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Virtual Event Platform Global Market Report 2022

Virtual Event Platform Global Market Report 2022

  • September 2022
  • 175 pages
  • ID: 6319482
  • Format: PDF
  • The Business Research Company


Table of Contents

Major players in the virtual event platform market are 6Connex, Cvent Inc, Microsoft Corporation, Cisco Systems Inc, Zoom Video Communications, Hubilo, Vfairs, BigMarker, Hopin, Remo, Kestone, Accelevents, Whova, EventMobi, On24, Vconfex, and Airmeet.

The global virtual event platform market is expected to grow from $10.31 billion in 2021 to $12.09 billion in 2022 at a compound annual growth rate (CAGR) of 17.31%. The virtual event platform market is expected to reach $21.00 billion in 2026 at a CAGR of 14.80%.

The virtual event platform market consists of sales of virtual event platform by entities (organizations, sole traders, and partnerships) that refers to a tool which host interactive events such as conferences, trade expos, and workshops over the internet.The purpose of a virtual events platform is to broaden the audience base and create inclusivity.

It also provides an efficient means of increasing revenue and tracking crucial data about the audience.

The main components of the virtual event platform are platform, services, training and consulting, support and maintenance, and deployment and integration.Deployment and integration refer to a service in which installation, configuration, integration and deployment of technology across complex environments.

The components are designed based on the size of the organization like large enterprises, medium-sized enterprises, and small enterprises. The major end-users of virtual event platforms include non-profit organisations, government, education, healthcare and life sciences, third-party planner, associations, and corporations.

North America was the largest region in the virtual event platform market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the virtual event platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The virtual event platform market research report is one of a series of new reports that provides virtual event platform market statistics, including virtual event platform industry global market size, regional shares, competitors with a virtual event platform market share, detailed virtual event platform market segments, market trends and opportunities, and any further data you may need to thrive in the virtual event platform industry. This virtual event platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

An increasing number of online meetings, conferences, lectures, and events is expected to propel the growth of the virtual event platform.The emergence of a global pandemic presented new challenges for corporates to conduct meetings and events.

When in-person meetings had to be cancelled, businesses had to immediately switch to virtual meetings using cutting-edge technology to facilitate connectivity and reduce the impact of COVID-19 disease.Due to this sudden shift towards virtual conferences and events, the use of virtual event platforms has increased.

For instance, according to Kaltura’s The State of Virtual Events 2022 survey report, a global survey of around 1250 organizers and attendees, 92% of organizers shifted to virtual events in 2021, 94% plan for virtual events in 2022, and 48% plan to increase the number of virtual events in 2023. Therefore, the rising number of virtual events, conferences, and lectures will drive the virtual event platform market growth.

The technological advancement in augmented reality (AR) and virtual reality (VR) is a key trend gaining popularity in the virtual events platform market.Major companies operating in the virtual event platform market are focused on providing a technologically-advanced platform to strengthen their market position.

These companies are implementing next-generation virtual event platform technologies into their platforms, such as CRM, video API, text API, AI and ML, and others.The AR and VR technologies enable users to interact and manipulate 3D models projected into a real-world environment to enhance a fictional reality.

For instance, in January 2022, VRXtream, an immersive event platform, introduced the Metaverse platform for events, connected with the NFT marketplace with equipped AR and VR technologies. This newly announced platform provides a comprehensive suite of realistic, interactive, and feature-assisted events that can be immediately modified with VR Spaces, NFT characters, and NFT features.

In June 2021, UK-based Hopin Ltd, an online events platform company acquired Boomset Inc for an undisclosed amount.With this acquisition, Hopin expands its product set with industry-leading onsite event tools for hybrid and in-person events and becomes the solution provider for event production.

Boomset is a New York-based event service company that offers in-person and hybrid events solutions.

The countries covered in the virtual event platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

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