Virtual Event Platform Market Size to Reach USD 1847.9 Million by 2027 at CAGR 9.1% - Valuates Reports
Friday, December 10, 2021
BANGALORE, India, Dec. 2, 2021 /PRNewswire/ -- The Virtual Event Platform Market is Segmented by Type (Virtual Conference, Virtual Job Fair, Virtual Exhibition), End User (Government, Retail and eCommerce, BFSI, Telecom and IT). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Corporate Events Category.
The global Virtual Event Platform Market generated USD 1006.6 Million in 2020, and is estimated to garner USD 1847.9 Million by 2027, witnessing a CAGR of 9.1% from 2021 to 2027.
Major Factors Driving The Growth Of The Virtual Event Platform Market Are:
The rising popularity of online streaming to replace in-person presentations, the transfer of firms to remote working practices, and cloud services are growing in popularity in small and medium enterprises and improving accuracy in collecting consumer information. These factors are in turn expected to drive the growth of the virtual event platform market.
Work-from-home policies have expanded prospects for virtual event platform market players, as businesses increasingly employ video conferencing and other communication platforms for business and client meetings, boosting demand for virtual event platforms around the world.
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Trends Influencing The Growth Of The Virtual Event Platform Market:
Work From Home (WFH) policies introduced by various enterprises in response to government-imposed lockdowns to combat the Covid-19 epidemic has resulted in a surge in virtual event platforms market growth. Since virtual events enable firms to carry out their business procedures on the web, the industry is seeing higher growth opportunities as a result of stay-at-home efforts. Businesses that are implementing various networking tools for simple communication and cooperation across internal teams are developing new solutions to meet the growing demand.
Because of the rise in smartphone use and internet penetration, businesses have been able to implement virtual event software solutions for online marketing. This in turn is expected to drive the growth of the virtual event platform market. Furthermore, the COVID-19 epidemic prompted a spike in virtual marketing events to avoid real gatherings and expand the client base. Throughout the virtual event, the audience is kept engaged and linked through the digital media platform. Marketers are focusing on online marketing methods such as new product launches, advertising campaigns, brand promotion, email marketing, and product demos as the popularity of social media platforms grows.
The demand for digital processes has been significantly impacted by the increased implementation of Unified Communication as a Service (UCaaS) in companies, educational institutions, and enterprises. The Virtual Event Platforms market has profited from the deployment of UCaaS technology since it allows organizations or employees to virtually engage in all business activities, resulting in a more efficient and productive workflow.
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Virtual Event Platform Market Market Share
Based on application, In 2019, BFSI was the largest segment, accounting for about 30% of the market, followed by Retail and eCommerce at 24% and Telecom and IT at 22%. Internal communication is becoming increasingly important in the banking and financial industries to keep up with the newest advancements and facilitate client connection. For secure communication and a convenient banking experience, many key players are concentrating on developing specific virtual platform tools and solutions for the BFSI sector.
Based on region, North America accounted for the largest market share about 78% in 2019, while the other regions were all less than 15%. Because of the stable economy, technological advancements, and advanced infrastructure in the United States and Canada, the virtual event platform market in the region is likely to grow at a faster rate.
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Key Companies in the Virtual Event Platform Industry
-- Bevy Labs
-- All In The Loop
-- Intrado Corporation
-- AIDAIO Software Solutions
-- Run The World
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- The global virtual events industry size was valued at USD 57,715.1 Million in 2019, and is projected to reach USD 701,392.4 Million by 2028, registering a Compound Annual Growth Rate (CAGR) of 12.6% from 2021 to 2028
- The events industry size was valued at USD 1,135.4 Billion in 2019 and is expected to reach USD 1,552.9 Billion by 2028, registering a CAGR of 11.2% from 2021 to 2028.
- The UK and Ireland virtual event market size was valued atUSD 3.1 Billion in 2019, and is expected to grow at a CAGR of 13.3% to reachUSD 36.1 Billion by 2027
- The global virtual meeting software market size was valued at USD 7.62 Billion in 2019, and is projected to reach USD 57.23 Billion by 2027, growing at a CAGR of 27.6% from 2020 to 2027.
- Global Virtual Online Events Market Size, Status and Forecast 2021-2027
- Global Virtual Event Software Market Size, Status and Forecast 2021-2027
- Global Virtual Meeting Tools Market Size, Status and Forecast 2021-2027
- Global Event Accreditation Software Market Size, Status and Forecast 2021-2027
- Global Video Conferencing Market Size, Status and Forecast 2021-2027
To see the full list of related reports on the Virtual Event
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