USD 83.8 Billion Virtual Event Platforms Market Reach by 2032 at 21.2% CAGR

According to the report published by Allied Market Research, The USD 83.8 Billion Virtual Event Platforms Market Reach by 2032 at 21.2% CAGR. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

The surge in growing acceptance of online streaming drives market growth. In addition, the increasing significance of event management drives the growth of the market. However, insufficient technological expertise to integrate virtual event software and lack of infrastructure for communication and inconsistent networks are primarily expected to hamper the growth of the market. Furthermore, increasing reliance on CYOD and BYOD solutions is expected to create lucrative growth opportunities for the market.

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The global virtual event platforms market was valued at USD 12.6 billion in 2022, and is projected to reach USD 83.8 billion by 2032, growing at a CAGR of 21.2% from 2023 to 2032.

The virtual event platforms market is segmented on the basis of component, enterprise size, end user, and region. On the basis of component, it is categorized into platform and services. On the basis of enterprise size, it is bifurcated into large enterprise and small and medium-sized enterprises (SMEs). On the basis of end user, it is fragmented into government, healthcare and life science, BFSI, education and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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By end user, the healthcare and life science segment accounted for nearly one-fourth of the global virtual event platforms market share in 2022, and is expected to dominate by 2032, owing to features like networking possibilities, secure and compliant data management, and interactive sessions. The education segment would also display the fastest CAGR of 32.8% throughout the forecast period, owing to webinars, virtual conferences, and other forms of remote learning.

By component, the platform segment held the major share in 2022, garnering nearly half of the global virtual event platforms market revenue, owing to help with different parts of virtual events, including ticketing and registration, content delivery, live streaming, networking, engagement, analytics, and reporting, as well as connectivity with other event management propels the market growth significantly. The services segment would also showcase the fastest CAGR of 24.0% during the forecast period, owing to setup and planning to execution and analysis after the fact. Virtual exhibitor booths, networking and matching features, live streaming and broadcasting capabilities, interactive tools for audience interaction, technical assistance, analytics, and reporting are some of the services that virtual event platform providers often offer.

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By region, North America garnered the highest share in 2022, holding nearly one-third of the global virtual event platform market revenue in 2022, and is projected to retain its dominance by 2032, owing to the factors such as the increasing use of smartphones and enhanced internet connectivity aiding the growth of the virtual event platform market. The Asia-Pacific region would also portray the fastest CAGR of 24.8% during the forecast period, owing to increasing availability of high-speed mobile data. More people in Asia-Pacific have access to the internet which is expected to fuel the market growth in Asia-Pacific.

The key players operating in the virtual event platforms industry include Microsoft, Cisco, 6Connex, Accelevents, Remo Inc., Hubilo, vFair, BigMaker, Hopin, and Stova. Furthermore, it highlights the strategies of the key players to improve the virtual event platforms market share and sustain competition in online event platforms industry.

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Impact of COVID-19

● The COVID-19 pandemic has had a significant impact on the virtual event platforms industry. With the cancellation or postponement of numerous physical events, conferences, and meetings due to the global health crisis, organizations have been compelled to explore alternative methods for engaging their audiences.

● This shift in demand has led to a substantial increase in the need for virtual event platforms as businesses actively seek online venues for their events. Moreover, the deployment of virtual event platforms has experienced a notable uptick across various industries in response to the challenges posed by the pandemic.

● Companies that traditionally prioritized in-person events found themselves swiftly adopting virtual platforms to ensure the continuity of stakeholder engagement and business operations.

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