July 2022
20 Sep 2024
The global virtual event platform market was exhibited at USD 13.21 billion in 2023 and is anticipated to touch around USD 34.41 billion by 2033, poised to grow at a CAGR of 10.05% during the forecast period. In several industries, such as healthcare, education, construction, and many others, the integration of digital media is rising, which has led to the growth of the virtual event platform market.
Virtual event platforms refer to the digital solution that allows us to organise meetings, shows, conferences, and webinars. These platforms provide tools, and features that help in interaction, engagement, and networking with other like-minded people. In addition, the flexibility offered and the immersive experience make these platforms the future of organizing events.
Virtual event platforms play a crucial role in high-touch industries that require frequent interaction and engagement. Continuous technological advancement has transformed the way an event is organized. With the arrival of many virtual event platforms like Google Meet, Zoom, and Microsoft Teams, reaching a global audience within a short time has become much easier while saving a lot of money.
Technological Advancements and Reach to a Global Audience Drive the Virtual Event Platform Market
Continuous technological advancements have transformed the way of organizing events or meetings. These rapid advancements have emerged as easy, cost-effective, and fast alternatives, enhancing the user's experience through technologies like video streaming or cloud computing. Further, these platforms provide an engaging experience to users, which influences the success of the event. As a result, the irtual event platform market is gaining popularity worldwide.
The virtual events platforms allow the organizer to reach a global audience, crossing geographical limitations. Participants from across the globe can participate and engage with the organizer, partners, and so on. This access to reach a wider audience saves a lot of time and money for both the organizer and participants, further driving the popularity of the virtual event platform market.
However, poor internet connections, safety problems, and muted mic bugs. As with such programs, the technical encounters at digital programs can be a little discouraging. There are numerous chances for attendees to join in content and speakers, but rare chances to have interactions with other participants. Corporeal programs also permit members to cooperate live if they want to interact with various other attendees who present the same thoughts and ideas.
Recent Development by ECLAC
| Company Name | ECLAC |
| Head Quarters | Mexico |
| Development | In November 2023, ECLAC announced the development of a platform to initiate clusters and various other territorial productive articulations. It tries to find numerous initiatives to identify, articulate, and strengthen activities. |
Recent Development by OmniAb Inc.
| Company Name | OmniAb Inc. |
| Head Quarters | United States |
| Development | In November 2023, OmniAb Inc. launched OmnidAb, which is considered the first single transgenic chicken-producing single-domain antibody (sdAbs). |
Asia Pacific is expected to host the fastest-growing virtual event platform market during the projected period due to the increasing start-up culture and investment to bring innovation to this market. The growth in this region is majorly due to the presence of skilled labor who are capable of developing tools for business meetings, entertainment factors, and many others.
Also, high internet connectivity is available in major places in countries such as China, Japan, India, South Korea, and Thailand. It is also increasing due to the wide internet connectivity facilities available and growing in all the developing countries.
Such a huge number of smartphone users are helping people attend various virtual events in any corner of the world. The continuous growth of the market players in this region, which has resulted in the introduction of various new applications and features, is driving the virtual event platform market rapidly. The continuous investment in experiments and research studies in this field also helps the growth of the market.
North America dominated the virtual event platform market in 2023. The rising development in several applications and the addition of features according to requirements by the well-known market players, as well as the increasing investment by the governments of countries such as the U.S. and Canada, are pushing the market, and hence, the region is dominating worldwide.
Healthcare firms account for a noteworthy share of development, with several healthcare sessions being detained through digital platforms to influence worldwide listeners, and requests for telemedicine facilities by healthcare experts are likely to rise. In the accumulation of the noticeable time and less charge that virtual events deliver, such trials propose the most considerable ideas and confirm explanations to report issues such as decreased volumes.
Major players in the virtual event platform market are using digital platforms to conduct large audience events for the variability of motives, together with augmented return on asset, increased rate competence, and protracted spread. SaaS and UCaas-based resolutions are being dynamically accepted by industries such as healthcare, manufacturing, IT and telecom, entertainment, and media to conduct large-scale digital events.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 14.53 Billion |
| Market Revenue by 2033 | USD 34.41 Billion |
| CAGR | 10.05% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Component
By Organization Size
By End-User
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