The Global Virtual Event Platforms Market is expected to reach USD 9,920.8 million in 2024. Demand for virtual event platforms is projected to rise at an astronomical CAGR of 16.4% from 2024 to 2034. Further, the virtual event platforms market analysis predicts the market to surge to USD 45,292.4 million by the end of the year 2034.
Virtual event platforms offer features such as multi-live stream support, video-on-demand sessions, and interactive tools like audience Q&A sessions, up-voting, and others. In addition to this, virtual event platforms services help to establish new connections for businesses. Thus, the demand for virtual event platforms is increasing around the world these days.
The factors such as digitization in businesses, rising remote work operations, and increasing penetration of smart devices have boosted the demand for virtual networking platforms. Moreover, better digital networking infrastructure is anticipated to augment the virtual event platforms market in the coming years.
Global Virtual Event Platforms Industry Assessment
Attributes | Key Insights |
---|---|
Historical Size, 2023 | USD 8,652.5 million |
Estimated Size, 2024 | USD 9,920.8 million |
Projected Size, 2034 | USD 45,292.4 million |
Value-based CAGR (2024 to 2034) | 16.4% |
According to FMI, the widespread use of communication and collaboration tools across various verticals can be a game changer for the integrated virtual meeting platforms market. As, end users including e-commerce, retail, healthcare, construction, manufacturing, and education among others have increased the adoption of virtual event platforms in recent years.
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The below table shows the expected CAGR for the global virtual event platforms market over few semi-annual periods, which covers 2024 to 2034. In the first half (H1) over the years from 2023 to 2033, the business is predicted to surge at a CAGR of 16.2%, followed by a marginally higher growth rate of 16.6% in the second half (H2) of the same decade.
Particular | Value CAGR |
---|---|
H1 | 16.2% (2023 to 2033) |
H2 | 16.6% (2023 to 2033) |
H1 | 15.9% (2024 to 2034) |
H2 | 16.8% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to increase considerable to 15.9% in the first half and remain relatively moderate at 16.8% in the second half. In the first half (H1) the market showcased a decrease of 30 BPS while in the second half (H2), the market witnessed an increase of 20 BPS.
Live streaming of Events to Boost Demand for Online Live Event Platforms
Live streaming has become a crucial feature for virtual event platforms, offering real-time interaction, global reach, and enhanced audience engagement. With more virtual businesses, education, and entertainment in place, live streaming brings back that same sense of connectivity and the immediate qualities that once ruled physical locations.
One such instance is the corporate sector, where companies are hosting webinars, product launches, and global conferences through live streamed events. Not only does this cut travel costs but it also enables greater participation from employees working remotely as well as from global audiences.
For example, Salesforce's annual Dreamforce conference, which traditionally happens in San Francisco, will also be streamed online this year. The live streams is expected to draw hundreds of thousands of viewers from across the globe.
A similar story could be said for the music and entertainment industry as well, whereby live streaming of events, concerts, and festivals are catching up on trends. It has enabled performances by artists in real time in front of millions of their fans from the artist's house, granting them a new way of earning and entertaining people in an era where physical events have become impossible.
One such instance is that of Travis Scott's live performance in the Fortnite game, which attracted over 12 million concurrent live viewers into the game. Apart from this, live streaming is also used to help the educational institutions in having virtual classrooms and online graduations that were never before possible due to unexpected events like pandemics. Therefore, the integration of live streaming in virtual event platforms is driving the market growth.
Increased Marketing & Sponsorship Opportunities
Virtual events offer advanced ways for brands to access global audiences in more personal and measurable ways than the traditional, physically arranged gatherings. Possibilities on the platform include integration of branded content, interactive sessions and custom sponsorship placements that promote brand visibility and engagement.
For instance, companies can sponsor virtual booths, webinars or even breakout sessions in which their branding highly displayed, thus gaining more recall and engagement from the audience. Interactive elements during these sponsored sections, such as polls, Q&A, live chat, etc., can also provide real-time insights into consumer behavior for effective change in marketing strategies.
