The virtual event platform market is projected to grow from USD 12.4 billion in 2022 to USD 30.6 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period.
Several key factors are expected to fuel this growth, including the increasing popularity of online streaming as an alternative to in-person presentations, the rising adoption of digital media marketing platforms to reach broader audiences, and the ability to accommodate large numbers of attendees on virtual event platforms. Features like live recording and global access to real-time data even after events or webinars also contribute to the market’s expansion. Additionally, the shift towards remote work, growing use of cloud computing across businesses of all sizes, and improved accuracy in capturing customer data are further driving demand for virtual event platforms.
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Platform segment to hold a larger market share during the forecast period.
Based on component, the virtual event platform market is segmented into two categories: platform and services. The platform comes packed with several interactive features that go beyond the traditional video conferencing software. The virtual event platform facilitates digital experience via webcasting capabilities. Governments, schools, corporations, and the healthcare sector shifted in-person gatherings to virtual events. According to a recent study by LinkedIn, 45% of future B2B events will be virtual. Industries are adopting the virtual event platform due to the low investment cost and better returns. Hence, low-budget companies can use this platform to manage events and conferences. Corporates are investing heavily in video conferencing and digital event platforms for business and client meetings
Medium-sized enterprises segment to grow at a steady CAGR during the forecast period.
Organizations with an overall employee size between 100–999 are categorized under medium-sized enterprises. When compared to the large enterprises’ segment, the medium-sized enterprises’ segment is facing challenges in terms of resources such as budget and workforce. Medium-sized enterprises are central to the growth and development of economies. They come up with ground-breaking solutions to ever-evolving problems, create employment opportunities, bring revenue, and have the potential to grow into large organizations. Medium-sized enterprises are growing companies, and they need to increase their availability as they have a high level of competition. These enterprises are often looking for ways to expand their businesses and reach new customers and territories; hence, virtual conferences and virtual trade shows enable them to achieve these objectives efficiently and cost-effectively.
Middle East & Africa to account for steady market growth during the forecast period
Middle East & Africa is one of the fastest-growing regions with increasing cloud workloads among enterprises. Some of the top countries considered in the Middle East & Africa are the United Arab Emirates (UAE), Saudi Arabia, and South Africa. With the changing Middle Eastern political scenarios, enterprises/event organizers are keen on managing their events using cloud technology. Digital infrastructure in the Middle East & Africa region is expected to grow significantly in the upcoming years. Governments of countries such as the UAE and Saudi Arabia have taken significant steps to enhance connectivity in their respective countries. The increasing investments in new technologies, such as cloud, analytics, social media, enterprise collaboration, BYOD, mobility, and business intelligence, have created several opportunities for global enterprises to strengthen their presence in this region. In addition, the growing mobile and broadband penetration in these countries and the increasing growth rate of smartphones are expected to drive the growth of the virtual event platform market. However, Africa faces challenges related to poor infrastructure, internet connectivity issues, and the limited capacity of governance. Countries such as the UAE (United Arab Emirates), KSA (Kingdom of Saudi Arabia), South Africa, Kuwait, Qatar, and Bahrain are the most potential and progressive ICT markets in this region.
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Unique Features in the Virtual Event Platform Market
One of the standout features of virtual event platforms is their ability to scale effortlessly, allowing event organizers to accommodate thousands or even millions of attendees globally. Unlike physical events, virtual platforms can expand their capacity to handle large-scale events without the need for additional physical infrastructure, making them highly efficient for massive gatherings such as conferences, trade shows, or corporate meetings.
Virtual event platforms provide comprehensive data analytics, offering real-time insights into attendee behavior, engagement levels, and participation metrics. Event organizers can track user interactions, session popularity, and engagement across the event, enabling more informed decision-making for future events. These insights help businesses tailor their marketing strategies and improve user experience.
Virtual event platforms come equipped with numerous interactive features, such as live polls, Q&A sessions, chat functions, and breakout rooms, which promote audience engagement. These tools enhance the overall event experience by facilitating networking, interaction between attendees and speakers, and personalized sessions, thus boosting attendee participation and satisfaction.
A unique feature of virtual platforms is their ability to record events, allowing attendees to access content on-demand after the live session ends. This enables participants who couldn’t attend in real-time to catch up later, extending the event’s reach and value. On-demand access also helps businesses repurpose content for future marketing efforts.
Virtual event platforms are designed to integrate with various digital tools, such as CRM systems, marketing automation software, social media platforms, and email marketing tools. This integration streamlines the workflow for event organizers, enabling them to manage registration, promotion, attendee tracking, and post-event follow-up seamlessly from one platform.
Major Highlights of the Virtual Event Platform Market
As organizations increasingly replace in-person presentations with online streaming, virtual event platforms are becoming essential. These platforms offer scalable solutions for hosting large events, allowing businesses to reach global audiences more easily and cost-effectively. The ability to broadcast live content, record sessions, and offer on-demand viewing afterward is transforming how events are conducted in both the corporate and entertainment sectors.
The growing use of virtual event platforms as part of digital marketing strategies is a key highlight. Companies are leveraging these platforms to expand their audience base through webinars, virtual trade shows, and product launches. The ability to integrate real-time analytics, track attendee behavior, and gather detailed data is helping organizations optimize their marketing efforts and enhance audience engagement.
One of the major advantages of virtual event platforms is their ability to facilitate global participation, breaking down geographical barriers. Attendees from around the world can join events without the need for travel, offering greater flexibility and inclusivity. This global access is especially beneficial for companies seeking to reach wider audiences while reducing logistical costs associated with traditional events.
The rise of cloud computing services is playing a critical role in the growth of the virtual event platform market. Cloud-based platforms allow businesses of all sizes—large, medium, and small enterprises—to host, manage, and scale virtual events seamlessly. The scalability, security, and ease of use provided by cloud infrastructure are driving more organizations to adopt virtual event solutions.
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Top Companies in the Virtual Event Platform Market
The virtual event platform market comprises major providers, such as 6Connex (US), Cvent (US), Remo (US), Hubilo (US), vFairs (US), BigMarker (US), Zoom (US), Hopin (UK), Microsoft (US), Cisco (US), Kestone (India), Accelevents (US), Whova (US), EventMobi (Canada), On24(US), Vconfex (India), Samaaro (India), Aventri (US), Intrado (US), Bizzabo (US), Airmeet (India), Attendify (India), Splash (US), HeySummit (UK), Pheedloop (Canada), Socio (US), Vconferenceonline (US), SpotMe (Switzerland), Orbits (Australia), Brella (US), Run the World (US) and Eventcube (UK).
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.
Remo (US) is a rapidly growing player in the virtual event platform market, particularly favored by small to medium-sized businesses for its user-friendly and interactive design. The platform focuses on facilitating networking and collaboration through features such as virtual tables for group discussions, interactive floor plans, video conferencing, real-time chat, and breakout rooms. Remo’s innovative approach aims to simulate the feel of in-person networking events, making it ideal for webinars, workshops, conferences, and networking sessions, thereby creating engaging and immersive virtual environments that foster meaningful connections among attendees.
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