Virtual Event Platform Market Size, Share and Trends 2024 to 2034

Virtual Event Platform Market Size and Forecast 2024 to 2034

The global virtual event platform market size is projected to be worth around USD 37.87 billion by 2034 from USD 14.53 billion in 2024, at a CAGR of 10.05% from 2024 to 2034. The North America virtual event platform market size reached USD 5.02 billion in 2023. The increase in popularity of online streaming to replace in-person presentations is expected to drive the virtual event platform market growth.

Virtual Event Platform Market Key Takeaways

• North America dominated has contributed more than 38% of market share in 2023.
• Asia Pacific is expected to host the fastest-growing market during the projected period.
• By component, the software segment accounted for the biggest market share of 89% in 2023.
• By component, the services segment is anticipated to grow at the fastest rate in the market during the study period.
• By organization size, the medium enterprise segment dominated the market in 2023.
• By organization size, the small enterprise segment is expected to grow at the fastest rate in the market over the forecast period.

U.S. Virtual Event Platform Market Size and Growth 2024 to 2034

The U.S. virtual event platform market size was exhibited at USD 3.76 billion in 2023 and is projected to be worth around USD 11.01 billion by 2034, poised to grow at a CAGR of 10.26% from 2024 to 2034.

North America dominated the virtual event platform market in 2023. This is due to the U.S. and Canada's technical breakthroughs, innovative digital infrastructure, and stable economies. North America is always seen as a business hub with a greater rate of adoption of advanced technologies. For many years, companies like Microsoft, Cisco Systems Inc., and Apple. have been at the top of the North American market. Additionally, these companies offer innovative and complex virtual platforms with greater bandwidth and stability.

Asia Pacific is expected to host the fastest-growing virtual event platform market during the projected period. This is due to the region's increasing digital landscape, rising Internet connectivity, and the majority population of tech-savvy users propelling the adoption of virtual event platforms. Furthermore, Organizations in countries like Japan, China, and India are using these platforms to connect with a greater pool of their audience and extend their reach. The growing importance of online marketing is expected to boost market growth further.

• In May 2023, VOSMOS, a tech start-up that specializes in Metaverse and virtual experiences, launched VOSMOS. Events, a DIY or user-created virtual events platform. VOSMOS.Events empower individuals and organizations to create both small and large-scale virtual events that are dynamic and secure. Developed by VOSMOS in India, the platform offers a subscription-based model that enables users to create virtual events ranging from 100 to more than 1 lakh participants.

List of countries by size of the labor force status (2022)

Market Overview

A virtual event platform is a digital platform created to host and maintain online events like trade shows, webinars, conferences, and meetups. It offers a virtual atmosphere where members can interact and engage in communication activities. Also, can consume global content from anywhere in the world by utilizing their mobile devices and computers. These platforms include different features like virtual booths, live streaming, and chat functionalities to mimic and improve the experience of physical events in a digital environment.

How is AI Revolutionizing the Virtual Event Platform Market?

Artificial intelligence (AI) and virtual reality (VR) are transforming the virtual event platform market by improving interaction and engagement along with user experience systems that can unlock user data to offer particular experiences. AI can recommend booths, programs, and networking opportunities based on guests’ interests, which makes the user experience more fruitful. Additionally, AI can help attendees search for improved matches solely based on their hobbies, goals, and profiles.

• In June 2024, ON24 marks the next chapter of its innovation strategy with the launch of its next-generation intelligent engagement platform. With AI-powered intelligence at the core, ON24 will now enable enterprises to continuously engage audiences through hyper-personalized experiences that deliver connected insights and drive cost-efficient revenue growth.

Virtual Event Platform Market Growth Factors

• The increasing globalization and interconnectedness among businesses are expected to drive the virtual event platform market growth shortly.
• The scalability and customization provided by the virtual event platforms can fuel the virtual event platform market growth further.
• The analytics and data insights provided by virtual event platforms are important for businesses, and they can boost the virtual event platform market growth shortly.

Market Scope

Market Dynamics

Driver

Live streaming of events

The live streaming of multiple events globally has increased significantly, particularly in the media and sports industry. This surge especially gained traction during the COVID-19 pandemic because there was no other way to attend such an event in person. Moreover, the rising popularity of 5G networks with good internet infrastructure is expected to propel the virtual event hosting platform requirements over the forecast period. Hence, Live streaming can play an important role in the deployment of these digital event platforms soon, thus driving the virtual event platform market.

