Future Market Insights’ (FMI) recent study opines global virtual event platforms market to witness staggering growth, on account o As organizations switch to cloud computing and augmented reality in the wake of Industry 4.0, various virtual platforms have come into existence. Their scope has further increased in the past few months, with businesses transitioning to remote working approaches in light of the pandemic crisis.
A spike in virtual meetings, conferences, trade fairs and product launching events have been witnessed in the recent past. Several integrated virtual event platforms, standalone software and support services characterize the overall virtual events platforms market.
Key Takeaways
- Global virtual event platforms market to surge at 16.3% CAGR through 2030
- Prolific expansion opportunities lay in store across the healthcare industry, especially in surgical procedures
- SMEs to make heightened usage of virtual event platforms across the forecast period
- Academic institutions to emerge as extensive virtual event platform end-users by 2030
- Live event support service to register impressive expansion, owing to rising frequency of virtual events
- South Asia & Pacific to be the fastest growing market, India to pivot growth
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COVID-19 Impact Insights
The novel coronavirus pandemic has induced a drastic reshaping of the global economy. Government mandated lockdowns have compelled organizations to accommodate work from home practices, thereby shifting businesses to the virtual platform.
Throughout the pandemic’s duration, the global virtual event platforms is expected to remain on a high growth trajectory. Large, medium and small enterprises have increased spending on cloud and virtual event management platforms, with meetings and conferences being conducted online.
According to Future Market Insights’ (FMI) estimates, the demand for virtual event platforms will surge exponentially, with maximum uptake likely to be across the education and healthcare industries. These network-based platforms have enabled people to schedule appointments with exhibitors, sponsors and performers.
Competition Analysis
Prominent players in the global virtual event platforms landscape are: Microsoft Corporation, Cisco Systems, Zoom Video Communications, Cvent, Evenium, SpotMe, Cadence, Cvent Inc, 6Connex Inc. and Hubb LLC among others.
Multiple strategies, ranging from product enhancements, new solution offerings, collaborations with niche players and strategic acquisitions of smaller players characterize the competitive landscape.
Microsoft Corporation is the leader of the virtual event platforms market, offering a wide pool of cloud-based and conventional communication solutions. In September 2020, the software giant introduced Azure Communications Services, the first fully managed communication platform from a major cloud provider.
Several providers also offer specialized courses on virtual event management platforms. For instance, Cisco Systems provides training courses through its Cisco Networking Academy. It offers specialization in networking, OS & IT, IoT, cybersecurity, programming and infrastructure automation among others.
Recently, in October 2020, Zoom Video Communications delivered its Zoomtopia 2020 keynote address wherein the tech giant unveiled a series of key enhancements of its OnZoom, Zapps, end-to-end encryption and Core UC platforms.
More Valuable Insights on the Virtual Event Platforms Market
Future Market Insights, in its new report, offers an unbiased analysis of the global virtual event platforms market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the virtual event platforms market on the basis of solution (software & service), end-user (enterprise/corporates, event management agencies, academic institutions, trade show organizers & others) and enterprise size (SMEs & large enterprises) across six regions.
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Key questions answered in the report
- How will virtual event platforms market expand from 2020-2030?
The global virtual event platforms market is expected to grow staggeringly between 2020 and 2030. An impressive 16.3% CAGR is forecasted for the market throughout the said assessment period
- What factors propel the virtual event platforms market?
The global virtual event platforms market is impelled by a proliferation of advanced networking technologies and increased frequency of live-streaming virtual events in the wake of the COVID-19 pandemic. Additionally, increasing scope of virtual platforms across the healthcare domain is likely to accelerate growth
- What are the possible impediments to the market?
Difficulties in integrating virtual platforms into various levels of business operations is proving to be a significant hindrance to the virtual event platforms market growth. Companies need to ensure consistency at every tier, which increases their overall spending
- Which is the largest virtual event platforms market?
As per Future Market Insights’ (FMI) projections, North America is likely to retain market dominance, owing to the presence of various global and regional organizations across various end-use industries. However, South Asia & Pacific is expected to emerge as the fastest growing market, attributed to flourishing education and healthcare sectors
- How will COVID-19 impact virtual event platforms market growth?
The COVID-19 pandemic is skyrocketing virtual event platforms demand across several end-use industries. Stringent lockdowns are preventing organizations from resuming on-premise operations, compelling them to shift business on the virtual platform. This is increasing the need for efficient live-streaming virtual event platforms
- Which domain is an extensive virtual event platform user?
Academic institutions are effectively leveraging virtual event platforms due to extensive usage of live-streaming interfaces to deliver lectures and conduct classes in light of the pandemic crisis. Additionally, demand for quality education delivery is also increasing adoption across the educational sphere
- Which are the prominent virtual event platforms providers?
Prominent players dominating the global virtual event platforms landscape are: Microsoft Corporation, Cisco Systems, Zoom Video Communications, Cvent, Evenium, SpotMe, Cadence, Cvent Inc., 6Connex Inc., Hubb LLC., InEvent Inc., KitApps Inc. (Attendify), Boomset, vFairs, ubivent GmbH and Kestone.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.