Businesses are transitioning towards a new normal interspersed with virtual reality to carry out operations in the new normal.
Vendors are providing sophisticated tools to streamline this virtual experience. Work from home guidelines have prompted vendors to incorporate higher bandwidths to ensure smooth workflow.
Projections for the virtual event platforms market appear staggering, with a new report published by Future Market Insights (FMI) estimating a CAGR of 16.3% from 2020-2030.
Ameliorating Networking Technologies Driving Growth
Recent turn of events have pushed organizations to adopt augmented and virtual reality solutions to sustain their business. Therefore, software providers are developing efficient networking solutions to help organizations achieve their objectives. There is heavy reliance on smart devices to conduct virtual meetings and conferences.
The convergence of unified communications-as-a-service (UCaaS) and software-as-a-service (SaaS) has spiked in the past few months. With the pandemic entering its second peak, demand for virtual event management software is bound to soar, generating massive opportunities for entrepreneurs and business entities alike.
Live Streaming of Virtual Events Key Growth Catalyst
As COVID-19 intensifies, digitally simulated platforms to organize live virtual events are being adopted across various end-use industries. Hospitality, education, healthcare, banking & finance and marketing are amongst the main virtual event platform users.
These end-users are leveraging virtual platforms to organize online events, virtual conferences, meetings, lectures and trade fairs to cope with the new normal. Resultantly, software such as Microsoft Teams, Zoom Meetings, Google Meets and Skype are gaining significant ground.
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Prolific Opportunities in the Healthcare Industry
Virtual reality has dramatically altered the modus operandi within the global healthcare landscape. VR has rendered it possible to perform surgeries and operation which were otherwise impossible or unheard of. Virtual software has made it possible, for instance, to simulate training scenarios to replicate mainstream surgical procedures.
Advancements such as 360o CGI reconstruction have made it possible to simulate an actual cadaver on which students can perform surgical procedures. Also, advancements such as robotic surgery, pain management & physical therapy and medical marketing have provided a fertile ground for virtual event platform providers to flourish.
Demand for Cloud-Based Platforms Multiplying
As businesses increasingly shift online, the need to consolidate vast data is accelerating the need to adopt cloud-based platforms. These platforms also offer a combination of facilities such as online event planning software, event management platforms, event ticketing & registration software and event marketing software.
Several business organizations rely on event-based marketing so as to carve a foothold in the global landscape. Hence, they rely on event management companies and software to organize trade fairs, exhibitions and fetes, thus accelerating the need for cloud-based event management platforms.
Difficulties in Software Integration May Constrain Growth
Integrating event management software with important business systems is a significant challenge faced by all corporate entities. Compatibility issues at different business levels requires companies to ensure consistency across all operational levels. This is often a daunting task as it requires significant budgeting on the part of the organization.
Moreover, network inconsistencies due to insufficient bandwidth and unstable internet connections can disrupt day-to-day operations, causing massive inconveniences to companies. These impediments are likely to stunt growth of the virtual event platforms market size in future.
North America Virtual Event Platforms Market
The North American virtual event platforms market is expected to retain its lucrativeness, comprising over half of the global revenue share.
Presence of major multinational and regional corporations across major end-use industries is catapulting growth prospects.
Several major international events and conferences are concentrated across the United States and Canada. In light of the pandemic, all corporate giants are leveraging digital and online event management platforms to organize meetings, exhibitions, product launches and trade fairs.
Players such as Microsoft, Apple and Cisco Systems Inc. have been at the forefront of the North American virtual event platforms market since several decades. These players offer highly sophisticated and state-of-the-art virtual platforms with excellent bandwidth and reliability.
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South Asia & Pacific Virtual Event Platforms Market
South Asia & Pacific is likely to be the fastest growing market, expanding at over 20% CAGR through 2030. Burgeoning education, healthcare, banking and finance sectors are accelerating virtual events platform adoption across the region.
India is touted to be the largest market, owing to high spawning rate of numerous event management start-ups. These start-ups are emerging to specifically cater to healthcare, academic and other institutions. Specific adoption is being witness across the education sector.