Virtual event platforms provide detailed analytics on attendee behavior, such as session participation, content downloads and interaction times. This data is quite valuable for sponsors and marketers, as it offers detailed metrics to measure ROI and improve future marketing campaigns.
For example, Cisco reported significant engagement metrics from their virtual event, Cisco Live, where the company was able to report on how many interactions attendees had with sponsored content-a metric very difficult to measure in an in-person event.
Further, virtual events exceed geographical limitations, enabling sponsors to potentially reach a broader and more diverse audience without the expenses associated with travel and logistics. This scalability is of particular interest to global brands looking to maximize their outreach in an efficient manner.
These characteristics of virtual event platforms make their market growth with expanded marketing and sponsored opportunities. The effective ability to deliver targeted, measurable, and scalable advertising solutions is attracting brands and sponsors to drive the market growth of virtual event platforms.
Overexposure to Virtual Events Stands as a Challenge in the Market
As the pandemic initiated a massive shift towards online events, the large number of virtual conferences, webinars, and meetings has led to "virtual fatigue" among users. This fatigue stems from the overwhelming rate of these events, coupled with the repetitive and sometimes boring nature of online interactions, which can lack the engagement and energy of in-person experiences.
But the main problem is that most of the virtual events have been formatted in the same way, so there is little differentiation in content delivery, and this has made people's attention spans decline with less participation. For instance, 55% said they had attended more than five virtual events in the past year; still, only 45% responded by saying these events offered in-person event value.
As the novelty has worn off of virtual events, users are becoming more selective about how they spend their time. This combination results in lower attendance and engagement numbers than previously seen. To add on, the overabundance of virtual events made the markets for those platforms supporting user interest and loyalty virtually non-existent.
Companies are unable to provide unique value propositions and are returning to hybrid models of physical and virtual combinations to offset against this. Zoom as a major industry player also recently released a set of immersive features and integrations in a response to what it saw as an increasing feeling of virtual fatigue that threatened its business model, recognizing innovation as a vital need to keep user attention.
This has put the pressure on event platforms to innovate continuously, changing ways of delivering content and enhancing user experience. Those failing to overcome virtual fatigue will lose market share as users gravitate toward more engaging and varied experiences.
Virtual Film Festivals and Premieres Presents a Lucrative Opportunity
The digitalization of the entertainment sector with virtual film festivals and premiers provides a big opportunity to the virtual event platform industry. These make the cinema accessible globally, which is very good for filmmakers in reaching a wide audience without geographical constraints.
The success of festivals like Sundance 2021, which went entirely online due to the pandemic, has indicated this is one of the spaces that virtual platforms can tap into. Sundance claimed to have over 600,000 views; far more than ever physically attended in the past-proving the scalability of virtual formats.
Virtual film festivals bring unique involvement models because of additional features such as interactive sessions with the filmmakers, chat rooms for the viewers and virtual networking for professionals. This interactive component enhances the viewing experience and provides value that a traditional in-person event may not provide.
For event platforms, virtual film festivals drive in generous revenues regarding ticket sales, premium access and brand sponsorships. Yet another big event that turned virtual was SXSW 2021, which adopted a tiered access model to serve different sections of the audience, from casual viewers to industry insiders. This helped them get the most revenue while also attracting a wide, geographically dispersed audience.
The virtual model would also help improve some of the logistical problems and the cost of physical venues, traveling and accommodation, therefore making it a more sustainable option in the eyes of the festival organizers. Those specialized platforms for virtual events may find an open door to collaborate with film festivals and premieres, offering them tailor-made solutions that perfectly adapt to the necessities of the film industry.
The ongoing trend toward hybrid events, which contain elements of both in-person and virtual experiences, further underlines how in the future, the importance of virtual event platforms for the entertainment landscape is poised to grow.
The global virtual event platform industry witnessed a CAGR of 13.2% during the historical period between 2019 and 2023. The industry grew at a decent rate as it reached a value of USD 8,652.5 million in 2023 from USD 5,277.9 million in 2019.
