Virtual Event Platform Global Market Report 2023
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.
New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Virtual Event Platform Global Market Report 2023" - https://www.reportlinker.com/p06319482/?utm_source=GNW
The global virtual event platform market grew from $11.99 billion in 2022 to $13.82 billion in 2023 at a compound annual growth rate (CAGR) of 15.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The virtual event platform market is expected to grow to $23.57 billion in 2027 at a CAGR of 14.3%.
The virtual event platform market includes revenues earned by entities by providing online meeting services, townhalls, conferences and interactive workshops services .The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The virtual event platform 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.
North America was the largest region in the virtual event platform market in 2022.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 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.
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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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.
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