The global virtual event platform market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period to reach USD 30.6 billion in 2027 from USD 12.4 billion in 2022. 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 virtual event platform market comprises major providers, such as 6Connex (US), Cvent (US), Remo (US), Hubilo (US), vFairs (US), among others. These market players have embraced different strategies to increase their market shares and expand their global presence. Partnerships, mergers and acquisitions, new product launches and enhancements have been the most dominating strategies adopted by the major players from 2020 to 2022. This has helped them strengthen their offerings and broaden their customer base.
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6Connex is a leading software and service provider for virtual enterprise events. The company offers a range of solutions to enterprises to conduct online events and webinars. Its platform is designed with the purpose of driving engagement in a secure environment for communities worldwide by utilizing the capabilities of V7 software. 6Connex offers reliable and scalable HTML5-based solutions that support a large number of participants connecting through a web-based platform. It has a global presence in virtual technology solutions. The company has expanded its business in Europe, Asia Pacific, and Latin America by working with key channel partners.
Another key player Hopin is a leading provider of live online event platforms where attendees can interact and connect with people across the globe. Its virtual event platforms are known for their full live event capabilities, such as reception areas, stages, breakout sessions, registrations, dedicated chatrooms, recordings, data analytics, and team management. Hopin’s virtual event platform is designed for all types and sizes of events. The company’s software is used by around 3.5 million users and around 50,000 event groups. Hopin offers plenty of sponsorship and customization opportunities to meet online event requirements.
Cvent is a leading software-as-a-service provider specializing in events, meetings, and hospitality technology platforms, with around 2,00,000 active users worldwide. The company offers software solutions to event organizers and marketers for online event registration; venue selection; and virtual, hybrid, and on-site solutions to maximize audience engagement. The reporting feature of the platform offers built-in reports and enables users to create customized reports. Cvent’s solutions optimize the event management value chain and enable clients to manage the number of meetings and events. The company has a geographical presence in the Middle East, North America, Europe, and Asia Pacific.
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
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