During Covid-19, the market was growing steadily but at a moderate pace, with increasing adoption among large enterprises, especially in the tech and education sectors. Around 2021, the market experienced a rapid expansion, with many providers reporting a surge in user acquisition and usage rates.
New players entered the market, and existing ones rapidly scaled their operations. In 2022 & 2023, the market saw continued innovation, with platforms integrating advanced features like AI-driven networking, immersive 3D environments, and analytics tools.
On the other hand, the market is estimated to grow at a CAGR of 16.4% during the forecasted period between 2024 and 2034. The market is expected to grow swiftly as it has a potential to reach a value of USD 45,292.4 million in 2034 from USD 9,920.8 million in 2024.
The demand for virtual event platforms is expected to continue growing, driven by the increasing preference for hybrid events. Organizations will seek platforms that can seamlessly integrate both in-person and virtual experiences. Innovations such as augmented reality (AR) and virtual reality (VR) are poised to become more prominent, offering immersive event experiences.
AI and machine learning will enhance personalization, attendee engagement, and event analytics.
Tier 1 companies includes companies that are performing as market leader in the virtual event platforms market. These companies are well-known brands with a broad customer base across various industries. The companies in this tier consists about 55% to 60% of global market.
These top vendors continuously enhance platform capabilities to cater to emerging needs, such as hybrid events, personalized attendee experiences, and sophisticated networking tools. The companies in the bracket includes such as Microsoft Corporation, Cisco Systems and Zoom Video Communications, Inc.
Tier 2 companies consists of those mid-sized players that have the market share around 10% to 15% globally. These are the companies with growing customer base with a focus on innovation and customer service. These companies focuses on developing deep domain expertise to tailor solutions to the unique needs of their target markets.
The companies in the tier are Cvent, Avaya and others. They tend to offer highly customizable solutions to attract clients who require tailored platforms for their specific needs.
Tier 3 companies are the companies which are still trying to achieve stability in the market or these companies might be established recently. These companies hold around 30% to 35% share in the market. These companies are primarily focuses on partnerships and innovate highly specialized solutions. The companies in the tier include InEvent, Bigmarket, vFairs and others.
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The section below includes the industry analysis of virtual event platforms market over the countries in North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe and Middle East & Africa. The analysis describes the country wise analysis that are expected to grow at a high CAGR.
Countries | Value CAGR (2024 to 2034) |
---|---|
USA | 11.8% |
KSA | 17.4% |
Germany | 12.0% |
India | 24.4% |
China | 17.0% |
Increasing digitization in businesses and cloud workspace in Western Europe are expected to further boost demand for virtual conferring platforms and virtual networking platforms. Meanwhile, the demand for virtual event platforms in the Germany is poised to register 12.0% through 2034.
For Instance, The Federal Ministry for Economic Affairs and Energy has been actively promoting digitalization through initiatives like "Digital Strategy 2025", which aims to position Germany as a leader in digital technologies.
The number of event management companies in India has boomed to a great extent over the last few years. This will be the major factor boosting the potential for the virtual event platforms market during the forecast timeframe. For example, the platforms Hubilo and Airmeet have climbed to become international players from their Indian origin.
Hubilo, founded in 2015, has seen its revenues jump 50 times in just 2020 since it transformed from a physical event management platform to a virtual platform. And for Airmeet, founded in 2019, it has raised over USD 50 million as of this year, which speaks volume for the confidence investors have in this space.
The rising adoption of cloud-based technologies by organizations based in China is expected to favor virtual event platforms market growth. Virtual event platform providers can focus on this nation to benefit from its untapped opportunities and strengthen their market presence. China also has a quite large internet user bracket that also bolster the growth in country.
For Instance, as of 2023, China is home to 1 billion Internet users, the world's largest, which enabled a large audience for the virtual platforms. With the embracement of the advanced 5G technologies in the country, connectivity has been enhanced, therefore making high-quality virtual experiences more accessible. Over 60% of 5G global connections are in China by the end of 2022, leading next-generation connectivity.
