Polaris Market Research recently published a research report on “Virtual Event Platform Market Share, Size, Trends, Industry Analysis Report, By Component (Software and Services); By Organization Size (Large Enterprises, Medium-Size Enterprises, Small Enterprises); By End Use, By Region; Segment Forecast, 2022 – 2030” in its research database.
According to research report, the global Virtual Event Platform Market size & share expected to reach USD 30.09 Billion by 2030 from
10.37 Billion in 2021, at a compound annual growth rate (CAGR) of 13.0% during forecast period 2022 – 2030.
A virtual event platform is a tool that is used to plan, promote, and execute online events. These tools enable users to host meetings, conferences, online trade shows, virtual sports events, and seminars. It provides new connections for businesses worldwide, making a virtual event platform extraordinary. These platforms are user-friendly to host and attend to and require low cost as they need less of a budget. They enable information sharing and solving problems virtually through web-based platforms. Such tools integrated with Artificial Intelligence with business communication platforms increase communication productivity and efficiently improve workflow among businesses.
The virtual event platform market includes delivery of virtual conferences, tradeshows/exhibitions, webinars, company meetings among organizers and suppliers that deal. Small and medium businesses are widely adopting virtual event platforms for their work. The development of cloud technology has led to the approach of conducting traditional events online through virtual event platforms. They offer multiple features such as livestream hosting, video-on-demand sessions, multi-livestream support, and a high level of privacy and security for online events.
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Key Highlights of The Report
- The report offers an analysis that is quantitative of the trends of the present market, dynamics, and estimation of the market size.
- Porter’s five forces underscore the influence of buyers and suppliers that enable stakeholders to make business decisions that are profit-oriented and reinforce their network of supplier-buyer
- Deep analysis, market size, and segmentation help to decide existing virtual event platform opportunities
- The major countries in each region are carved out as per the revenue handout to the market.
- The market player laying segment clears the way for benchmarking and provides a clear comprehension of the prevailing positions of market players.
Top Global Market Players:
- ALE International
- Avaya Inc
- Cisco Systems Inc.
- Cvent Inc.
- Microsoft Corporation
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Virtual Event Platform Market: Key Growth Drivers
The growth of the virtual event platform market can be attributed to the increase in the adoption of smartphones and internet penetration that has allowed companies to execute virtual event software solutions for web marketing. Then, cost efficiency is another factor fueling the market growth. These tools are budget-friendly and increase digitally simulated gatherings among event organizers and attendees. Their time efficacy increases their popularity, thereby boosting the market growth during the forecast period. Also, the fluctuating lifestyle of consumers allows organizations to conduct theme-based events that can be attended accessed from anywhere.
Moreover, the growing demand for smart classrooms and an increasing number of online meetings are fueling the accelerating growth of the market. Rising advancements in technologies such as artificial intelligence and virtual learning are further increasing the demand for digital events, thus driving the growth of the virtual event platform market. Other growth factors include the increase in the adoption of social media platforms that have enabled marketers to make marketing strategies such as conducting new product launches, advertising campaigns, brand promotion, email marketing, and product demonstrations.
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Virtual Event Platform Market: Report Scope
Market Size 2021 Value
USD 10.37 Billion
Market Outlook for 2030
USD 30.09 billion
Expected CAGR Growth
13.0% from 2022 – 2030
2022 – 2030
Top Market Players
6Connex, ALE International, ALIVE, Avaya Inc, BIGMARKER, Cisco Systems, Inc., Cvent Inc., HOPIN, HUBILO, KESTONE, Microsoft Corporation, On24, REMO, vFairs, ZOOM
By Component, By Organization Size, By End-Use, By Region
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Virtual Event Platform Market: Segmentation
- Insight by Organization Size
Based on the organization size, the large enterprises segment accounted for the largest market share and is expected to dominate the virtual event platform market during the forecast period. The growth can be attributed to the increased adoption of digital platforms by various private and public organizations. Large corporations are highly adopting “local” strategies across multiple geographic regions. This factor is fueling the demand for the industry in this sector. During and after the Covid-19 pandemic, these platforms have enabled businesses to work efficiently despite any physical obstacles. Small businesses are executing various growth methods and adopting customer requests to achieve industry share, which is increasing the adoption of cloud services. The small businesses segment is anticipated to increase at a faster CAGR during the forecast period.
- Insight by Component
Based on components, the software segment accounted for the largest market share in 2021. The software enables virtual communication from anywhere using technologies such as augmented reality and 3D simulation to recreate in-person experiences. The software has interactive capabilities, including a live chat box, live polls, and one-to-one video and audio chats through which people can share information.
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Geographic Overview: Virtual Event Platform Market
By region, North America held the largest market share in 2021 and is expected to continue to dominate the virtual event platform market over the forecast period. The growth can be attributed to the rapid technological enhancements and the development of advanced infrastructure in the U.S and Canada the region. Moreover, Asia-Pacific is anticipated to grow at a significant growth rate during the 2022-2030 forecast period due to improving business environment, increasing adoption of digital platforms for communication purposes, the growing presence of virtual event platform suppliers, rising government initiative and support, and growing demand of high speed 5G network deployment in the region.
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Virtual Event Platform Market: By Component Outlook
- Integrated Virtual Event Platforms
- Standalone Software
- Live Event Support
- Post Event Processing Services
- Event Consulting Services
- Support Services
Virtual Event Platform Market: By Organization Size Outlook
- Large enterprises
- Medium-size enterprises
- Small enterprises
Virtual Event Platform Market: By End-Use Outlook
- Event Management Agencies
- Academic Institutions
- Trade Show Organizers
Important Questions Being Answered by The Market Report
- What is the virtual event platform market size and growth?
- What is the CAGR report of the virtual event platform market?
- Which is the base year calculated in the report?
- Which are the top companies in the virtual event platform market?
- What are the segments of the virtual event platform market?
- What are the key trends?
- Which region holds the maximum market share?
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