Prominent solution providers such as Accelevents, SpotMe, Communique Conferencing, Airmeet, BigMarker and Brandlive have forayed into the South Asia & Pacific regional markets, generating key revenue pools.
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Latin America Virtual Event Platforms Market
Unconventional markets such as Latin America are acquiring immense momentum, especially with regard to cloud-based event management platforms. Deepening internet penetration due to enhanced standard of living is directing growth across all countries.
With a surge in income levels, consumers are easily accessing smartphones, laptops, tables and other IoT devices in order to connect to the internet. Moreover, the impact of the COVID-19 pandemic has compelled businesses to shift businesses online. This has prompted technology giants to establish base across the region.
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Adoption of Live Event Support Services High
By solution, live event support services are slated to gain maximum traction. With the pandemic compelling employees to work from home, live virtual meetings and conferences have become commonplace, augmenting the need for appropriate live event streaming services.
Likewise, integrated virtual event platforms are acquiring surging popularity, registering credible growth in the upcoming forecast period. Rising number of online meetings, conferences, lectures and events is spurring the segment’s growth.
Spending by Academic Institutions Growing
Government imposed shutdowns to contain the coronavirus has compelled schools, colleges and universities to go virtual, expanding the scope of virtual event platforms for academic institutions. These institutions are making exhaustive usage of streaming platforms to deliver lectures and conduct classes.
Besides, the increasing demand for smart classrooms to deliver quality education is also heightening prospects for the virtual event platforms market.
Various schools and colleges have been incorporating online meeting and event platforms since pre-pandemic times. This has helped institutions improve their workflow and spend less on physical infrastructure.
SMEs to Register Impressive Growth
The small and medium sized enterprises (SMEs) are emerging as the frontrunners of the virtual event platforms market, expanding at a noteworthy CAGR. Growing need to improvise workflow is accelerating growth prospects.
Furthermore, the pandemic crisis has especially impacted SMEs and small-scale businesses. To offset the shortfalls in revenue and profit margins, they are adopting hybrid as well as mainstream on-site virtual event platforms, especially across domains such as banking, automotives and chemical manufacturing.
COVID-19 to Skyrocket Virtual Event Platforms Market
The novel coronavirus pandemic has induced a drastic reshaping of the global economy. Government mandated lockdowns have compelled organizations to accommodate work from home practices, thereby shifting businesses to the virtual platform.
Throughout the pandemic’s duration, the global virtual event platforms is expected to remain on a high growth trajectory. Large, medium and small enterprises have increased spending on cloud and virtual event management platforms, with meetings and conferences being conducted online.
According to Future Market Insights’ (FMI) estimates, the demand for virtual event platforms will surge exponentially, with maximum uptake likely to be across the education and healthcare industries. These network-based platforms have enabled people to schedule appointments with exhibitors, sponsors and performers.
Virtual Event Platforms Market: Prominent Vendors
The global virtual event platforms market report has profiled the following prominent players*:
- Microsoft Corporation
- Cisco Systems
- Zoom Video Communications
- Cvent Inc.
- 6Connex Inc.
- Hubb LLC
*This list is indicative- full details about virtual event platforms players is available upon request.
A slew of strategies, ranging from product enhancements, new solution offerings, collaborations with niche players and strategic acquisitions of smaller players characterize the competitive landscape. Due to the presence of various enterprises, the global virtual event platforms market is fragmented in nature, rendering it highly competitive.
Microsoft Corporation is at the forefront of the virtual event software, offering a wide pool of cloud-based and conventional communication solutions. In September 2020, the software giant introduced Azure Communications Services, the first fully managed communication platform from a major cloud provider.
Several providers also offer specialized courses on virtual event management platforms. For instance, Cisco Systems provides training courses through its Cisco Networking Academy. It offers specialization in networking, OS & IT, IoT, cybersecurity, programming and infrastructure automation among others.
Recently, in October 2020, Zoom Video Communications delivered its Zoomtopia 2020 keynote address wherein the tech giant unveiled a series of key enhancements of its OnZoom, Zapps, End-to-End Encryption and Core UC platforms. It has also pledged over US$ 1.5 million in grants to remote learning and other social causes.
