Virtual Event Platform Market

Industry Insights

[220+ Pages Report] According to Facts & Factors, the global virtual event platform market size was valued at USD 82.33 billion in 2023 and is predicted to surpass USD 441.02 billion by the end of 2032. The virtual event platform industry is expected to grow by a CAGR of 20.50% between 2024 and 2032.

Market Overview

A virtual event platform refers to a digital solution that helps people host virtual and hybrid events through internet connectivity. Virtual event platforms can host small to large events like trade shows, webinar conferences, product launches, and many others. Virtual event platforms can share content in diverse formats like documents, presentations, and multimedia files, which further help host parties. These platforms can easily stream the events with important notes. Moreover, these platforms also offer customizations by providing personalized branding and tailored experiences.

Key Insights

• As per the analysis shared by our research analyst, the global virtual event platform market size is estimated to grow annually at a CAGR of around 20.50% over the forecast period (2024-2032).
• In terms of revenue, the global virtual event platform market size was valued at around USD 82.33 billion in 2023 and is projected to reach USD 441.02 billion by 2032.
• Rising digital shift is driving the growth of the global virtual event platform market.
• Based on end-users, the corporate segment is growing at a high rate and is projected to dominate the global market.
• Based on components, the service segment is anticipated to grow with the highest CAGR in the global market.
• Based on event type, the external segment is projected to swipe the largest market share.
• Based on enterprise size, the large institutions segment is expected to dominate the global market.
• Based on region, North America is expected to dominate the global market during the forecast period

Growth Drivers

• Rising digital shift is driving the growth of the global market.

An increasing number of people are adopting digital ways to connect with people globally. However, the COVID-19 pandemic has a deep impact on people, which is fostering the habit of using virtual platforms to conduct any digital events safely for a larger audience.

Also, virtual events are more cost-effective to companies and organizations because they eliminate the costs incurred in venue rental, travel, logistics, and other purposes. Furthermore, the hybrid event models are gaining immense traction among users, which is further expected to positively impact the growth of the global virtual event platform market. Virtual platforms have a larger reach as they do not have any geographical limitations, thereby increasing the number of event participants.

For instance, 6Connex connects Amazon Personalize with RiseSM and 6Connex SoarSM to provide customized recommendations using AI in 2021. This will help users utilize AI capabilities to get customized suggestions to the event participants.

Restraints

• Connectivity and technical issues are likely to hinder the growth of the global market.

Poor internet connectivity in certain areas is expected to hamper the growth of the virtual event platform industry. Technical glitches like platform crashes are also a big reason people avoid virtual event platforms. Moreover, the high initial investment required for advanced virtual platforms is also anticipated to slow down the growth of the industry.

Opportunities

• Advancements in technology are expected to foster growth opportunities in the global market during the forecast period.

The ongoing developments and technological advancements, including integrating AR, VR, and AI with virtual event platforms, are expected to open new growth opportunities in the global virtual event platform market. The increasing adoption rate of virtual platforms for corporate purposes, such as customer engagement, product launches, and training, is also expected to drive the growth of the market.

However, the increasing internet penetration, along with the high adoption rate of smartphones, is also expected to fuel the growth of the industry. For instance, Aventri and MeetingPlay together came up with ExpoPRO in 2022. The product is expected to offer a complete suite of virtual, hybrid, and onsite event formats.

Challenges

• Limited user familiarity is a big challenge in the global market.

Low digital literacy is a major challenge in the virtual event platform industry. Many people across the globe cannot navigate the functions of virtual digital platforms, thereby making them less engaging. Also, the lack of personal interaction compared to in-person events is further expected to negatively impact the growth of the industry.

Report Scope

Segmentation Analysis

The global virtual event platform market can be segmented into end-users, components, event types, enterprise sizes, and regions.

On the basis of end-users, the market can be segmented into government, corporate, educational institutes, and others. The corporate segment is likely to account for the largest share of the virtual event platform industry during the forecast period. Corporations use virtual event platforms to host large-scale conferences, global meetings, training sessions, and many others globally. These virtual events are more economical for corporate sector users as they help eliminate the expenses of venue logistics, accommodations, and travel.

Also, these corporations have global reach and, therefore, need a more advanced virtual live platform that can facilitate events across different regions. Large corporations work according to sustainability goals, and these events help businesses align with their ultimate goal by reducing the carbon footprints associated with in-person events.

