Virtual Event Platform Market Analysis

Virtual Event Platform Market Analysis

The virtual event platform market from small enterprise segment will expand at 15% CAGR through 2032. Small businesses focus on capturing market share and serving customers through various growth opportunities, resulting in the widespread use of the cloud. Compared to large organizations, these businesses face more marketing & sales challenges with limited budgets. Business processes require better solutions for complex problems to increase cost-effectiveness. However, small businesses benefit from these platforms as they reduce the overall cost of hosting an actual meeting, conference, or discussion. Virtual events are also easy to set up, cost-effective, and connect stakeholders to meetings remotely.
 

The virtual event platform market from software segment held over 80% revenue share in 2022. Virtual event software allows businesses to extend their events and meetings using live-streaming tools. It enables remote virtual communication by creating technologies, such as augmented reality and 3D simulations, to create personalized experiences. Thousands of people can share information in real time through this interactive software including live chat boxes, live polls, and one-on-one video & audio chats.
 

North America virtual event platform market size is poised to exceed USD 10 billion by 2032. The region is home to emerging economies such as the USA and Canada, which have ongoing infrastructure. The region is widely regarded as an early adopter of new technologies and is therefore considered a business hub. Rapid growth in the use of digital analog platforms, particularly in the healthcare sector, is expected to drive Canadian market growth.

The Asia Pacific market is expected to register 15% CAGR during the forecast period. Factors such as rising disposable incomes, the continued growth of UCaaS applications, and the increasing number of startups and conglomerates in these areas are supporting market growth. China and Japan generate a lot of revenue in the regional market due to the export of connection due to their large consumer bases. The increasing use of technology and the continued rollout of high-speed 5G connectivity are expected to boost economic growth in the region. The increasing number of small & medium-sized businesses and the continued use of technology in India and Australia will augment the growth in the region.