Virtual Event Platform Market: Introduction
- Virtual event platforms are used to make new connections for business. Virtual event platforms are easier to host and attend. They deliver a greater return on investment (ROI), as they require less of a budget.
- Events or functions are considered an essential and useful way of communication between clients and companies. Companies, universities, governments, public/private associations, agencies, and hospitality sectors conduct events regularly, which can accelerate the growth of the virtual event platform market.
- Virtual events are emerging, especially as the world continues to deal with the novel coronavirus. The current technology has made it possible for firms to host astonishing online events, which can rival in-person versions. Which benefits the both attendees and event planners during the COVID- 19 outbreak. This has triggered the growth of the virtual event platform market during the COVID- 19 outbreak. Furthermore, the virtual event platform market is witnessing higher demand as most companies have adopted the Work-From-Home (WFH) policy owing to the lockdown imposed by COVID-19. Stay-at-home measures have resulted in increased opportunities for industry participants, as corporates are extensively using video conferencing and other communication platforms for business and client meetings, which in turn has enhanced the demand for virtual event platforms across the world.
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Global Virtual Event Platform Market: Dynamics
Global Virtual Event Platform Market: Key Drivers and Restraints
- The growing popularity of Unified Communication as a Service (UCaaS) among enterprises, corporates, education institutes, and various other organizations across industries is expected to drive the virtual event platform market during the forecast period.
- For instance- the U.S. based non- profit organization, the Internet Corporation for Assigned Names and Numbers (ICANN), engaged in the maintenance of numerous databases, shifted from an in-person to a virtual event to ensure continuity of its business process during the COVID-19 pandemic. The live gathering was organized by Pathable, Inc., a U.S. based provider of online and web apps for events.
- Rising adoption of virtual event platforms in the healthcare industry to conduct medical conferences and seminars is expected to enhance the demand for virtual event platforms. In addition, the healthcare sector has witnessed the highest ever peak in webinars and digital meetings during the Covid-19 pandemic, which subsequently fuels the growth of the virtual event platform market.
- Technologies such as AR and VR are boosting the demand for digital events as they allow 3D live streaming, encouraging the growth of the virtual event platform market.
- Increasing use of virtual event platforms in small & medium enterprises and large enterprises for businesses to communicate frequently with distantly located service providers for data sharing, training, and discussion meetings is expected to accelerate the growth of the virtual event platform market.
North America to Account for Major Share of the Global Virtual Event Platform Market
- In terms of region, the global virtual event platform market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is anticipated to lead the global virtual event platform market, due to the stable economy, technological enhancements, and advanced infrastructure in the U.S and Canada, which in turn is expected to accelerate the growth of the virtual event platform market in the region.
- The virtual event platform market in Asia Pacific is expected to hold significant share due to a vast and rising consumer base and increased adoption of digital platforms for communication purposes in developing countries such as China and India. The Asia Pacific region is expected to witness huge adoption of the technology, aided by high-speed 5G network deployment, which in turn enhances the opportunity for virtual events.
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Global Virtual Event Platform Market: Competitive Landscape
Key Players Operating in the Global Virtual Event Platform Market
Local, regional, and international players are active in the virtual event platform market. The market is highly consolidated, with top manufacturers accounting for approximately 25%–30% of the market share. Key players operating in the global virtual event platform market are:
- Cvent Inc.
- Hubilo Softech Private Limited
- Intrado Corporation
- Livestorm SAS
- Pathable, Inc.
- Planning Pod
- SKIFT INC.
- ubivent GmbH
- V2, LLC.
Global Virtual Event Platform Market: Research Scope
Global Virtual Event Platform Market, by Component
Global Virtual Event Platform Market, by Enterprise
- Small & Medium enterprise
- Large enterprise
Global Virtual Event Platform Market, by End-user
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.