CHICAGO, July 5, 2021 / PRNewswire / – According to a new market research report “Virtual market event platform with the impact of COVID-19 by component (platform and services), organization size, end user (corporations, government, education, healthcare, third party planner, partnerships, non-profit) and region: global forecast up to to 2026 “, published by MarketsandMarkets ™, the market size of the virtual event platform is expected to grow at a compound annual growth rate (CAGR) of 12.7% over the forecast period, to reach $ 18.9 billion in 2026 since $ 10.4 billion in 2021.
The key factors that are expected to drive market growth are the growing adoption of the digital media marketing platform to expand the audience base, increasing the popularity of online streaming to replace the presentation in person, the transition of companies to remote work approaches, cloud services are gaining popularity in small and medium enterprises and improving accuracy in gathering customer information. These factors are driving demand for virtual event platform.
Look for OCD in depth “Virtual market event platform“
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Platform segment to maintain a larger market size during the forecast period.
Depending on the component, the virtual event platform market is segmented into two categories: platform and services. The platform supports recreating face-to-face event experiences by incorporating emerging technologies such as augmented reality, virtual reality and 3D simulation to deliver virtual communication from remote locations. The platform offers several interactive features such as live chat box, live polls, individual video and audio calls that allow thousands of participants to share information in real time.
The small business segment will grow at a higher CAGR during the forecast period.
Small businesses have a global income of less than $ 0.1 million. Small businesses focus on capturing the market through various growth strategies and meeting customer demands, resulting in high adoption of cloud services among small businesses. These companies face greater limited budget challenges for marketing and sales activities compared to large companies and require better methods to solve complexities to improve the cost optimization of their business processes. However, the small business segment is expected to grow at a higher CAGR during the forecast period. The virtual event platform supports small businesses by reducing the overall cost associated with organizing a physical seminar, conference, or meeting. In addition, virtual events are quick to organize, inexpensive, and connect relevant people to meetings, regardless of their location. These factors are also expected to encourage small businesses to adopt the virtual event platform at a rapid pace.
The third-party planner segment is expected to grow at a higher CAGR during the forecast period.
Third party professional planning organizations like Martiz. The virtual platform has allowed these planners to expand their audience and inclusion. Typically, they also save a lot of time in logistics by organizing a virtual event compared to a live experience. Virtual events are approximately 75% less expensive than face-to-face experiences, as planners often save money on staff, location, installation and retreat, accommodation, meals, travel expenses, and more. Working with a third-party planner allows platform vendors to focus on internal priorities, such as boosting registration and creating engaging content rather than external priorities, including logistics and vendor management. The market has experienced a huge growth of third-party planners who have adopted the virtual platform, especially after COVID-19 and with new technological advances.
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North America to have the highest market share during the forecast period
The virtual event platform market is segmented into five regions: North America, Europe, APAC, MEA i Latin America. The virtual event platform market report provides information on these regional markets in terms of market size, growth rates, future trends, market engines and COVID-19 impact. North America it is expected to have the highest market share of the global virtual event platform market during the forecast period. Following North America, Europe it is expected to maintain the second highest market share during the forecast period. The presence of many virtual event platform providers in the United States and the high awareness of companies about the benefits of planned events as part of strong marketing strategies, investments in various technologies, including AI, IoT, big data , AR and VR, and the growth rate of cloud service adoption is expected to drive the market North America. Europe and MEAs are also expected to experience high growth rates during the forecast period.
He Virtual market event platform includes major vendors such as 6Connex (USA), Cvent (USA), Hopin (UK), Remo (USA), Hubilo (USA), Vfairs (USA), BigMarker (USA), Zoom (USA), Microsoft (USA) ), Cisco (USA), Kestone (India), Accelevents (USA), Whova (USA), EventMobi (Canada), On24 (USA), Vconfex (India), Samaaro (India), Aventri (USA), Intrado (USA), Bizzabo (USA), Airmeet (India), Attendify (India), Splas (USA), HeySummit (UK), Pheedloop (Canada), Partner (USA), Vconferenceonline (USA), SpotMe (Swiss), Orbits (Australia), Brella (USA), Run the World (USA) and Eventcube (UK). The study includes an in-depth competitive analysis of key players in the virtual event platform market with their company profiles, recent developments, COVID-19 developments and key market strategies.
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