• In October 2022, the video conferencing platform Zoom launched, ‘Zoom Events,’ which enables users to produce immersive and engaging virtual experiences on one platform in India. Zoom Events provides the features of Zoom Webinars, Zoom Meetings, and Team Chat in one platform to offer a comprehensive solution to event organizers. It is designed to help facilitate and manage an event from start to finish, be it a company meeting, large conference, or trade show.

Restraint

Lack of physical presence and limitations in replication

A lack of physical presence and personal connections in virtual space can be an obstacle. Some investors, especially in industries that depend on face-to-face interactions like sales and networking, might prefer conventional events for interactions. Also, Limitations in mimicking the sensory experience of physical events like spontaneous interactions and engagement can influence market growth negatively, which can further hamper the virtual event platform market growth.

Opportunity

Growing popularity of virtual education

The utilization of virtual classrooms to change education methods is now gaining more popularity, even in conventional educational institutions. This kind of training gives study lessons to students anytime and anywhere. Students can also get free educational sessions, which can reduce expenses and enhance their knowledge. Furthermore, advancements in exhibition organizing are anticipated to fuel market growth throughout the forecast period because they enable more engaging educational interactions among the users. This creates new opportunities for the key players in the virtual event platform market.

• In November 2023, Jugo, a technology company committed to redefining digital communication and collaboration, announced the launch of Jugo Spaces, its cloud-based communication platform that transforms the virtual meeting experience, moving beyond the traditional video conference to create immersive, multi-sensory environments that embrace the human presence not just voice and two-dimensional visuals.

Component Insights

The software segment led the virtual event platform market in 2023. The software allows virtual communication from distant locations by building technologies such as 3D simulation and augmented reality to create in-person experiences. Moreover, most people can share information in real-time due to the software's interactive abilities, including live polls, chat boxes, and one-to-one video-audio chats.

• In April 2024, Notified, a globally trusted technology partner for investor relations, public relations, and marketing professionals, announced the sale of its virtual events and webinar business to Brandlive, the leader in enterprise webinars, events, and global town halls. The decision reflects Notified’s sharpening focus on investor relations and public relations solutions.

The services segment is anticipated to grow at the fastest rate in the virtual event platform market during the study period. It includes various services like customization, event planning, system integration, and management. As organizations convert to virtual events, they might need assistance setting up and integrating the virtual event platform with other systems. The segment is likely to experience significant growth because organizations seek specialized support to expand the virtual event platforms.

Organization Size Insights

The medium enterprise segment dominated the virtual event platform market in 2023. This can be attributed to the rising demand for large companies to utilize digital platforms. The increasing tendency of big companies to adhere to local initiatives with employees, clients, and other business stakeholders spread across various geographic regions ultimately has raised the need for the industry in this field.

The small enterprise segment is expected to grow at the fastest rate in the virtual event platform market over the forecast period. Small businesses emphasize capturing a large market share and serving consumers through different growth opportunities, which has resulted in extensive use of the cloud. As compared to large organizations, these enterprises face more sales and marketing challenges with low budgets. However, small businesses benefit from these platforms because they decrease the overall cost of hosting meetings.

Virtual Event Platform Market Companies

• 6Connex
• BigMarker
• Hubilo Softech Private Limited
• Intrado Corporation
• Livestorm SAS
• Pathable
• Microsoft
• Ubivent GmbH
• Zoom
• Cisco
• Others

Recent Developments

• In March 2023, Zoom Video Communications launched Zoom Events, a comprehensive platform for hosting virtual and hybrid events. Zoom Events integrates seamlessly with Zoom Meetings and Webinars, offering features like registration management, networking lounges, and interactive exhibitor booths.
• In July 2022, Hopin acquired Attendify, a leading provider of event management and mobile app solutions. This acquisition enhances Hopin’s capabilities in attendee engagement and event personalization, expanding its market presence in the virtual event platform sector.
• In June 2022, the most recent additions to Cisco's arsenal of API-first tools and solutions, Panoptica and Calisti, were announced by the company. They enable organizations to provide amazing digital experiences by giving customers contemporary application connectivity, security, and observability. At Cisco Live, the leading networking and security conference, the news was made.
• In June 2022, the Zoom Apps SDK has been made generally available by Zoom Video Communications, Inc. It offers programmers the tools and infrastructure to create Zoom Apps for the Zoom client. Developers may access Zoom clients by utilizing the Zoom Applications SDK, and users can find and add new apps inside the same client they already use daily.

Segments Covered in the Report

By Component

• Software
• Services

By Organization Size

• Small Enterprises
• Medium Enterprises
• Large Enterprises

By End-User

• Corporate & Business
• Healthcare
• Technology & IT
• Entertainment & Media
• Trade Shows & Exhibitions

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa