Exploring Opportunities in the Virtual Event Platforms Market: At a 21.2% CAGR

According to the report, the global market generated $12.6 billion in 2022 and is estimated to reach $83.8 billion by 2032, exhibiting a CAGR of 21.2% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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The market for cloud-native applications is centered around developing, disseminating, and managing applications specifically tailored for operation on cloud computing platforms. Leveraging cloud-native technologies and principles allows these applications to fully harness the scalability, flexibility, and efficiency inherent in cloud environments. A key characteristic of cloud-native applications is their ability to be deployed and managed in a distributed fashion, enabling rapid scaling to accommodate changing demands.

Furthermore, these applications can be distributed across multiple cloud servers or data centers to enhance performance and reliability. Additionally, due to their distributed nature, cloud-native applications seamlessly integrate with other cloud services and resources such as networking, databases, and storage.

Employing a microservices architecture, which involves breaking down complex applications into smaller, loosely coupled components, further enhances adaptability. These individual components, known as microservices, can be independently developed and deployed, facilitating continuous delivery and rapid innovation. This modular approach also enhances fault tolerance and scalability by allowing individual microservices to be extended or replaced without impacting the entire application.

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By enterprise size, the large enterprise segment accounted for nearly half of the global virtual event platforms market share in 2022, and is expected to dominate the market by 2032, owing to economical and effective means of establishing connections and developing engagement with a wide-ranging audience. Virtual event platform presents opportunity for brands to interact more meaningfully and be relatable with their target market, boosting brand loyalty. The small and medium-sized enterprise segment would also display the fastest CAGR of 23.1% throughout the forecast period, owing to providing small and medium-sized businesses immense opportunities to advance their development and prosperity. It also offer features like customizable layouts, choices for registration and ticketing, and smooth connection with well-known marketing and CRM programs.

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 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 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.

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Leading Market Players:

• Microsoft
• Cisco System Inc.
• 6connex
• Accelevents
• Remo Inc.
• Hubilo
• VFair
• Bigmaker
• Hopin
• Stova

The report analyzes these key players in the global virtual event platform market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.

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