Adoption of digital media marketing platform to expand audience base to propel further growth in the Global Virtual Event Platforms Market
Covid-19 Impact & Market Status
The recent COVID-19 outbreak started in Wuhan (China) in December 2019 and has rapidly spread around the world since then. As of March 2020, China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the United States were among the countries with the highest number of positive cases and reported deaths. Due to lockdowns, travel bans, and company closures, the COVID-19 epidemic has impacted economies and businesses in a number of countries. As a result of the outbreak, the global food and beverage industry is one of the major businesses experiencing substantial disruptions such as supply chain disruptions, technology event cancellations, and office closures. With the presence of and the largest raw material suppliers, China is the global industrial powerhouse. The overall market breakdown due to COVID-19 is also affecting the growth of the bacon market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
The Virtual Event Platforms market is expected to grow at a CAGR of 16.6% to reach US$ 17.05 Bn in 2028.
Many firms scrambled to establish a digital platform in the wake of the viral virus's unprecedented epidemic to avoid physical gatherings, meetings, and conferences and preserve company continuity. The virtual event platform allows for online meetings and conferences, as well as access to business-critical information from any place, whether in the office or on the road. Across a variety of end-user industries, companies have been investing and setting aside funds to improve consumer experiences. Organizations have been looking for advanced platforms to provide the best attendee engagement, with virtual event platforms moving in the same way. Virtual events provide opportunities for healthcare practitioners to interact with associated professionals and share their experiences and knowledge. During the Covid-19 outbreak, there was a surge in online meetings and webinars in the healthcare industry. Virtual reality (VR) and augmented reality (AR) are boosting demand for virtual events in a number of medical institutions by allowing 3D live streaming of medical conferences and seminars. Organizations can save time and money by incorporating sophisticated technology into their operations, while also enhancing their efficiency and effectiveness. During the Covid-19 pandemic, several significant industry firms have claimed an increase in the adoption of their digital platforms. Microsoft, for example, stated in March 2020 that Microsoft Teams had reached 44 million daily active users.
This research report offers a detailed market outlook of the global virtual event platforms market depending upon the current economic situation and developments in the application, type, and regional segments. It does a deep analysis of the impact of covid-19 on the market and recovery strategies applied by market players to restore the growth trends and maintain market competitiveness. The in-depth insights documented in the report enable well-informed investment decisions by for the new payers, aspirants, and also the well-established ones in the global virtual event platforms market.
Virtual BFSI Virtual Event Platforms Type to Emerge as the Most Lucrative Segment
Global virtual event platforms market is classified into virtual BFSI, virtual job fair, and virtual exhibitions type segments. Among these, the virtual BFSI type virtual event platforms is poised for substantial market growth in the years ahead. Because of the numerous benefits afforded by virtual platforms, such as quick scalability and control, easy data collecting and measurement of results, worldwide reach, and lower costs, the conferences market is expected to grow significantly. Marketing teams have been seen reallocating marketing dollars to virtual events as a result of the cancellations and postponements of multiple in-person events owing to the new coronavirus outbreak. Recent developments have compelled businesses to implement augmented and virtual reality technologies in order to stay afloat. As a result, software developers are working on effective networking solutions to assist businesses in achieving their goals. When it comes to virtual meetings and conferences, smart devices are heavily used.
BFSI Applications to Ensure Revenue Maximization
Global virtual event platforms market is classified as Government, Retail and E-Commerce, BFSI, and Telecom and IT type applications. Among these, the BFSI type virtual event platforms application segment is poised for substantial market growth in the years ahead. Because of the pandemic, there has been a gap between job searchers and recruiters, virtual job fairs like these play a vital role in allowing new job seekers or students to experience the recruiting process. Also, persons who are just starting out in the BFSI industry have no prior knowledge with how interviews are conducted. People are looking for work in droves now that the government has reopened economic operations following a stringent lockdown imposed to combat the deadly second wave of the Covid-19 outbreak. The career fair is designed to fill as many positions as possible among the participating organizations while also providing qualified applicants to the BFSI industry.
Backed by Immense Development Potential North America Virtual Event Platforms Market to Sail Ahead
Performance analysis of global virtual event platforms market based on regional segmentation states that North America is the most mature market for virtual event platforms adoption and investments. The region is likely to garner maximum revenue share of global virtual event platforms market in the years ahead, mostly from 2021 to 2028.
This is evident from rapid investments in new digital technologies, shift in user preferences, applications in various industry verticals such as gaming, telecom and IT, retail and e-commerce media, and BFSI across leading countries in the region such as Canada and United States.
Additionally, technological advancements due to various research and developments initiatives, the presence of tech giants, commercial mergers and partnerships, expansions of the leading companies in regional and global market are improving the growth feasibility of global virtual event platforms market in North America.
