The virtual event platforms market is anticipated to expand at 16.3% CAGR through the forecast period. (2020-2030). End-users are fuelling the use of virtual platforms to organize meetings, online trade-fairs and online conferences. COVID-19 has accelerated the use of virtual platforms as economies are more digitalized than before.
‘Large and medium enterprises have already increased their spending on cloud management platforms. Conferences and meetings have now shifted online due to which medical as well as education industries are witnessing a surge in demand for virtual event platforms,’ states the FMI Analyst.
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Virtual Events Platforms Market – Important Highlights
- US remains one of the largest markets for virtual event platform market
- Owing to increasing demand for live-streaming interfaces to conduct online classes, academic platforms will remain the most extensive user of virtual platform.
- Integrated Virtual Event Platform receiving substantial investment by vendors
- Solution wise, live event sports is emerging to be a cash cow for virtual event platform companies
Virtual Events Platforms Market – Driving Factors
- Government imposed lockdowns of schools and universities drove the virtual platform market
- Surging income levels and heightened use of tablets, laptops and smartphones have built a proper virtual audience
- Due to strict work from home guidelines from small as well as medium and large enterprises, adoption of Zoom, Teams and Google Meet have gained significant ground.
- Hospitals, education, banking and finance are main users of virtual platforms.
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Virtual Events Platforms Market – Key Restraints
- Unstable network connections disturb consistency and compatibility to a great extent.
- Integration of software with business systems is a key challenge.
Expected Impact on Market by Coronavirus Outbreak
The pandemic has disturbed normal lifestyle across the globe but virtual platform has come to the rescue. The outbreak has pushed organisers and owners to think from a different perspective now.
Many online events and classes were cancelled which later on got conducted virtually. For instance, Microsoft Teams announced that their daily users grew by 70% while Slack witnessed 80% increase in the number of active users. Brand USA launched Global Marketplace Media to conduct one-to-one meetings, sessions and series. Almost 40% of European public shifted towards online classes and meetings.
Key players are working on product innovation and new solutions. Strategic acquisitions and collaborations are continuously being focussed on. Key players in the market include Microsoft Corporation, Cisco Systems, Zoom Video Communications, Cvent, Evenium, SpotMe, Cadence, Cvent Inc., 6Connex Inc., Hubb LLC., InEvent Inc., KitApps Inc. (Attendify), Boomset.
Microsoft Corporation offers cloud-based communication solutions. It also introduced Azure Communication Services which are capable in managing cloud providers.
Zoom Video Communications brought up Zoomtopia 2020 unveiled a series of enhancements like end-to-end encryption and core UC platforms for a better networking experience.
More on the Report
The report presents segmentation on the basis of solution (service, live-event sport, support services etc.), end-users (academic institutions, trade fair organizers, event management agencies etc.) and region wise analysis (North America, Latin America, Western Europe, Japan, and Asia)
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Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
4. Virtual Event Platforms, Key Feature Analysis
4.1. Host Live & On-Demand Sessions
4.2. Conduct Live Polling
4.3. Host Live Q&A
4.4. Virtual Event Networking