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Surprising: [New Report] Virtual Events Platform Market to reach US$ 1099.5 billion by 2032; the Demand for Accurate Customer Information is Increasing

Tuesday, June 06, 2023 11:03 AM | GlobeNewswire via QuoteMedia

Surprising: [New Report] Virtual Events Platform Market to reach US$ 1099.5 billion by 2032; the Demand for Accurate Customer Information is Increasing

Prophecy Market Insights latest research report on the Virtual Events Platform Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market's size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.

Covina , June 06, 2023 (GLOBE NEWSWIRE) -- “According to the latest research study, the demand of “ Virtual Events Platform Market accounted for US$ 138.3 billion in 2022 and is estimated to be US$ 1099.5 billion by 2032 and is anticipated to register a CAGR of 21.7%

What is Virtual Events Platform?

Virtual Events Platform is a technology-driven solution that allows organizations to host and manage online events, conferences, trade shows, webinars, and other virtual gatherings. It provides a digital environment that replicates many aspects of physical events, enabling participants to engage and interact remotely from any location with internet access.

Virtual events platforms provide innovative tools and features to enhance attendee engagement and interaction. These can include live chats, networking opportunities, Q&A sessions, polling, virtual breakout rooms, and gamification elements. These interactive features help create a more immersive and dynamic event experience, fostering meaningful connections and knowledge sharing.

What are the Recent News in the Virtual Events Platform Market?

  • In April 2022, Aventree and MattingPlay jointly launched Xpopro, the most innovative demonstrative task management platform to hit the market. ExpoPROOB offers a comprehensive solution for on-site, hybrid, and virtual formats and strives to address the most pressing concerns of event organisers and exhibitors in the global market for large-scale displays.
  • In March 2021, 3D-VR LiVE launch the virtual events platform to offer the most personalized and flexible virtual event experience to hosts and guests. With a wealth of cutting edge technologies and host controls, the spontaneity of a live event has been replicated. 3D-VR Within the same platform, LiVE effortlessly combines custom 3D environments, interactive virtual content, and hosted video chat tours. The platform's backend has been designed to accept any web-based app or integration, giving you total flexibility when creating your event.
  • In October 2021, on 24 Go Live expanded the type of customer experience with a new video-focused virtual event solution to make it possible for events to be set up more quickly and give the audience somewhere to congregate while collecting useful insights that flow naturally into the sales and marketing process. Online connections can be strengthen with the help of the variety of interactive options offered by ON24 Go Live. One can count on ON24 Go Live to keep audiences interested with a number of formats and features, whether it's event-level chat, in-session chat, polls, or video-to-video breakout conversations.
Attribute Details
Base year for estimation 2022
Forecast period 2022 – 2032
Accounted in 2022 US$ 138.3 Billion
Estimated to be in 2032 US$ 1099.5 Billion
CAGR 21.7%
Market representation Revenue in USD Billion & CAGR from 2022 to 2032
Market Segmentation By Component - Platform and Services
By Service - Communication, Recruitment, Sales & Marketing, Training
By Organization Size - Large enterprises, Medium-sized enterprises, small enterprises
By End User - BFSI, Corporations, Governments, Education, Healthcare, Third-party Planners, Associations, Non-Profit
Regional scope North America - U.S., Canada
Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America - Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage Revenue forecast, company share, competitive landscape, growth factors, and trends.

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What is Prophecy’s Analyst View on Virtual Events Platform Market?

The advancement of technology will continue to shape the virtual events platform market. Innovations in areas such as virtual reality (VR), augmented reality (AR), artificial intelligence (AI), and streaming technologies will further enhance the immersive and interactive nature of virtual events. Also, future virtual events platforms are expected to offer more customization and personalization options. Therefore, these advancements will attract more organizations and attendees to adopt virtual events platforms, contributing to Virtual Events Platform Market growth in coming years.

How has the COVID-19 pandemic impacted the adoption and growth of virtual events platforms?

The COVID-19 pandemic has significantly impacted the adoption and growth of virtual events platforms. With restrictions on in-person gatherings and the need for social distancing, organizations and event organizers rapidly shifted towards virtual events as an alternative. Virtual events platforms emerged as a vital solution to host conferences, trade shows, webinars, and other gatherings online. The pandemic acted as a catalyst, accelerating the adoption of virtual events platforms across various industries. Companies realized the benefits of reaching a global audience, reducing costs, and ensuring safety for attendees.

As a result, the demand for virtual events platforms soared, leading to increased investments, innovation, and advancements in the industry. The pandemic has transformed virtual events platforms from a niche offering to a mainstream solution, poised for continued growth even beyond the pandemic era.

What are the main features and capabilities offered by virtual events platforms?

  • Live Streaming: Platforms enable real-time streaming of presentations and sessions.
  • Interactive Chat and Q&A: Participants can engage through chat and submit questions.
  • Virtual Networking: Virtual lounges and chat rooms facilitate networking opportunities.
  • Exhibitor Booths: Sponsors showcase products/services with multimedia content.
  • Breakout Sessions and Workshops: Smaller group discussions and interactive workshops.
  • Analytics and Reporting: Access to data and analytics for measuring attendee engagement.
  • Customization and Branding: Options for branding and customization.
  • Registration and Ticketing: Manage attendee registrations and ticket sales.
  • On-demand Content: Access to recorded sessions and on-demand content.
  • Integration with Other Tools: Integration with CRM, marketing automation, and event management software.

Who are the Top Key players operating in the Virtual Events Platforms Market?

  • Zoom Video Communication
  • Microsoft Corporation
  • Cisco System Inc.
  • ALE International
  • XNUMX
  • Arcadin Cloud Communications
  • Hubilo Softec Pvt Ltd.
  • Avaya Inc.
  • Livestorm SAS
  • On24, Inc.

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What are the key factors driving the growth of the Virtual Events Platform market?

The Virtual Events Platform market is experiencing significant growth driven by various factors. The COVID-19 pandemic has accelerated the adoption of virtual events as a substitute for physical gatherings. Virtual events offer cost-effectiveness, eliminating expenses related to venue rentals, travel, and logistics. They also provide a global reach, enabling participation from anywhere, and increased accessibility for a broader audience.
Additionally, virtual event platforms offer flexibility and scalability, allowing organizers to tailor the event format and accommodate a large number of attendees. These factors combined have fueled the market's expansion, making virtual events a popular choice for organizations across industries.

Conclusion:
In conclusion, the Virtual Events Platform market is experiencing rapid growth due to several key factors. The COVID-19 pandemic has been a significant driver, as organizations have turned to virtual events as an alternative to physical gatherings. The cost-effectiveness of virtual events, with savings on venue rentals and travel expenses, has also contributed to the market's expansion. The global reach and accessibility of virtual events have attracted a wider audience and broken down geographical barriers.

Moreover, the flexibility and scalability offered by virtual event platforms have allowed organizers to tailor the event experience and accommodate a larger number of attendees. These factors combined have propelled the growth of the Virtual Events Platform market, making virtual events a popular choice for organizations across industries.

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