North America is likely to have a stronghold on the target industry, during the forecast time frame. This is due to technical developments in the United States and Canada, as well as a strong economy and excellent networking infrastructure. North America is regarded as a business centre, with a greater rate of latest technological technology implementation. The growing use of digitally simulated platforms, notably in the healthcare industry, is projected to propel Canada's economy forward significantly throughout the projection period. In addition, the presence of large international and regional businesses across a wide range of end-use sectors is boosting development possibilities. The Canada as well as United States host a number of noteworthy global conferences as well as events. In the wake of the epidemic, every major corporation is using digital and online event management tools to plan meetings, exhibitions, product launches, and trade shows.
Rise in demand for communication platform across enterprises has paved new growth opportunities, thus furthering the inclusion of Virtual Event Platforms
Because of the rise in smartphone use and internet penetration, businesses have been able to implement virtual event software solutions for online marketing. Furthermore, the COVID-19 epidemic prompted a spike in virtual marketing events to avoid real gatherings and expand client base. Aside from that, the changing lifestyles of consumers prompted businesses to seek out new ways to create theme-based events that could be attended from anywhere. The firm is looking for a shift in its IT investment due to the extraordinary speed of digital transformation in 2020 to meet the problems posed by the emergence of COVID-19.
The recent COVID-19 outbreak started in Wuhan (China) in December 2019 and has rapidly spread around the world since then. As of March 2020, China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the United States were among the countries with the highest number of positive cases and reported deaths. Due to lockdowns, travel bans, and company closures, the COVID-19 epidemic has impacted economies and businesses in a number of countries.
Virtual event platforms are used to build new business relationships. It's easy to host and attend virtual events. They provide a higher return on investment (ROI) because they demand less money. Clients and organizations regard events or functions to be an important and useful means of communication. Companies, colleges, governments, public/private organizations, agencies, and the hospitality industry all have events on a regular basis, which can help the virtual event platform market grow faster. Virtual events are becoming more prevalent, especially as the world grapples with the new coronavirus.
Virtual events are digitally simulated meetings and conferences that take place on web-based platforms and allow individuals to share information, discuss, and solve problems online. Virtual webinars and conferences are held for the same purposes as live events, including as delivering a company's message, driving leads and revenue, and increasing loyalty lifetime value. To carry out operations in the new normal, businesses are shifting to a new normal interlaced with virtual reality. Vendors are offering sophisticated technologies to make this virtual experience more efficient. Vendors have been driven by work-from-home rules to include larger bandwidths to ensure a smooth workflow.
Throughout the virtual event, the audience is kept engaged and linked through the digital media platform. Marketers are focusing on online marketing methods such as new product launches, advertising campaigns, brand promotion, email marketing, and product demos as the popularity of social media platforms grows. As a result, digital marketing efforts are likely to propel the virtual event platform market forward. The capacity to engage thousands of attendees at once, the ability to imitate real-life locations and infrastructures, and ever-evolving attendee engagement solutions are all important developments and differentiating factors in virtual event platforms.
Digital transformation is gaining traction in businesses. As a result, businesses are quickly embracing off-premises apps to avoid the costs of software and hardware upgrades. The integration of existing infrastructure with virtual event platform software is a problem for firms that have been successful in adopting digital transformation. A business's ability to configure an existing business model with virtual event software is crucial. Organizations must maintain efficient business operations at various levels due to compatibility difficulties at various business levels. Enterprises were able to migrate from in-person to online events because to unified communication, collaboration, and content delivery systems. Virtual Event software is a highly dynamic and engaging technology that improves communication and collaboration among customers, partners, stakeholders, and workers of a company. Virtual event software is recognized by businesses as a valuable tool for educating, interacting, and connecting with employees without regard to location.
The major players of the global virtual event platforms market are Cvent Inc. Bevy Labs, Inc. Hopin Ltd. Influitive, RainFocus, Bizzabo, Inc. VFairs, EventZilla, Socio Labs LLC, Brazen Technologies, Inc. and SpotMe.
Among all other established and emerging companies and investors. These market players are spread across the world and are aggressive in developing new technologies to lead the market and improve revenue growth. Furthermore, the market players to stay ahead of the competitive landscape are unravelling strategic initiatives like mergers and acquisitions, new product portfolios, and technological innovations.
Virtual Event Platforms Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||US$ 17.05 Bn|
|Growth Rate||CAGR of 16.6 % during 2021-2028|
|Segment Covered||by Solution, by Enterprise Size, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||6Connex, Cisco Systems, Inc., Cvent Inc., Microsoft Corporation, On24, Inc., vFairs, Zoom Communications, Inc.|
Key Segments of the Global Virtual Event Platforms Market
Type Overview, 2018-2028 (USD million)
- Virtual BFSI
- Virtual Job Fair
- Virtual Exhibitions
Application Overview, 2018-2028 (USD million)
- Retail And E-Commerce
- Telecom and IT
Regional Overview, 2018-2028 (USD million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa