Virtual events, or virtual conferences, are an increasingly popular way to learn, connect and share ideas with people from all over the world.
With the technology now available to anyone who wants it, these webinars, online seminars, and online Q&A sessions are changing the way people attend events of all kinds around the world.
Global virtual event platform software will be in greater demand as the trend toward virtual events continues to increase.
The Global Virtual Event Platform Market is Booming – Here’s Why.
1. Expert Insight
One of analysts’ primary responsibilities is to forecast market size.
This means determining how much a company or industry will be worth at a certain point in time and identifying which products, services, demographics, and locations will generate those revenues.
Demand for events management platforms—software that helps organizers promote, manage and plan their events—is growing faster than in many other industries right now. Estimates are that there are between 3 million and 5 million events taking place each year with more than 10% of them hosted by small businesses;
It only makes sense that demand for event software should also be on an upward trajectory as well. Market research experts predict it to reach USD 504.76 billion by 2028
2. Industry Trends
The virtual event platform market has seen steady growth over recent years.
Revenues for this segment of event tech will be worth more than $10 billion by 2024, a compound annual growth rate (CAGR) of 8.3 percent from 2016 to 2024, according to forecasts from Allied Market Research. Virtual event platforms facilitate webinars and other types of events that are conducted online instead of in person.
Using these platforms, businesses can hold live webinars in which participants interact using chat and share screens.
The software that powers virtual events can help guide people through presentations, polls, or other forms of interaction without live human moderators.
3. Company Profiles
The market for virtual event software has been growing steadily since its creation a decade ago.
This staggering growth can be attributed to an increase in demand for such events from industries such as retail, real estate, financial services, and hospitality.
Virtual events allow companies with employees located across multiple cities or even states to interact simultaneously while saving money on travel expenses.
More importantly, they allow companies that would not otherwise have been able to afford expensive trade shows and conferences to participate in these events and meet new customers on a grand scale.
4. Geographical Analysis
The United States, as a major player in virtual event software and virtual event platforms, is expected to account for $76.6 million in revenue by end of 2022. Growing demand for flexible business strategies and lower spending on logistics are some of the key factors driving the market growth.
The markets in Western Europe and the Asia Pacific are projected to grow at a CAGR of 8.8% between 2017 and 2022.
However, these markets face significant challenges that may impede market growth over time including cultural differences. As virtual events become more popular worldwide, there will be an increasing need for virtual event platform providers to develop tools specifically designed for international audiences.
In terms of product type, mobile applications are expected to dominate virtual event platform products in terms of value share during the forecast period. Mobile apps provide flexibility and convenience when conducting virtual events from any location.
Virtual events conducted through mobile apps are also cost-effective because they require less infrastructure compared with traditional web-based platforms.
In addition, mobile apps allow attendees to engage directly with presenters via live chat or video calls during presentations or panel discussions making them more interactive than web-based platforms.
5. SWOT Analysis
The analysis shows that more than 5 million users access virtual events through their desktop or mobile devices, and expects this number to more than double in three years.
What factors drive such robust growth?
Answering that question requires going beyond a simple scan of trends like free web conferencing tools, more sophisticated smartphone apps, increased broadband penetration and lower fees for audio-visual services.