Virtual Event Platforms Market Continues to Grow With USD 83.8 Billion Valuation and 21.2% CAGR By 2032
The increasing significance of the event management sector primarily drives the growth of the virtual event platform market.
PORTLAND, PORTLAND, OR, UNITED STATES, January 12, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Virtual Event Platforms Market,” The virtual event platforms market was valued at $12.6 billion in 2022, and is estimated to reach $83.8 billion by 2032, growing at a CAGR of 21.2% from 2023 to 2032.
Virtual event platforms are a cutting-edge technology adopted by companies all over the world to build new relationships remotely. Hosting and attending events is made easy and user-friendly with the aid of virtual event platforms. Events and functions are considered as a significant and practical means of business-to-client communication. A major factor driving the expansion of the virtual event platform market is the regular organization of functions and events by governments, agencies, colleges, businesses, the hospitality industry, and public and private associations. Additionally, deploying a virtual event platform improves the ease of hosting and participating in online meetings for an organization.
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Demand for these platforms is rising as a result of the integration of cutting-edge technologies like virtual reality and augmented reality to enable 3D live broadcasting for digital events. The virtual event platform has many capabilities, including the ability to host livestreams, allow numerous livestreams at a time, provide high-level privacy and security for online events, and offer video-on-demand sessions with interactive features like audience Q&A and upvoting. Furthermore, several participants are collaborating to create a technologically advanced and creative virtual event platform that can be customized, enabling over a thousand individuals to easily and rapidly participate in online events.
Furthermore, surge in growing acceptance of online streaming and increasing significance of the event management sector primarily drive the growth of the virtual event platform market. However, insufficient technological expertise to integrate virtual event software and lack of infrastructure for communication and inconsistent networks hamper market growth to some extent. Moreover, increasing reliance on CYOD and BYOD solutions is expected to provide lucrative opportunities for online event platforms market growth during the forecast period.
The industry for virtual event platforms has been significantly impacted by the COVID-19 pandemic. Many physical events, conferences, and meetings were cancelled or postponed due to the global health crisis, which has caused organizations to seek out other ways to engage their audiences. Due to the rising needs of businesses to find online venues for their events, there was a sharp increase in demand for virtual event platforms. Additionally, the deployment of virtual event platforms increased across industries as a result of the pandemic. Businesses that had previously placed a high priority on in-person events have had to quickly switch to virtual platforms to maintain stakeholder engagement and business continuity.
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In addition to this, virtual event platform providers offered an excellent opportunity to satisfy the rising demand and develop solutions that accurately simulate the in-person event experience in a virtual setting. Furthermore, the COVID-19 pandemic forced vendors of virtual event platforms to improve and innovate their products. To improve the interactivity and engagement of virtual events, additional features and functionalities were included.
Technological Trends:
Combining virtual reality (VR) and augmented reality (AR) technologies is one popular trend. With the use of these immersive technologies, users can interact with virtual objects and environments, making the experience more realistic and participatory. Exhibition halls, product launches, and networking areas can be simulated with AR and VR to increase interaction and give a sense of presence. The use of machine learning (ML) and artificial intelligence (AI) skills is another development. Chatbots and virtual assistants driven by AI can help attendees navigate the virtual event, respond to inquiries, and make specific recommendations.
By analyzing participant data, machine learning algorithms can provide ideas for relevan. Additionally, video capabilities and live streaming are also emerging as key components of virtual event platforms. Real-time presentations, panel discussions, and keynote addresses are made possible through high-quality video streaming, guaranteeing that attendees who are unable to attend in person get a smooth and interesting experience. Furthermore, engaging features like polls and live Q&A sessions improve audience engagement boosting the online event platforms industry. The important trend is integration with other platforms and tools for cooperation.
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Based on enterprise size, large enterprise segment dominated the virtual event platform market in 2022 and is expected to maintain its dominance in the upcoming years owing to offer an economical and effective means of establishing connections and developing engagement with a wide-ranging audience propels the market growth significantly. However, the small and medium-size enterprise segment is expected to witness the highest growth, owing to provide small and medium-sized businesses immense opportunities to advance their development and prosperity, also offer features like customizable layouts, choices for registration and ticketing, and smooth connection with well-known marketing and CRM programs.
Based on type, the entertainment segment dominated the market in 2019, accounting for nearly one-third of the market. However, the webinar segment is estimated to manifest the highest CAGR of 14.0% during the forecast period.
Based on source, the sponsorship segment held the largest share in 2019, contributing to more than half of the market. However, the ticket sale segment is projected to portray the highest CAGR of 13.5% from 2021 to 2028.
Region-wise, the virtual event platforms market size was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to the growing popularity of virtual events and the requirement for remote participation and collaboration, companies in this region are actively looking for dependable and strong platforms for their major events aiding the growth of the virtual event platform market. However, Asia Pacific is expected to witness significant growth during the virtual event platforms market forecast period, owing to the rapid digital transformation of many industries, the growing popularity of remote work and virtual collaboration technologies, and the demand for affordable and effective event management systems which is expected to fuel the online event platforms market growth in this region.
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