Virtual Event Platforms Market- Report Scope
Historical Data Available for
US$ Mn for Value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia & Pacific and Middle East & Africa
Key Countries Covered
U.S., Canada, Mexico, Brazil, Germany, Italy, France, U.K., Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, Australia & New Zealand, GCC, Turkey and South Africa
Key Segments Covered
Solution, End-User & Enterprise Size
Key Companies Profiled
Microsoft Corporation, Cisco Systems, Zoom Video Communications, Cvent, Evenium, SpotMe, Cadence, Cvent Inc., 6Connex Inc., Hubb LLC., InEvent Inc., KitApps Inc. (Attendify), Boomset, vFairs, ubivent GmbH and Kestone.
Market Overview, Key Market Trends, Feature Analysis, COVID-19 Impact Analysis, Market Structure Analysis, Segmental Analysis, Regional Profiling and Competition Analysis
Customization & Pricing
Key questions answered in the report
- How will virtual event platforms market expand from 2020-2030?
The global virtual event platforms market is expected to grow staggeringly between 2020 and 2030. An impressive 16.3% CAGR is forecasted for the market throughout the said assessment period
- What factors propel the virtual event platforms market?
The global virtual event platforms market is impelled by a proliferation of advanced networking technologies and increased frequency of live-streaming virtual events in the wake of the COVID-19 pandemic. Additionally, increasing scope of virtual platforms across the healthcare domain is likely to accelerate growth
- What are the possible impediments to the market?
Difficulties in integrating virtual platforms into various levels of business operations is proving to be a significant hindrance to the virtual event platforms market growth. Companies need to ensure consistency at every tier, which increases their overall spending
- Which is the largest virtual event platforms market?
As per Future Market Insights’ (FMI) projections, North America is likely to retain market dominance, owing to the presence of various global and regional organizations across various end-use industries. However, South Asia & Pacific is expected to emerge as the fastest growing market, attributed to flourishing education and healthcare sectors
- How will COVID-19 impact virtual event platforms market growth?
The COVID-19 pandemic is skyrocketing virtual event platforms demand across several end-use industries. Stringent lockdowns are preventing organizations from resuming on-premise operations, compelling them to shift business on the virtual platform. This is increasing the need for efficient live-streaming virtual event platforms
- Which domain is an extensive virtual event platform user?
Academic institutions are effectively leveraging virtual event platforms due to extensive usage of live-streaming interfaces to deliver lectures and conduct classes in light of the pandemic crisis. Additionally, demand for quality education delivery is also increasing adoption across the educational sphere
- Which are the prominent virtual event platforms providers?
Prominent players dominating the global virtual event platforms landscape are: Microsoft Corporation, Cisco Systems, Zoom Video Communications, Cvent, Evenium, SpotMe, Cadence, Cvent Inc., 6Connex Inc., Hubb LLC., InEvent Inc., KitApps Inc. (Attendify), Boomset, vFairs, ubivent GmbH and Kestone.
Enquiry before Buying
- Is the virtual event platforms market research conducted by Future Market Insights?
Yes, the virtual event platforms market report has been compiled by expert analysts of Future Market Insights through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to the research analyst
- What research methodology is followed by FMI?
FMI follows a methodology that encompasses the demand side assessment of the market, and triangulates the same through a supply side analysis. This methodology is based on use of standard market structure, methods and definitions.
- Who are the respondents for primary research?
FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.
- What are the sources of secondary research?
FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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Virtual event platform market: Segmentation
- Integrated Virtual Event Platforms
- Standalone Software
- Live Event Support
- Post Event Processing Services
- Event Consulting Services
- Support Services
- Event Management Agencies
- Academic Institutions
- Trade Show Organizers
- Large Enterprises
- North America (U.S & Canada)
- Latin America (Brazil, Mexico & Rest of Latin America)
- Europe (Germany, France, Italy, Spain, U.K, BENELUX, Russia & Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia & Pacific (India, Thailand, Malaysia, Indonesia, Australia & New Zealand)
- Middle East & Africa (GCC, South Africa, Turkey & Rest of MEA)