Global Virtual Event Platform Market By Component, By Enterprise Size, By End User, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027
- August 2021 •
- 234 pages •
- Report ID: 6155880 •
- Format: PDF
The Global Virtual Event Platform Market size is expected to reach $20 billion by 2027, rising at a market growth of 11.3% CAGR during the forecast period. Virtual event platforms integrate different types of tools with an aim to strategize, promote, and perform online events. These products are created in order to facilitate the businesses in providing the similar kind of feel and value of live events with the help of digital experience. Therefore, virtual event platforms refer to the flexible software solutions that can be deployed to manage and host various kinds of online events, like trade shows, association meetings, job fairs, and multi-session conferences.
Some of the catalysts for the growth of the virtual event platform market are the rise in popularity of online streaming to replace in-person presentation, and cloud services are gaining popularity in small and medium enterprises, the increasing adoption of digital media marketing platforms to expand the audience base. Moreover, these solutions also enhance accuracy in collecting customer information, and transition of businesses to remote working approaches, thereby accelerating the growth of the virtual event platform market.
Covid-19 pandemic has positively impacted the virtual event platform market. There is a shift from conventional events to virtual events with the help of virtual event platforms due to the Covid-19 pandemic. Growth has been witnessed in the remote work environment that has transferred the business to the cloud and it eventually resulted in accelerating the market growth. Various businesses are rapidly looking for a digital platform to avoid the meetings, conferences, and physical events in order to ensure continuity of business.
Whether we are working remotely or in-office, online conferences and meetings are supported by a virtual event platform as it grants access to business-critical information irrespective of the location. In order to create a better experience for customers, companies across different end-user industries are investing as well as creating an essential budget for these kinds of solutions.
Market Growth Factors:
Organizations are witnessing massive demand for communication platforms
As a result of the COVID-19 pandemic, there is a growing need for virtual communication platforms across organizations to prevent in-person meetings. Online meetings, video conferences, live chats, and video calls are examples of virtual events that allow real-time information sharing. Because of lockdown restrictions and remote work operations, the firms are using virtual event platforms to improve customer service and overcome problems in performing various day-to-day activities of the company.
Digital media marketing platforms are witnessing high adoption rate in order to broaden the audience base
The desire to integrate massive data is accelerating the use of cloud-based technologies as organizations are increasingly migrating towards online. Several businesses rely on event-based marketing to establish a presence in the global marketplace. As a result, they are highly depending on event management businesses and software to plan trade shows, exhibits, and fetes, thus driving the demand for cloud-based event management platforms.
Market Restraining Factor:
Virtual event platforms are associated with different privacy and security concerns
Organizations adopting virtual event software solutions are highly concerned about the security and privacy of video footage shared across numerous platforms. Moreover, corporations are concerned about copyright and digital rights in order to minimize data breaches and information loss. Organizations must design their policies for secure virtual meetings to solve such issues.
Based on Component, the market is segmented into Platform (Without Services) and Services. The platform segment would obtain a larger revenue share during the forecast period. The platform enables the creation of in-person event experiences by integrating new technologies like virtual reality, augmented reality, and 3D simulation with an aim to provide virtual communication from remote locations.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprise. Small enterprises benefit from virtual event platforms because they lower the overall cost of hosting a real seminar, conference, or meeting. Virtual events are also simple to organize, affordable, and link relevant people to meetings regardless of their geographical locations. These aspects would further motivate the Small enterprises to use virtual event platforms.
End User Outlook
Based on End User, the market is segmented into Corporations, Associations, Healthcare, Third Party Planner, Government & Defense, Non Profit, Education and Others. Working with a third-party planner helps platform vendors to concentrate on internal objectives like driving registration and generating appealing content rather than external concerns like logistics and vendor administration. Third-party planner adoption of the virtual platform has increased in the recent years, notably with COVID-19 and technological developments.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC would grow at the maximum rate during the forecast period. In this region, China and Japan are the most advanced countries in terms of using virtual event platforms. The increasing requirement to adhere to severe laws, the growing presence of virtual event platform suppliers, increasing government backing, growing awareness of virtual event platform utilities, and improving return on investments are all contributing to the regional market expansion.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunners in the Virtual Event Platform Market. Companies such as Cisco Systems, Inc., Cvent, Inc., and Zoom Video Communications, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Cisco Systems, Inc., Zoom Video Communications, Inc., EventMobi (5Touch Solutions, Inc.), Cvent, Inc., Kestone, Accelevents, Inc., Bizzabo, Aventri, Inc., and Samaaro.
Recent strategies deployed in Virtual Event Platform Market
Partnerships, Collaborations, and Agreements:
Jun-2021: Cvent came into partnership with an event production company, Encore. This partnership aimed to provide customers an end-to-end virtual and hybrid event solution. In addition, this partnership delivers a single point of contact to operate every aspect of the virtual and hybrid event planning procedures.
Jun-2021: Cvent entered into collaboration with Uber for Business. In this collaboration, companies can improve virtual attendee engagement and ensure effortless ground transportation options for connecting planners and in-person event attendees. Further, this collaboration would bring together these industry leaders to meet the shifting requirements of event planners & marketers who look forward to optimizing the impact of their virtual, in-person, and hybrid events.
May-2021: Zoom Video Communications collaborated with SRAX, a technology company. This collaboration aimed to provide Sequire customers the ability to host their own webinars, annual meetings, roadshows, earnings calls, or standalone meetings on the Sequire platform. Furthermore, this collaboration also helps to expand Sequire’s offerings regarding both standalone webinars and multifaceted conferences.
