Virtual event platform market to reach $40Bn by 2032

13th July 2023
Sheryl Miles

As per the report by Global Market Insights, the worldwide virtual event platform market was valued at $10 billion in 2022 and will surpass a revenue collection of $40 billion by 2032 with an annual growth rate of 10% over 2023 to 2032.

The increasing rate of digitalisation in corporate organisations worldwide will influence the industry trends. The rising digitalisation has led to the higher effectiveness of virtual events as well as hybrid platforms. In recent years, the demand for UCaaS is increasing as businesses worldwide are looking for unified communications for ensuring the ability and acknowledging the affordability and productivity of cloud communications. However, the dearth of two-way communication in organisation events may pose as a restraint of the industry growth to some extent.

The virtual event platform market from the services segment will reach $5 billion by 2032, owing to the increasing usage of internet for business discussion, communication, advertising, and quotations. With the growing prominence of recruitment activities, employers are frequently using virtual solutions for interviewing candidates remotely. The rising importance of communication and collaboration in sales and marketing for creating awareness amongst potential customers will also add to the market demand.

Virtual event platform market from the large enterprises is expected to record over 10% CAGR between 2023 and 2032, driven by the rising need for digital platform distribution in these facilities. Large organisations deploy virtual communication and collaboration for maintaining efficient operations across multiple locations. This can be attributed to the rising pressure on large companies for adopting local strategies to cater to increased business demand as employees, customers, among other business stakeholders are spread across multiple regions. The increasing requirement for virtual event platform software, mainly in the Covid-19 pandemic for effective operations in physical outages will also contribute to the market expansion.                                                                   

North America virtual event platform market exceeded $4 billion in 2022. The growth can be credited to the rising adoption of digital analogue platforms in the healthcare sector, mainly in Canada. The surging demand for UCaaS has led to the rise in the number of startups and partners in the region due to the early adoption of several new technologies. The ongoing infrastructure developments in the US and Canada are also complimenting the regional market growth.

Some of the major virtual event platform market companies include Zoom, Microsoft, Cvent, Cisco, Hopin, On24, and Airmeet. These industry players are focusing on the acquisition of new technologies and partnership strategies to gain competitive benefits in the industry. For instance, in April 2023, Jifflenow, a key B2B meeting scheduling platform, partnered with Cvent, a hospitality technology provider for simplifying event and meeting scheduling for its customers.

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