Press release
Virtual Event Platforms Market Gain Impetus due to the Growing Demand over 2020-2030
The COVID-19 pandemic has compelled business entities to migrate to virtual platforms, as mandatory social distancing protocols have compelled employers to issue work from home directives, leading to an increase in online business activities. All educational, entertainment and corporate enterprises are now going virtual, which is providing immense traction to the market.
With the pandemic showing limited signs of relenting, adoption of smart devices such as tablets, laptops and smartphones for various virtual events is pushing manufacturers to design integrated, state-of-the-art and user-friendly applications and extract massive financial gains.
Virtual event platforms are designed to emulate real-time activities such as registrations, certifications and participations, making them an indispensable element of business entities. Based on all these factors, the market will surge healthily in the coming years.
“Vendors are tapping into the demands and expectations of target audiences and transform them into actionable insights, helping them make improvements in their existing portfolios,” says an FMI analyst.
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Key Takeaways from FMI’s Virtual Event Platforms Market Study
Virtual event platforms market shall surge at a CAGR exceeding 20% from 2020-2030
Live event support services will capture the greatest market share, attributed to increasing live streaming sessions
Event management agencies shall emerge as the principal virtual event platform end-users
Enterprises and corporates as well as educational institutions are quickly catching up
Software as a service (SaaS) and unified communications as a service (UCaaS) shall be the most lucrative deployment models
Virtual Event Platforms Market- Key Trends
Small and medium enterprises with budget constraints shall extensively leverage the virtual event platforms market
Manufacturers are developing feature-rich services with augmented reality to provide an immersive experience
Integration with social media platforms such as Facebook, Instagram and Twitter are providing vendors with a competitive edge
Virtual Event Platforms Market- Region-wise Analysis
North America accounted for over 2/5th of the market share in 2019 due to widespread adoption of digitally simulated solutions
India, Australia and New Zealand are creating immense growth opportunities due to penetration of 4G LTE & 5G technologies
Entry of MNCs and beginning of start-ups shall drive growth in Latin America and MEA in the coming years
Virtual Event Platforms Market- Competitive Insights
The virtual event platforms market is characterized by a high degree of competition, attributed to the presence of a multitude of players. Collaborations & partnerships, development of customized solutions and enhancing in-house research capabilities constitute some key expansion strategies.
For instance, in April 2020, Hubilo developed a cloud-based event management platform to facilitate virtual events amid the pandemic. Also, leading companies such as Microsoft are streamlining their research capacities to develop innovative technologies.
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Virtual Event Platforms Market Taxonomy
Component
Solutions
Integrated Virtual Event Platforms
Standalone Software Solutions
Services
Live Event Support
Post Event Processing Services
Event Consulting Services
Support Services
End-User
Enterprises/Corporates
Event Management Agencies
Academic Institutions
Trade Show Organizers
Others
Region/Country
North America
U.S
Canada
Latin America
Brazil
Cambodia
Mexico
Rest of Latin America
Europe
EU-5
BENELUX
Russia
Rest of Europe
Southeast Asia & Pacific
India
ASEAN
Oceania
Rest of Southeast Asia & Pacific
East Asia
China
Japan
South Korea
Middle East & Africa
GCC
Northern Africa
South Africa
Turkey
Rest of Middle East & Africa
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More Valuable Insights on Virtual Event Platform Market
FMI’s research on the virtual event platform market is segmented into two major segments. By component, the global virtual event platform market is segmented into solutions and services. The solutions sub-segment is further segmented into integrated virtual event platforms and standalone software, while the services sub-segment is further segregated into live event support, post event processing services, event consulting services and support services. With respect to end-user, the global virtual event platform market is segregated into enterprises/corporates, event management agencies, academic institutions, and trade show organizers, among others. The extensive segregation of the market helps readers evaluate lucrative opportunities in the global virtual event platform market.
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