May-2021: Microsoft Azure extended its partnership with La Liga, the foremost Spanish football league. This partnership aims to digitally transform the sports experience across the world and also focus on enhancements for fans, broadcasters, and stadia operations alike.
Mar-2021: Zoom entered into a partnership with vFairs, a virtual/hybrid event platform. This partnership aimed to integrate Zoom webinars into the vFairs platform that enables delegates to explore 3D representations of an exhibition or conference. In addition, they can click via various areas of a venue, and explore virtual exhibition booths.
Dec-2020: Accelevents entered into a partnership with Interprefy, provider of remote simultaneous interpretation (RSI) technology and services for any event or meeting type. This partnership aimed to improve the attendee experience for virtual events and gives power to both event organizers and marketing professionals to outreach their online conferences to audiences across the globe.
Sep-2020: Cvent formed a partnership with Brightcove, a Boston, Massachusetts–based software company. This partnership aimed to provide its video solutions as part of Cvent’s newly-released Virtual Attendee Hub. In this partnership, Cvent customers could easily introduce scalable, reliable, and broadcast-grade video experiences to their audiences.
Mar-2020: Aventri came into partnership with three digital event solutions companies namely Intrado Digital Media, Digitell, and Evia for providing virtual events. Together, they provide different approaches in the events industry to assist companies that have been impacted by the COVID-19. Aventri’s new solutions help all customers and event planners with the option to change their events into a virtual platform.
Acquisition and Mergers:
Jul-2021: Zoom took over cloud software provider, Five9. This acquisition aimed to support Zoom Phone service that is a substitute to legacy phone capabilities by adding Five9’s business customers and integrating its contact center software to maximize customer interactions across various channels.
Jul-2021: Cisco completed the acquisition of Socio Labs, a marketing company. This acquisition aimed to add Socio Labs to Cisco’s Webex portfolio to offer event organizers one platform with everything they would require to successfully host any kind of event.
Jun-021: Bizzabo acquired x.ai, a technology company. Under this acquisition, the company would unveil the AI-powered Scheduling & Accelerate Personalized Event Experiences. In addition, Bizzabo would also integrate x.ai’s scheduling engine would make it simple for event participants to establish meaningful connections at virtual, in-person and hybrid events.
May-2021: Bizzabo took over Whalebone, provider of tools to amplify and humanize virtual events. This acquisition would bridge the gap between virtual and in-person, and solidify Bizzabo’s objective to improve shared event experiences for speakers & attendees.
Product Launches and Product Expansions:
May-2021: Zoom introduced Zoom Events, an all-in-one platform for virtual experiences. This platform would enable customers to manage live virtual ticketed events for internal or external audiences. In addition, Zoom notes, which Zoom Events integrates the reliability and scalability of Zoom Meetings, Chat, and Video Webinars in a single comprehensive solution for event organizers.
Apr-2021: Aventri unveiled Aventri Virtual Events 2.0 for interactive virtual and hybrid events. This latest version of the platform improves digital event networking and ease of usage.
Mar-2021: Microsoft launched Microsoft Mesh, a new application. This platform would give customers across AR/VR meeting space to interact with each other and 3D content, managing all of the technical hard components of sharing spatial multi-player experiences over the web.
Feb-2021: Kestone released Virsa Bot, an AI-powered Virtual Event Smart Assistant. This product aims to boost the average audience engagement time at virtual events by multi-fold.
Oct-2020: Zoom Video Communications launched two new products. These products include a platform for live events and a marketplace for third-party applications, which could be brought into the Zoom meeting surroundings. The platform is named as OnZoom, which is a new events platform that enables customers to schedule, browse, create and host live events.
Oct-2020: Bizzabo introduced its Partners Management Solution and Speakers Management Solution. These solutions are developed to streamline the collaboration among the event teams and their partners and speakers, boosting the efficiency and enhancing the working relationship among all the involved entities, facilitating prosperous events.
Sep-2020: Aventri introduced the Aventri Virtual Event Platform with the key industry-leading features. The solution enables event and marketing experts to operate their virtual, hybrid, and in-person events on a single platform. This all-in-one Aventri Virtual Event Platform streamlines the procedure of delivering virtual and later hybrid, events. It is easy to master this solution. It also provides the new engagement and monetization features and the first-to-market capabilities.
Aug-2020: Cvent introduced its all-new virtual event solution, the Cvent Engagement Hub. This solution provides a fully branded, turnkey virtual event experience. It also involves fully integrated, enterprise-class webcasting technology, which enables planners & marketers to offer immersive, interactive content to any device, from any location in the world.
Aug-2020: Kestone unveiled a new version of their Virtual Events platform. This version has a host of improvements that include an overhauled User Interface (UI), support for several languages, and improved audience engagement and gamification features.
May-2020: EventMobi released Virtual Event Space, part of an end-to-end virtual event solution. This solution can help organizers plan, promote, monetize and stream an engaging, interactive online or hybrid event experience
Feb-2020: Aventri launched Aventri Aloha, an exciting and easy-to-use iPad check-in app for small and medium-size events. Check-in delivers a crucial first impression at events. Aventri Aloha solves all these challenges, offering a simple yet powerful application that is fully integrated with leading printers and Aventri Registration.
Scope of the Study
Market Segments covered in the Report:
• Platform (Without Services)
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprise
By End User
• Third Party Planner
• Government & Defense
• Non Profit
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Microsoft Corporation
• Cisco Systems, Inc.
• Zoom Video Communications, Inc.
• EventMobi (5Touch Solutions, Inc.)
• Cvent, Inc.
• Accelevents, Inc.
• Aventri, Inc.
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