The global Virtual Event Platform Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.7% during the forecast period, to reach USD 18.9 Billion in 2026. Key factors that are expected to drive the growth of the market are the increasing adoption of digital media marketing platform to expand the audience base, rise in popularity of online streaming to replace in-person presentation, transition of businesses to remote working approaches, cloud services are gaining popularity in small and medium enterprises and enhance accuracy in collecting customer information. These factors are driving the demand for virtual event platform.
Platform segment to hold a larger market size during the forecast period.
Based on component, the virtual event platform market is segmented into two categories: platform and services. The platform supports recreating in-person event experiences by incorporating emerging technologies such as augmented reality, virtual reality, and 3D simulation to offer virtual communication from remote locations. The platform offers various interactive features including live chat box, live polls, one to one video and audio calls which allows thousands of participants to share information in real-time.
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Small enterprises segment to grow at a higher CAGR during the forecast period.
Small enterprises have an overall revenue of less than 0.1 billion dollars. Small enterprises are focusing on capturing the market through various growth strategies and catering to customer demands, resulting in the high adoption of cloud services among small enterprises. These enterprises face greater challenges of limited budget for marketing and sales activities as compared to large enterprises and require better methods to resolve complexities for improving the cost optimization of their business processes. However, the small enterprises segment is expected to grow at a higher CAGR during the forecast period. Virtual event platform supports small enterprises by reducing the overall cost associated with organizing a physical seminar, conference, or meeting. Further, virtual events are quick to arrange, inexpensive, and connect relevant people to meetings irrespective of their locations. These factors are also expected to encourage small enterprises to adopt virtual event platform at a rapid pace.
The virtual event platform market comprises major providers, such as 6Connex (US), Cvent (US), Hopin (UK), Remo (US), Hubilo (US), Vfairs (US), BigMarker (US), Zoom (US), Microsoft (US), Cisco (US), Kestone (India), Accelevents (US), Whova (US), EventMobi (Canada), On24 (US), Vconfex (India), Samaaro (India), Aventri (US), Intrado (US), Bizzabo (US), Airmeet (India), Attendify (India), Splash (US), HeySummit (UK), Pheedloop (Canada), Socio (US), Vconferenceonline (US), SpotMe (Switzerland), Orbits(Australia), Brella (US), Run the World (US) and Eventcube (UK). The study includes an in-depth competitive analysis of key players in the virtual event platform market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements, partnerships, mergers and acquisitions, have been the most dominating strategies adopted by the major players from 2018 to 2021, which helped them strengthen their offerings and broaden their customer base.
6Connex is a leading software and service provider for enterprise virtual events. The company offers a range of solutions to enterprises to conduct online events and webinars. Its platform is designed with the purpose of driving engagement in a secure environment for communities worldwide by utilizing capabilities of V7 software. 6Connex offers reliable and scalable HTML5-based solutions that support a large of number of participants connecting through a web-based platform. It has a global presence in virtual technology solutions. The company has expanded its business in Europe, APAC, and Latin America by working with key channel partners.
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Cvent is a leading software-as-a-service provider specialized in events, meetings, and hospitality technology platforms, with around 2,00,000 active users worldwide. The company offers software solutions to event organizers and marketers for online event registration; venue selection; and virtual, hybrid, and on-site solutions to maximize audience engagement. The reporting feature of the platform offers built-in reports and enables users to create customized reports. Cvent’s solutions optimize the event management value chain and enable clients to manage the number of meetings and events. The company has its geographical presence in the Middle East, North America, Europe, and APAC.
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