Virtual Event Platform Market size is estimated to reach USD 73 Billion by the end of 2035, witnessing around 15.70% CAGR during the forecast period, i.e., 2023-2035, i.e., 2023-2035. In the year 2022, the industry size of virtual event platform was USD 13 Billion. The growth of the market can be attributed to the increased adoption of virtual event platforms owing to rapid digitization across private and public organizations. For instance, over 90% of companies are involved in digital initiatives and 88% are implementing digital-first strategies. From 2020 to 2023, companies are expected to invest USD 6 trillion in direct digital transformation as they build on prevalent investments and strategies and become digital enterprises. Digital transformation of organizations has enabled them to shift major operations and activities to the digital space. This has created a demand for virtual event platforms that provide features such as live streaming, virtual conferencing, and interactive features that allow users to have an engaging experience.
In addition to these, factors that are believed to fuel the market growth of virtual event platforms include the rising demand for cost-effective and secure communication solutions and the rapid adoption of digital technologies such as AI, cloud, and analytics. Furthermore, the availability of better internet infrastructure and the growing number of 5G subscriptions are also expected to drive the market growth. As of the year 2021, there were approximately 660 million subscriptions to the 5G network in use. The world is projected to have 5 billion subscriptions to 5G by 2028. 5G networks offer faster data speeds, which allow for more reliable streaming and higher-quality video for virtual events. This improved experience and increased reliability can help to drive more people to subscribe to virtual events platforms.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~15.70% |
|
Base Year Market Size (2022) |
~USD 13 Billion |
|
Forecast Year Market Size (2035) |
~USD 73 Billion |
|
Regional Scope |
|
Component (Platform, Services, Training, Maintenance, Deployment)
The global virtual event platform market is segmented and analyzed for demand and supply by component into platform, services, training, maintenance, deployment. Out of these, the services segment is estimated to gain the largest market share of about ~34% in the year 2035. The growth of the segment can be attributed to the increased demand for customized services such as consulting and support services. Management consulting is expected to be automated by 29% in the near future. In addition, investments in digital trust services are expected to reach 100 billion by 2025. Companies are recognizing the benefits of using virtual event platforms in terms of cost savings and enhanced customer experience. This is driving demand for services such as consulting and support services in order to help companies better understand the platform and maximize its potential. Additionally, companies are increasingly turning to virtual event platforms to host events, which is also driving the demand for services.
Organization (Large enterprises, Small & Medium-sized enterprises)
The global virtual event platform market is segmented and analyzed for demand and supply by organization size into large enterprises and small & medium-sized enterprises. Out of these, the small & medium-sized enterprises segment is estimated to gain the significant market share of about ~59% in the year 2035. The growth of the segment can be attributed to the rise in adoption of cloud-based solutions by small & medium-sized enterprises owing to their affordability and scalability, as well as their minimal upfront costs. Moreover, the rising trend of small businesses hosting virtual events as well as the increasing number of new entrants into the market providing specialized services which cater to this segment of customers. Additionally, the cost-effectiveness of virtual events compared to physical events is a major factor driving the adoption of virtual event platforms amongst small and medium-sized enterprises.
Our in-depth analysis of the global market includes the following segments:
|
By Component |
|
|
By Organization Size |
|
|
By Event Type |
|
|
By End User |
|
APAC Market Statistics
The market share of virtual event platform in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 38% by the end of 2035. The growth of the market can be attributed majorly to the increasing number of millennials who are more tech-savvy and have a higher acceptance of virtual events, rising availability of high-speed internet access and increasing demand for cost-effective and personalized online events. Moreover, the growth in 4G (and 5G) internet connections in the region is projected to fuel the growth of the region's market. Approximately 55% and 80% of 4G internet connections were made in India and China, respectively, in 2019. 5G connections and base stations in China are the highest in the world. By the end of 2021, the number of 5G connections reached 478 million. As the internet connection speeds increase, more people are able to access and use cloud-based platforms, allowing them to take advantage of virtual event platforms such as video conferencing and streaming. This has made it easier for consumers to access events and participate in them from anywhere with a reliable internet connection, thereby driving up demand.
North American Market Forecast
The North America virtual event platform market is estimated to be the second largest, registering a share of about 27% by the end of 2035. As a result of the pandemic, more and more companies and organizations in region are opting for virtual events owing to the restrictions on travelling and physical events, contributing to the regional market growth. Additionally, the increasing adoption of cloud-based technology in region, which is providing cost-effective solutions for virtual events, is also driving the growth of the market. Cloud-based technology offers scalability, enhanced storage, and cost-effectiveness, which makes it a viable choice in the event management industry. Additionally, the availability of high-speed internet in North America has enabled a large number of organizations to adopt cloud-based technology. In addition to reducing costs, this has allowed firms to take advantage of the latest technologies as well.
Europe Market Forecast
Further, the virtual event platform market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The European Union has been at the forefront of encouraging the use of digital technologies in various industries, owing to the numerous benefits they have to offer in terms of cost-effectiveness and flexibility. This has contributed to increased adoption of virtual event platforms in the region, driving the growth of the market. Moreover, with the increasing demand for financial services and products in the region, there has been a shift in the way these services are offered. More and more companies are turning to virtual events and platforms as a way to reach customers, as this allows them to reach a larger audience and provide more personalized services. As a result, the demand for these platforms is expected to increase in the near future.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?