Northbrook, IL 60062 -- (SBWIRE) -- 03/13/2023 -- According to a research report "Virtual Event Platform Market by Component (Platform and Services), Organization Size, End User (Corporations, Governments, Education, Healthcare, Third-party Planners, Associations, Non-Profit) and Region - Global Forecast to 2027" published by MarketsandMarkets, the global virtual event platform market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period, to reach USD 30.6 billion in 2027 from USD 12.4 billion in 2022. Key factors driving market growth include the growing need for virtual event solutions across industry verticals, including business-to-business, business-to-consumer, and internal events, the growing demand for virtual events, and the emergence of AI, and ML-powered platforms sought by the attendees.

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Platform segment to hold a larger market share during the forecast period.

Based on component, the virtual event platform market is segmented into two categories: platform and services. The platform comes packed with several interactive features that go beyond the traditional video conferencing software. The virtual event platform facilitates digital experience via webcasting capabilities. Governments, schools, corporations, and the healthcare sector shifted in-person gatherings to virtual events. According to a recent study by LinkedIn, 45% of future B2B events will be virtual. Industries are adopting the virtual event platform due to the low investment cost and better returns. Hence, low-budget companies can use this platform to manage events and conferences. Corporates are investing heavily in video conferencing and digital event platforms for business and client meetings.

Medium-sized enterprises segment to grow at a steady CAGR during the forecast period.

Organizations with an overall employee size between 100–999 are categorized under medium-sized enterprises. When compared to the large enterprises' segment, the medium-sized enterprises' segment is facing challenges in terms of resources such as budget and workforce. Medium-sized enterprises are central to the growth and development of economies. They come up with ground-breaking solutions to ever-evolving problems, create employment opportunities, bring revenue, and have the potential to grow into large organizations. Medium-sized enterprises are growing companies, and they need to increase their availability as they have a high level of competition. These enterprises are often looking for ways to expand their businesses and reach new customers and territories; hence, virtual conferences and virtual trade shows enable them to achieve these objectives efficiently and cost-effectively.

Middle East & Africa to account for steady market growth during the forecast period

Middle East & Africa is one of the fastest-growing regions with increasing cloud workloads among enterprises. Some of the top countries considered in the Middle East & Africa are the United Arab Emirates (UAE), Saudi Arabia, and South Africa. With the changing Middle Eastern political scenarios, enterprises/event organizers are keen on managing their events using cloud technology. Digital infrastructure in the Middle East & Africa region is expected to grow significantly in the upcoming years. Governments of countries such as the UAE and Saudi Arabia have taken significant steps to enhance connectivity in their respective countries. The increasing investments in new technologies, such as cloud, analytics, social media, enterprise collaboration, BYOD, mobility, and business intelligence, have created several opportunities for global enterprises to strengthen their presence in this region. In addition, the growing mobile and broadband penetration in these countries and the increasing growth rate of smartphones are expected to drive the growth of the virtual event platform market. However, Africa faces challenges related to poor infrastructure, internet connectivity issues, and the limited capacity of governance. Countries such as the UAE (United Arab Emirates), KSA (Kingdom of Saudi Arabia), South Africa, Kuwait, Qatar, and Bahrain are the most potential and progressive ICT markets in this region.

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The virtual event platform market comprises major providers, such as 6Connex (US), Cvent (US), Remo (US), Hubilo (US), vFairs (US), BigMarker (US), Zoom (US), Hopin (UK), Microsoft (US), Cisco (US), Kestone (India), Accelevents (US), Whova (US), EventMobi (Canada), On24(US), Vconfex (India), Samaaro (India), Aventri (US), Intrado (US), Bizzabo (US), Airmeet (India), Attendify (India), Splash (US), HeySummit (UK), Pheedloop (Canada), Socio (US), Vconferenceonline (US), SpotMe (Switzerland), Orbits (Australia), Brella (US), Run the World (US) and Eventcube (UK).

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