The global virtual event platform market size is expected to reach USD 30.09 Billion by 2030 according to a new study by Polaris Market Research. The report “Virtual Event Platform Market Share, Size, Trends, Industry Analysis Report, By Component (Software and Services); By Organization Size (Large Enterprises, Medium-Size Enterprises, Small Enterprises); By End Use, By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The industry's rise can be ascribed to the fact that virtual events are incredibly cost-effective. The cost-effectiveness allows a large number of people from all over the world to attend a purposeful meeting. As a result of their time efficiency, the trendy adoption of digitally simulated gatherings among event organizers and attendees is expected to grow. Furthermore, these meetings assist firms in lowering the entire cost of hosting a physical conference, seminar, or meeting by allowing planners to save money on the venue, staff, food, participant lodging, and transport. As a result, the aforementioned factors are the primary drivers behind the market. Virtual events, on the other hand, are fully reliant on the usage of technology.
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As government-imposed closures limit the coronavirus, schools, colleges, and universities have been forced to become virtual, broadening the reach of these platforms for academic institutions. To offer lectures and conduct lessons, many universities make extensive use of streaming networks. In addition, the growing market demand for smart classrooms to give high-quality education is boosting the market's potential. Since before the epidemic, some schools and colleges have used online meeting and event systems. Institutions have been able to improve their workflow while spending less on physical infrastructure as a result of this.
Cisco Systems, Inc., Microsoft Corporation, 6Connex, Cvent Inc., On24, Inc., vFairs, Zoom Communications, Inc., ALIVE, Avaya Inc., ALE International, and others are some of the prominent participants in the global market. In April 2021, the 6Connex firm released its first self-service product, 6Connex Launch, for enterprise-level enterprises that want to host hybrid events quickly. 6Connex Launch focuses on the individual journeys of virtual and hybrid event attendees, making it the first attendee-centric virtual venue platform. Similarly, in May 2021, Zoom Video Communications, Inc. released Zoom Events, an all-in-one platform that allows users to create dynamic and entertaining events.
Polaris Market Research has segmented the global virtual event platform market report based on component, organization size, end-use, and region:
Virtual Event Platform, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Virtual Event Platform, Organization Size Outlook (Revenue - USD Billion, 2018 - 2030)
Virtual Event Platform, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Virtual Event Platform, Regional Outlook (Revenue - USD Billion, 2018 - 2030)