On the basis of components, the market can be segmented into services and platforms. The service segment is likely to dominate the global virtual event platform market during the forecast period. Services like execution, event planning, and post-event analysis are much in demand in the market, which is driving the rapid growth of the segment. Service providers help with in-depth customizations like integration of their platform with the company's system and many others to further attract end-users.

However, the diverse elements of hybrid and large-scale events need technical help, which creates scope for services like real-time troubleshooting, audience engagement tools, and other professional services, which are also expected to foster growth in the marketplace. Virtual event vendors are coming up with many subscription and retainer models, which are likely to attract users and increase the segment's sales revenue.

On the basis of event type, the market can be segmented into extended, external, and internal. The external segment is likely to register the highest CAGR growth over the forecasted period. The demand for external corporate events is rising daily because of the increasing efforts of businesses to reach a large number of audiences. Businesses are coming up with external events like trade shows, customer engagement sessions, product launches, and marketing campaigns. External events are a more cost-effective method to reach a broad customer demographic without much expenditure on travel and logistics. These external events also help hosters with branding and promotional campaigns by building community in the marketplace.

On the basis of enterprise size, the market can be segmented into large institutions and SMBs. Large institutions are the fastest-growing segment in the global virtual event platform market during the forecast period. Large institutions more often conduct training programs, global conferences, academy conferences, trade expos, and other meetings virtually, which is a major reason for the high growth rate of the segment. These organizations hold meetings with large audiences, which further boosts the requirement for advanced virtual platforms. Large institutions need connectivity for global reach because their audiences are largely geographically dispersed.

However, these institutes and enterprises have enough financial resources to afford advanced technologies like AR, VR, AI, and others for high-end event experiences. Virtual events also help companies align with their sustainability goals by eliminating the requirement of traveling and other unnecessary expenses to make these meetings possible. The growing requirement for customization is also likely to foster development in the segment.

Regional Analysis

• North America to dominate the global market.

North America is likely to account for the largest share of the global virtual event platform market during the forecast period. The region has many multinational and large corporations holding global meetings, trade expos, summits, and conferences.

Also, there is an increasing number of hybrid events in the North American region post-pandemic, which is gaining immense attraction among people. People prefer hybrid events because of various advantages. The United States dominates the market because of the presence of a strong corporate ecosystem. The high adoption rate of virtual events because of the presence of a tech-savvy population is also expected to propel the growth of the regional market.

Canada is emerging as a key market for regional growth because of the growing startup and corporate culture. Moreover, the growing interest of people in summits and other virtual events is expected to widen the scope of the regional market.

Asia Pacific is also expected to see high growth in the virtual event platform industry during the forecast period. India is likely to contribute immensely towards the growth of the APAC market because of the increasing use of internet connectivity in every aspect of life.

Rising corporate activities in India are also anticipated to widen the scope of the industry in the coming years. China is also likely to emerge as a key region in APAC because of the rising virtual events across different sectors. Japan is known for its technological advancements and developments, like the inclusion of AI, VR, and AR, which is further expected to strengthen the demand for virtual events in the region.

Many other Southeast Asian countries are also likely to see significant development in the coming years because of the growing scope of e-learning and virtual classrooms. Corporate events, trade shows, product launches, exhibitions, and entertainment webinars are some of the other major events happening in Southeast Asian countries, which are likely to further positively influence the growth of the regional market in the coming years.

For instance, On24 Go Live widened its solution offerings to offer a new video-centric virtual event in 2021 to integrate the platform with sales and marketing processes.

Competitive Analysis

The key players in the global virtual event platform market include:

• Zoom Video Communications Inc.
• vFairs
• Veritas Events
• uBivent GmbH
• Pathable
• Microsoft Corporation
• Martiz Holdings Inc.
• Keystone
• George P.Johnson
• EventX Limited
• Cvent Inc.
• Cisco Systems Inc.
• ALE International
• 6Connex
• Vosmos Events

For instance, Cisco collaborated with Microsoft to function Cisco's Desk devices and rooms in 2022. It will also help Microsoft explore the digital workplace to connect and collaborate with their colleagues, customers, business partners, and prospects.

The global virtual event platform market is segmented as follows:

By End-Users Segment Analysis

•  Government
•  Corporate
•  Educational Institutes
•  Others

By Components Segment Analysis

•  Services 
•  Platforms

By Event Types Segment Analysis

•  Extended
•  External?
•  Internal

By Enterprise Sizes Segment Analysis

•   Large Institutions
•   SMBs 

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America