Global Virtual Event Platforms Market size is expected to be worth roughly USD 629.2 Billion by 2030, growing at a CAGR of more than 21.3% during the projected timeframe of 2022-2030, according to Ameco Research
Increasing modernization and digitalization in businesses, rapidly increasing remote office procedures, improved networking infrastructure, widespread availability of free online event systems, and increasing connected device penetration are among the main factors affecting the overall demand for virtual event platforms market over the forecast timeframe. Due to the predominance of the work-from-home tendency, virtual conference platforms will be extremely popular in the year 2020.
A virtual event platform enables users to easily organize virtual events, conferences, seminars, marketplace presentations, virtual sports events, as well as other events. It provides participants with peer-to-peer interactions, which distinguishes a virtual event environment. This involvement and interaction distinguish it from today's webinar technologies. They provide a number of functions that are not available in typical video conferencing applications. Users can, in reality, construct, host, as well as govern virtual event platforms using a web browser. Consumers can participate in real event platforms using mobile or web technologies. Moreover, the virtual event platform looks like a large-scale social gathering. It is organized by a group of individuals or by a single entity, and a big number of people participate. The numerous technologies available for simulated event platforms can assist in boosting efficiency and smooth the operation of gatherings.
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Global Virtual Event Platforms Market Dynamics
The global trends toward virtual events, as well as the introduction of live streaming, are increasing the demand for virtual event platforms market growth. Since the emergence of the COVID-19 outbreak, virtual activities have increased in popularity. Corporations have turned to hold virtual events as a result of lockdowns. This has also been shown that 90% of businesses still consider conducting virtual events, despite the fact that live events are permitted. Traditional events entail massive investment and lengthy travel for both hosts as well as attendees. As a result, technological innovations such as software-as-a-service-based simulated events and digital conferences enter the picture as simple, quick, and cost-effective alternatives. The cloud-based solution enables end-users to deliver an immersive element while improving the overall business experience through instant messaging, podcasting, & virtual product experience. Some other method that has a good impact on the expansion of virtual activities is linked through streaming live. Live streaming events allow more individuals to access content resources that are more contextually relevant. As a result, the increased usage of virtual event platforms by over 80% of event organizers supports considerable growth in the global virtual event platforms market value.
However, the utilization of technology is totally dependent on the virtual event. A lousy customer experience, a broken camera, or poor internet strength can all spoil the virtual engagement levels. These factors may result in virtual events, stifling the virtual event platforms market revenue.
Growing investment in improved infrastructure and technology advances will create enormous potential to fuel the global virtual events platform market size. Furthermore, work-from-home policies have expanded prospects for industry players, as corporations increasingly employ teleconferencing as well as other networking sites for client and business meetings, increasing the virtual event platforms market shares.
Virtual Event Platforms Market Segmentation
Ameco Research has fragmented the global virtual event platforms market by component, enterprise, and end-user. By component, the industry is sub-divided into services, and software.
Based on the enterprise, the market is divided into large enterprise, and small & medium enterprise. Additionally, in terms of end-user, the market is categorized into BFSI, education, government, healthcare, hospitality, and others. According to the virtual event platforms market forecast, the hospitality segment is expected to grow extensively in the global market over the next few years.
Virtual Event Platforms Market Regional Outlook
The global virtual event platforms market is divided into several geographical regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. According to the virtual event platforms industry analysis, North America is predicted to have the greatest market share in the worldwide market. The growing demand for an improved virtual event platform, as well as the rapid use of cloud services, drive up demand for attendance management solutions in this region. The presence of large market players in this region encourages market expansion through collaborations, acquisitions, the development of new goods, and product enhancements.
During the projection period, Asia-Pacific is expected to increase significantly. A growing customer base and increased use of online platforms for interaction in emerging markets such as China, India, Japan, Singapore, and many others are predicted to propel rapid market expansion in this regional market.
Virtual Event Platforms Market Companies
Some of the most notable worldwide virtual event platforms market players are 6Connex, Cvent Inc., Intrado Corporation, Pathable, Inc., SKIFT INC., V2, LLC., BigMarker, Hubilo Softech Private Limited, Livestorm SAS, Planning Pod, ubivent GmbH, vFairs, and Whova.
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