Global Virtual Event Platforms Market: Overview
The surging acceptance of Unified Communication as a Service (UCaaS) amidst educational institutes, corporate organizations, and numerous other establishments across different sectors is anticipated to steer the growth of global virtual event platforms market. A vast variety of activities are covered by virtual events including audio & video conferencing, live streaming, and broadcasting. These activities have been gaining ground especially in the wake of the COVID-19 pandemic, with offices, colleges, schools, and universities being shut. The most common digital events are trade shows, company conferences, job fairs, and summits. UCaaS combines services into a single channel for these events for allowing alliance and increasing productivity.
The global virtual event platforms market is witnessing a substantial surge in demand as a wide majority of the companies have undertaken Work-From-Home (WFH) approach due to the COVID-19 crisis as to curb its spread. The industry players have been reaping the benefits from the stay-at-home policy. The corporate industry is utilizing video conferencing and other such communication options for client and business meetings on a large scale.
Global Virtual Event Platforms Market: Growth Factors
The recent occurrences have encouraged establishments to adopt virtual and augmented reality technologies to help their businesses. Thus, software developers are providing structured networking solutions to assist the establishments in achieving their aims. There is a heavy dependence on smart devices for conducting virtual conferences and meetings.
As COVID-19 becomes more serious, digital platforms to organize live events are being undertaken across numerous end-use industries. Education, hospitality, banking & finance, healthcare, and marketing are the major virtual event platform customers. The end-users are supporting virtual platforms to arrange online events, trade fairs, lectures, meetings, and conferences to deal with the pandemic-caused unusual standard. As a result, applications and software including Zoom Meetings, Google Meets, Microsoft Teams, and Skype are reaching new heights.
Global Virtual Event Platforms Market: Segmentation
The global virtual event platforms market is segmented into enterprise size, solution, end-user, and region. Based on solution, the global virtual event platforms market is divided into software, further classified into standalone software, and integrated virtual event platforms, and into service which is again bifurcated into post event processing services, live event support, event consulting services, and support services. By enterprise size, the global virtual event platforms market is classified into large enterprises and SMEs. On end-user basis, the global virtual event platforms market is categorized into trade show organizers, event management agencies, corporates, academic organizations, and others.
Global Virtual Event Platforms Market: Regional Analysis
North America comprises of more than half of the world’s revenue share, and is further anticipated to hold its head high in global virtual event platforms market. The existence of vast regional and multinational corporations across prime end-use industries is propelling the growth of the market in this region. Numerous major international conferences and other events are condensed over the United States, and owing to the pandemic, all big businesses are utilizing online & digital event management platforms to organize exhibitions, meetings, trade fairs, and product launches. Competitors such as Apple, Cisco Systems Inc., and Microsoft have been dominating the North American virtual event platforms market since several years. These players put forward ultra-modern and futuristic virtual platforms with excellent transmission capacity and reliability.
Asia Pacific is anticipated to be the fastest developing market because of exploding healthcare, banking & finance, and education sectors stepping up the virtual events platform adoption over the region. India is acclaimed to be the most enormous market, due to the rise in number of event management companies. These companies are advancing to particularly help academic, healthcare, and other institutions. Specific adoption is observed across the academic sector.
Global Virtual Event Platforms Market: Competitive Players
Cisco Systems Inc., Cvent Inc., Hubb LLC, Cadence, Livestorm SAS, ubivent GmbH, Whova, vFairs, Planning Pod, Pathable, Inc., Eventxtra, Intrado Corporation, MootUp, ALE International, Adobe Inc., EventsAir, VentureBeat, EventMobi, AIRMEET, and Zoom Video Communications, Inc., are some of the major market players in the global virtual event platforms market. Notable solution providers that include BigMarker, Communique Conferencing, SpotMe, and Brandlive have ventured into the Asia Pacific zonal markets in an attempt to enhance their profiles.
Global Virtual Event Platforms Market: Regional Segment Analysis
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