Virtual Event Platform Market

Analyzing Virtual Event Platform Market Size and Share Growth

The size of the worldwide virtual event platform market is anticipated to increase from USD 12.4 billion in 2022 to USD 30.6 billion in 2027 at a Compound Annual Growth Rate (CAGR) of 19.8% over the course of the forecast period.

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Key factors expected to drive the market growth include the rise in popularity of online streaming to replace in-person presentation, the increasing adoption of digital media marketing platforms to expand the audience base, accommodating a large number of attendees over virtual event platforms (s), live recording feature and global access to real-time data even after webinars/sessions/events, the transition of businesses to remote working approaches, cloud computing services are gaining popularity across large, medium-sized and small enterprises and enhancement of accuracy in fetching customer information. These factors are driving the demand for virtual event platforms.

The growth of the Virtual Event Platform Market is driven by several key factors. Here are the main growth factors:

  • Technological Advancements:
  • COVID-19 Pandemic Impact:
  • Cost Efficiency:
  • Global Reach:
  • Increased Engagement and Interaction:
  • Sustainability Concerns:
  • Flexibility and Convenience:
  • Data-Driven Insights:

Technological Advancements:

  • Continuous improvements in technology, including AI, VR, AR, and enhanced data analytics, are making virtual event platforms more sophisticated, interactive, and user-friendly, thus attracting more users.

COVID-19 Pandemic Impact:

  • The pandemic accelerated the adoption of virtual events as physical gatherings were restricted. This shift has established virtual events as a viable alternative, even post-pandemic, due to their convenience and broader reach.

Cost Efficiency:

  • Virtual events often incur lower costs compared to physical events. Savings on venue rentals, travel, accommodation, and logistics make virtual events a cost-effective solution for both organizers and attendees.

Global Reach:

  • Virtual events eliminate geographical barriers, allowing organizers to reach a global audience. This expanded reach increases participation and engagement from attendees worldwide.

Increased Engagement and Interaction:

  • Advanced features like live Q&A, polls, chat functions, and networking opportunities enhance attendee engagement and interaction, making virtual events more appealing.

Sustainability Concerns:

  • Growing awareness of environmental issues is pushing organizations to adopt more sustainable practices. Virtual events reduce the carbon footprint associated with travel and physical infrastructure, aligning with corporate sustainability goals.

Flexibility and Convenience:

  • Virtual events offer flexibility for attendees to participate from anywhere, at any time. This convenience is a significant factor driving the popularity of virtual events.

Data-Driven Insights:

  • Virtual event platforms provide valuable data and analytics on attendee behavior, preferences, and engagement. These insights help organizers optimize future events and personalize experiences.

Virtual Event Platform Market Share - Global Industry Landscape

Here is a brief overview of the market share and key offerings for each of the specified companies in the virtual event platform market:

  • 6Connex (US)
  • Cvent (US)
  • Remo (US)
  • Hubilo (US)
  • vFairs (US)

6Connex (US)

  • Market Share: 6Connex holds a significant share in the virtual event platform market, particularly recognized for its robust and scalable solutions catering to large enterprises and organizations.
  • Key Offerings: The platform offers virtual environments for conferences, trade shows, job fairs, and corporate events. It emphasizes interactive features like chat, networking lounges, and extensive customization options.

Cvent (US)

  • Market Share: Cvent is a major player in the virtual event platform market, leveraging its strong brand presence and extensive customer base in the event management industry.
  • Key Offerings: Cvent provides a comprehensive suite of event management tools, including virtual and hybrid event solutions. Key features include registration management, event marketing, live streaming, and attendee engagement tools.

Remo (US)

  • Market Share: Remo is gaining traction in the virtual event market, particularly among smaller organizations and startups due to its user-friendly interface and interactive capabilities.
  • Key Offerings: Remo specializes in virtual networking events and collaborative spaces. Its platform allows for interactive table discussions, video conferencing, and real-time engagement, simulating an in-person networking environment.

Hubilo (US)

  • Market Share: Hubilo is rapidly growing in the virtual event platform market, known for its focus on attendee engagement and seamless event experiences.
  • Key Offerings: Hubilo offers a highly interactive virtual event platform with features like live chats, polls, Q&A sessions, and gamification. It also provides detailed analytics and integrations with various marketing tools.

vFairs (US)

  • Market Share: vFairs is a prominent player with a strong presence in hosting virtual fairs and expos, widely used by educational institutions and businesses for large-scale events.
  • Key Offerings: The platform is known for its virtual expos, job fairs, and conferences. Key features include customizable virtual booths, webinar hosting, networking lounges, and extensive reporting and analytics tools.

 Related Reports:

Virtual Event Platform Market by Component (Platform and Services), Organization Size, End User (Corporations, Governments, Education, Healthcare, Third-party Planners, Associations, Non-Profit) and Region - Global Forecast to 2027

Virtual Event Platform Market Size,  Share & Growth Report
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TC 7933
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