The virtual event software market is expected to grow from US$ 9,675.8 million in 2021 to US$ 24,201.6 million by 2028; it is estimated to register a CAGR of 12.4% from 2021 to 2028.
The in-person host event industry has experienced a disruption in face-to-face networking, live events, and buzz of an exhibition events owing to the COVID-19 pandemic.This disruption has triggered the scope of virtual events and is expanding across the globe.
Technological developments, such as software-as-a-service-based virtual events, are generating a huge impact on the trend of conducting events virtually.The cloud-based tool allows end users to provide interactive experience while enhancing overall sales experience through podcasting, instant messaging, and virtual product experience.
The increasing adoption of digital media marketing platform to expand the audience base has created more opportunities to expand the virtual event software market.The Work from Home (WFH) policy implemented by several companies as a response to the lockdowns imposed by governments will drive the virtual event software market.
The market is expected to grow due to corporations’ ongoing attempts to broaden their global presence that demand the need for a connectivity network, which can reach masses across geographical boundaries. In APAC, the rapid developments in technologies, digitalization of economies, deployment of a high-speed 5G network, and adequate support by governments are among the factors contributing to the smooth evolution of these economies from a developing to the developed stage. The demand for virtual event software is expected to grow substantially during the forecast period, with the growing penetration of high-speed 5G network and rising adoption of virtual event software by small and medium-sized enterprises and large enterprises.
As the sudden outbreak of COVID-19 led in-person events to a halt, many organizations and businesses have resorted to conducting virtual events.Moreover, the COVID-19 pandemic has transformed the event industry to help companies and planners make decisions using virtual event solution.
As COVID-19 pandemic has resulted in cumulative losses of revenue in many countries, especially in the US, every organization is focusing to perform meetings on a digital platform through virtual event software. It has also been noticed that despite live events are now permitted, 90% of companies are still considering hosting virtual events.
The virtual event software market is segmented into solution, enterprise size, end user, and geography.Based on solution, the market is segmented into software and solution.
Based on enterprise size, the market is categorized into SEMs and large enterprises.Based on end user, the market is segmented into trade show organizers, event management agencies, corporates, academic organizations, and others.
Geographically, the global virtual event software market is broadly segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and the Rest of APAC), Middle East and Africa (South Africa, Saudi Arabia, the UAE, and the Rest of MEA), and South America (Brazil, Argentina, and the Rest of SAM).
A few key players operating in the global virtual event software market and profiled in the market study are Cvent Inc.; EventMobi (5Touch Solutions Inc.); Hopin, Hubilo Technologies Inc.; InEvent, Inc.; Pathable, Inc.; Remo.co; ubivent GmbH; vFairs LLC; and Whova Inc.
The overall global virtual event software market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the virtual event software market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the virtual event software market.
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