Component | Software |
---|---|
Value Share (2034) | 77.1% |
The high demand of virtual event platform software owing to its rise in medium-sized and large enterprises makes the software segment dominant in the market during the forecasted period. According to FMI, there is an increase of 30% in the attendance of the events held through virtual means compared to the conventional formats that organize physical events.
This is made possible by the quick access to and convenience of using a virtual interface, which removes geographic barriers and minimizes cost implications for attendees.
Application | Medium-sized Enterprise |
---|---|
Value Share (2034) | 26.5% |
Increasing demand to improvise workflow and optimize revenue generation is expected to prominently propel the adoption of virtual meeting platforms in SMEs. So, this segment is expected to evolve at a higher CAGR than that of the large enterprises segment, through 2034. The segment will see the growth of 19.3% during the forecasted period.
According to FMI, 67% of mid-sized businesses plan to maintain or increase their investment in virtual events even post-pandemic, recognizing the efficiency and reach these platforms offer.
In July, 2023, Microsoft announced that they have formed a partnership with InEvent, which is the leading all-in-one event management software company. The partnership will work to empower the event organizers to deliver enhanced virtual and hybrid experiences within the Microsoft Office 365 productivity ecosystem.
In January, 2023. Zoom Video Communication Inc. revealed its new event management solution to help users deliver flexibility and the company also expanded other features for single-session virtual events. The new solution offers robust production, branding and analytic tools, which are designed to help users engage with attendees, drive better ROI and elevate the customer’s brand.
In October 2022, Cvent and American Express collaborated and introduced enhanced features to the Cvent Event Marketing & Management platform. The improvement included expanded virtual payment capabilities by leveraging American Express’s budget management and payment automation solutions.
In terms of solution, the industry is segmented into software and services.
In terms of enterprise size, the industry is segregated into Small Offices (1-9 employees), Small Enterprise (10-99 employees), Medium-sized Enterprise (100-499 employees), Large Employees (500-999 employees) and Very Large Enterprises (1,000+ employees).
The End User is classified by Enterprises/Corporates, Event Management Agencies, Academic Institutions, Trade Show Organizers and Others.
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe and Middle East and Africa (MEA) have been covered in the report.
The global virtual event platforms industry is projected to witness CAGR of 16.4% between 2024 and 2034.
The global virtual event platforms industry stood at USD 8,652.5 million in 2023.
The global virtual event platforms technology industry is anticipated to reach USD 45,292.4 million by 2034 end.
South Asia & Pacific is set to record the highest CAGR of 21.7% in the assessment period.
The key players operating in the global virtual event platforms industry include Microsoft Corporation, Zoom Video Communications, Cisco Systems, Cadence, 6Connex among others.
1. Executive Summary 2. Market Introduction, including Taxonomy and Market Definition 3. Market Trends including Macro-economic Factors, Market Dynamics, and Recent End-User Developments 4. Pricing Analysis, By Solution 5. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Solution 6.1. Software 6.2. Services 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Enterprise Size 7.1. Small Offices (1 to 9 employees) 7.2. Small Enterprises (10 to 99 employees) 7.3. Medium-sized Enterprise (100 to 499 employees) 7.4. Large Enterprises (500 to 999 employees) 7.5. Very Large Enterprises (1,000+ employees) 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-User 8.1. Enterprises/Corporates 8.2. Event Management Agencies 8.3. Academic Institutions 8.4. Trade Show Organizers 8.5. Others 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 9.1. North America 9.2. Latin America 9.3. East Asia 9.4. South Asia & Pacific 9.5. Western Europe 9.6. Eastern Europe 9.7. Middle East and Africa 10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Sales Forecast 2024 to 2034 By Solution, Enterprise Size, End-User for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Cisco Systems 19.2. Zoom Communication 19.3. Microsoft Corporation 19.4. vFairs 19.5. Cvent Inc. 19.6. Evenium 19.7. SpotMe 19.8. Cadence 19.9. 6Connex 19.10. Accelevents 19.11. InEvent, Inc. 19.12. Airmeet, Inc 19.13. BigMarker
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