The global virtual event platform market revenue was US$ 11.71 billion in 2022. The global market size is estimated to reach a valuation of US$ 35.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 13.0% during the forecast period from 2023 to 2031.
Users can swiftly host virtual conferences, meetings, workshops, online marketplace exhibitions, virtual sporting events, and other events using a virtual event platform. A virtual event platform is distinctive as it provides peer-to-peer and one-to-many interactions for participants. This involvement and interaction distinguish it from the webinar tools available today. They come with several functions that typical video conferencing software does not offer. Participants can develop, host, and manage virtual event platforms using a web browser. Users can use web or mobile browsers to participate in virtual events platforms.
Market Driving Factors
The rising popularity of Unified Communication as a Service (UCaaS) among businesses, corporations, educational institutions, and many other organizations across industries drives global market growth. For instance, the Internet Corporation for Assigned Names and Numbers (ICANN), a non-profit corporation with headquarters in the United States that manages several databases, switched from an in-person to a virtual event to protect the continuity of its business process during the COVID-19 epidemic. Pathable, Inc., a U.S.-based developer of online and web apps for events, coordinated the live event.
The need for virtual event platforms is likely to increase as virtual event platforms are increasingly used in the healthcare sector to organize medical conferences and seminars. Additionally, the COVID-19 pandemic saw the highest-ever surge in webinars and online meetings in the healthcare industry, which is driving the market growth.
Since the COVID-19 pandemic spread, there has been tremendous growth in the global live-streaming sector. It has shown to be a successful means of avoiding in-person presentations and meetings. The online entertainment sector is home to a number of companies that connect with customers, including Netflix, Amazon Prime, Sony LIV, Zee5, Disney+Hotstar, Voot, and Boxee.
A major obstacle to the expansion of the virtual event platform business is the lack of reliable internet access and communication infrastructure.
Market Segmentation Overview
By Component
In 2021, the software segment held the majority of the market share. The program creates technologies like augmented reality and 3D simulation to replicate in-person experiences, enabling virtual collaboration from remote areas. Thanks to the software's interactive features, which include a live chat box, live polls, and one-on-one video and audio chats, thousands of individuals can exchange information in real-time.
By Organization Size
In 2022, the large enterprises segment had the highest revenue share due to the rising demand for the deployment of digital platforms in major businesses. Demand for the industry in this sector has expanded as a result of the inclination of large firms to pursue "local" strategies, with customers, staff, and other business stakeholders dispersed over different geographic regions. virtual communication and collaborative platforms are essential for large enterprises to maintain a fluid workflow across numerous locations.
Geographical Analysis
North America accounted for the highest revenue share in 2022 and will hold this position throughout the forecast period in the market for virtual event platforms. This can be due to Canada's and the United States' superior internet infrastructure, stable economies, and technological advancements. There is a perception that North America is a business hub with a higher rate of technological advancement.
The increasing use of digitally simulated platforms, notably in the healthcare industry, will greatly advance Canada's economy. Companies like Apple, Microsoft, and Cisco Systems Inc. have dominated the North American market for many years. These businesses offer sophisticated, cutting-edge, stable, and high-bandwidth virtual platforms.
Asia Pacific region is likely to expand at the highest CAGR during the forecast period. The industry is expanding as a result of rising public knowledge of it, escalating legal compliance demands, expanding supply of providers of virtual event platforms, rising government initiative and backing, and increasing returns on investments. Asset management is receiving significant investment from both the public and private sectors, which is driving demand for such cutting-edge products and services.
List of Prominent Companies
Segmentation Outline
The global virtual event platform market segmentation focuses on Components, Organization Size, End-Use, and Region.
By Component
By Organization Size
By End-Use
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL VIRTUAL EVENT PLATFORM MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: VIRTUAL EVENT PLATFORM MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL VIRTUAL EVENT PLATFORM MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL VIRTUAL EVENT PLATFORM MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 SOFTWARE
5.2.1 INTEGRATED VIRTUAL EVENT PLATFORMS
5.2.2 STANDALONE SOFTWARE
5.3 SERVICES
5.3.1 LIVE EVENT SUPPORT
5.3.2 POST EVENT PROCESSING SERVICES
5.3.3 EVENT CONSULTING SERVICES
5.3.4 SUPPORT SERVICES
6 GLOBAL VIRTUAL EVENT PLATFORM MARKET, BY ORGANIZATION SIZE
6.1 OVERVIEW
6.2 LARGE ENTERPRISES
6.3 MEDIUM-SIZE ENTERPRISES
6.4 SMALL ENTERPRISES
7 GLOBAL VIRTUAL EVENT PLATFORM MARKET, BY END-USE
7.1 OVERVIEW
7.2 ENTERPRISE/CORPORATES
7.3 EVENT MANAGEMENT AGENCIES
7.4 ACADEMIC INSTITUTIONS
7.5 TRADE SHOW ORGANIZERS
7.6 OTHERS
8 GLOBAL VIRTUAL EVENT PLATFORM MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL VIRTUAL EVENT PLATFORM MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 6CONNEX
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 BIGMARKER
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 CVENT INC.
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 HUBILO SOFTECH PRIVATE LIMITED
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 INTRADO CORPORATION
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 LIVESTORM SAS
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 PATHABLE, INC.
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 PLANNING POD
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 SKIFT INC.
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 UBIVENT GMBH
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 V2, LLC.
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 VFAIRS.
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 WHOVA
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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