Virtual Event Platform Market by Platform and Services, Organization Size, End User and Regional Competitive Landscape

"The global virtual event platform market size to grow at a CAGR of 19.8% during the forecast period"

The global virtual event platform market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period, to reach USD30.6 Billion in 2027 from USD 12.4 Billion in 2022. Key factors that are expected to drive the growth of the market area significant shift to remote working and social distancing norms during the pandemic, which drove millions of businesses to cancel their in-person physical events and shift to webinars and virtual events as an alternative to connect with distributed audiences, the sustainable impact of distributed and hybrid work and adoption of digital channels, webinars, and virtual events.

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Recession Impact on the global virtual event platform market

According to research studies and surveys, even during a recession, global enterprises are not expected to halt or shut down their digital transformation efforts, though they may be more cautious in formulating, planning, implementing and spending their IT consulting budgets. During the earlier recession of 2008-2010, exhibition revenues were down nearly about 15%. That was largely driven by lower sponsorship, lesser subscriptions as well as a reduction of attendees. This financial year 2022-23, even with all the economic issues, virtual event platform vendors managed to scale up to 60-70% with their diversified offerings and effective services. Rising venue costs during the recession are a challenge for several organizations and enterprises worldwide. Companies are seeking contingency plans and considering alternative solutions during these inflation times.

The services segment to hold a higher CAGR during the forecast period

Based on component, the virtual event platform market is segmented into two categories: platform and services. The services segment is necessary for easy deployment, integration, and proper functioning of the virtual event platform. The services segment has been further segmented into training and consulting support & maintenance and deployment and integration. For instance, integration service providers aim at providing seamless integration of the platform with other tools, such as necessary apps, such as CRM, analytics tools, and AI-powered matchmaking assistance to enhance engagement and networking opportunities of like-minded attendees.

Virtual event platforms have emerged as a transformative solution in recent times, enabling organizations to host engaging and interactive events in a digital landscape. Looking ahead, the future of virtual event platforms promises to redefine the way we connect, collaborate, and participate in gatherings.

The key trend shaping the future of virtual event platforms is the integration of immersive technologies. Augmented Reality (AR) and Virtual Reality (VR) features will elevate event experiences, allowing attendees to interact with 3D virtual environments and lifelike avatars. This convergence of technology will create more engaging and memorable events, regardless of physical location.

Furthermore, AI-powered features will play a significant role in enhancing virtual event platforms. Personalized content recommendations, intelligent matchmaking for networking opportunities, and real-time language translation are some examples of how AI will make virtual events more user-friendly and inclusive.

Moreover, virtual event platforms will continue to bridge the gap between in-person and remote attendees. Hybrid event models will become more prevalent, allowing participants to seamlessly switch between physical and virtual attendance. This integration will extend the reach of events, bringing together a global audience and fostering collaboration beyond geographical constraints.

In addition, the future of virtual event platforms will emphasize data analytics. Organizers will leverage insights from attendee behavior, interactions, and feedback to optimize event content and format. This data-driven approach will lead to more relevant and impactful events that cater to the preferences and needs of participants.

However, challenges remain for the future of virtual event platforms, including internet connectivity issues, ensuring data security and privacy, and maintaining audience engagement over extended periods.

In conclusion, the future of virtual event platforms holds immense potential to reshape the events industry. With immersive technologies, AI-powered features, hybrid models, and data-driven insights, virtual events will become more dynamic, inclusive, and impactful. As technology continues to evolve, virtual event platforms will undoubtedly play a pivotal role in connecting people, ideas, and opportunities across the globe.

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