Virtual Event Platform Market Trends

Growth Drivers

• Rising Popularity of Virtual Events- For instance, a survey in 2023 found that 76% of respondents cited ease of attendance in virtual events, 65% said global reach, and 48% said the low cost made them more inclined to consider virtual events. Virtual events, such as conferences, webinars, and live streaming, are becoming increasingly popular due to the convenience and ability to reach a larger audience. This increased demand for virtual events has caused an increase in the need for virtual event platforms, which provide the necessary technology and infrastructure for these events.
   
• Growing Importance of the Event Management Industry - It has been observed that 40% of marketers believe event marketing to be the most crucial channel, while 69% plan on continuing to invest in virtual meetings and events in the future. As organizations strive to increase their visibility, digital events are becoming more popular. Event management companies are increasingly relying on virtual event platforms to ensure that their events are successful and engaging.
   
• Promoted Remote Work as a Result of COVID-19 Pandemic - Between March 2020 and March 2021, remote job options increased by more than 1000%. A year after the pandemic, about 16% of jobs in the US offered remote work, up from about 1.3% at the start. Also, approximately 17% of companies around the world have remote employees that work from home. Remote work has allowed organizations to cut down on costs related to travel and accommodations for events and conferences, leading to an increased demand for virtual event platforms. The platforms offer features such as virtual meeting rooms, webinars, and video conferencing, to facilitate remote events.
   
• Emerging Trend of BYOD (Bring Your Own Devices) - BYOD allows people to connect with events remotely, making it easier for them to access content on their own devices. It is estimated that 76% of employees use their personal cell phones for work purposes. More than 80% of organizations worldwide have a BYOD policy.
   
• Rise in Popularity of Online Streaming - Approximately 60% of young adults in the United States prefer to watch TV online through streaming services. The number of subscribers for Netflix, a streaming service platform, had reached approximately 230 million by the end of the year 2022 worldwide. With the rise of online streaming, more people are now able to access events from anywhere in the world. This has created a demand for virtual event platforms which enable users to host, manage and promote virtual events in a secure and reliable manner.

Challenges

• Network latency and inadequate bandwidth - Without a reliable and fast internet connection, virtual events can be difficult to host and attend due to delays in audio and video streaming, as well as in communication between participants. These factors can severely limit the potential of virtual events and limit the growth of the virtual event platform market.
   
• Lack of awareness about these platforms in certain regions
  
  high cost of developing and managing these platforms
• Lack of two way communication