Virtual Event Platform Market Size - By Component (Software, Service), By Organization Size (Small, Medium, and Large), By End Use (Government, Education, Healthcare, Event Management Agencies, Enterprises) & Forecast, 2023 – 2032

Virtual Event Platform Market Size

Virtual Event Platform Market size was valued at USD 11.9 billion in 2022 and is anticipated to grow at 10% CAGR from 2023 to 2032.  The growing adoption of digital media platforms to broaden audiences, shift businesses from onsite to remote operations, and the popularity of transforming online advertising is supporting business growth.
 

Virtual events are especially adopted by small and large organizations for many purposes such as merchandising, content & advertising, marketing, travel experience management, event outsourcing, and analytics. Various other interactive tools, such as surveys, discussions, forums, and Questions & Answers (Q&A), are also integrated to increase the effectiveness of the event.
 

Lack of strong internet infrastructure in developing countries

One of the restraining factors impacting the virtual event platform market growth is the lack of internet infrastructure in poor countries. Lack of proper internet connectivity results in bad video & sound quality and disturb the virtual events.
 

Virtual Event Platform Market Analysis

The virtual event platform market from small enterprise segment will expand at 15% CAGR through 2032. Small businesses focus on capturing market share and serving customers through various growth opportunities, resulting in the widespread use of the cloud. Compared to large organizations, these businesses face more marketing & sales challenges with limited budgets. Business processes require better solutions for complex problems to increase cost-effectiveness. However, small businesses benefit from these platforms as they reduce the overall cost of hosting an actual meeting, conference, or discussion. Virtual events are also easy to set up, cost-effective, and connect stakeholders to meetings remotely.
 

The virtual event platform market from software segment held over 80% revenue share in 2022. Virtual event software allows businesses to extend their events and meetings using live-streaming tools. It enables remote virtual communication by creating technologies, such as augmented reality and 3D simulations, to create personalized experiences. Thousands of people can share information in real time through this interactive software including live chat boxes, live polls, and one-on-one video & audio chats.
 

North America virtual event platform market size is poised to exceed USD 10 billion by 2032. The region is home to emerging economies such as the USA and Canada, which have ongoing infrastructure. The region is widely regarded as an early adopter of new technologies and is therefore considered a business hub. Rapid growth in the use of digital analog platforms, particularly in the healthcare sector, is expected to drive Canadian market growth.

The Asia Pacific market is expected to register 15% CAGR during the forecast period. Factors such as rising disposable incomes, the continued growth of UCaaS applications, and the increasing number of startups and conglomerates in these areas are supporting market growth. China and Japan generate a lot of revenue in the regional market due to the export of connection due to their large consumer bases. The increasing use of technology and the continued rollout of high-speed 5G connectivity are expected to boost economic growth in the region. The increasing number of small & medium-sized businesses and the continued use of technology in India and Australia will augment the growth in the region.
 

Virtual Event Platform Market Share

The major companies operating in the virtual event platform market include

• 6Connex
• Accelevents
• Airmeet
• Bigmarker
• Cisco (Webex)
• Cvent
• Eventmobi
• Hopin
• Hubilo
• Keystone
• Microsoft
• On24
• Remo
• Samaaro
• Stova (Aventri)
• Vconference online
• Vconfex
• V Fairs
• WHOVA
• Zoom

These companies are continuously focusing on innovating and developing new features for their platforms to gain competitive edge in the market.
 

For instance, in October 2022, Zoom has announced the launch of new Video conferencing platform “Zoom Events” enabling users to produce immersive and engaging virtual experiences. The company aims to enhance the virtual experience and expand their footprint.
 

The virtual event platform market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2023 to 2032 for the following segments:

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Market, By Component

• Software
• Services

Market, By Organization Size

• Small enterprise
• Medium enterprise
• Large enterprise

Market, By End Use

• Government
• Education
• Healthcare
• Event management agencies
• Enterprises
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Singapore
• Latin America
  • Brazil
  • Mexico
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Israel