event Platform Market

FMI’s research on the virtual event platform market is segmented into two major segments. By component, the global virtual event platform market is segmented into solutions and services. The solutions sub-segment is further segmented into integrated virtual event platforms and standalone software, while the services sub-segment is further segregated into live event support, post event processing services, event consulting services and support services. With respect to end-user, the global virtual event platform market is segregated into enterprises/corporates, event management agencies, academic institutions, and trade show organizers, among others. The extensive segregation of the market helps readers evaluate lucrative opportunities in the global virtual event platform market.

About Technology Division at Future Market Insights

The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.