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Virtual event platform is an innovative way to which is used to establish new connections for businesses worldwide. Virtual event platforms are simple and user-friendly to host and attend events. Functions and events are considered as an important and useful way of communication between companies and clients. Governments, agencies, universities, companies, hospitality sectors, and public/private associations conduct functions and events frequently, which plays a vital role to fuel the growth of the virtual event platform market. Adoption of virtual event platform in an enterprise enhances the experience of attending and hosting online meeting seamlessly. Incorporation of innovative technologies such as augmented reality and virtual reality to allow 3D live streaming in for digital events is boosting demand for the market.
Virtual event platform offers multiple features such as Livestream hosting, Multi-livestream support, video-on-demand sessions with interactive tools such as upvoting and audience Q+A, Virtual booths for exhibitors and sponsors, and provides high-level of privacy and security for online events. Moreover, multiple players are engaged in development of technologically advanced and innovative virtual event platform by making it customizable, allowing more than 1000 people to attend online events quickly and effortlessly. Furthermore, adoption of virtual event platforms is increasing in healthcare industry to organize medical conferences and seminars which is anticipated to propel the growth of virtual event platform market.
The covid-19 had significant impact on the enterprises, administrative office, and healthcare sector. Hosting and attending virtual event has significantly increased in numbers across the globe, as it is suitable and appropriate way to control the spread of novel coronavirus and keep the business activities functioning. This factor has resulted in the growth of the virtual event platform market during the COVID-19 outbreak. During pandemic, virtual event platform is significantly used across the industries such as BFSI, government, healthcare, education among others for attending the event and online meeting, as adoption of Work-From-Home (WFH) policy has become a priority for businesses worldwide. Thus, growing adoption of video conferencing platforms for enterprise meetings is anticipated to bolster the demand for virtual event platforms.
Key Market Driver -
• Growing popularity of online streaming to replace in-person presentation is likely to boost the market growth. • Increasing adoption of cloud services in small and medium size enterprises are expected to fuel the demand for virtual event platform
Key Market Restraint -
• Lack of technological expertise in integrating virtual event software to restrict the market growth.
Key players in virtual event platform market includes 6Connex, Accelevents, Airmeet, Attendify, Aventri, BigMaker, Bizzabo, Brella, Cisco Systems, Inc., Cvent Inc., Eventcube, EventMobi, Hopin, Intrado, HeySummit, Hubilo Microsoft Corporation, Kestone, Orbits, Pheedloop, Remo, Samaaro, Splash, Socio, Technologies Inc., Vconfex, Vfairs, Vconferenceonline, SpotMe, Whova, Zoom Video Communications, Inc.
Key players in the market like Zoom Video Communications, Inc., Microsoft Corporation, Cisco Systems, Inc., Cvent Inc., etc. are entering into strategic partnerships and collaborations to expand the business. Market players are focused on new product launch and product enhancement in existing product to accelerate market growth.
North America is expected hold the largest market share in the global market. Rising need for an enhanced virtual event platforms and rapid adoption of cloud services boost the demand for visitor management system in this region. The presence of major market players such as Bizzabo, Cvent Inc., Zoom Video Communications, Inc., Microsoft Corporation, and Cisco Systems, Inc. among others are involved in partnership, acquisitions, developing new products and product enhancements, this fosters the market growth in this region. For January, In May 2021, Bizzabo acquired Whalebone, a Swedish technology startup company. Through this acquisition Bizzabo aims to enhance its portfolio by unlocking audience engagement for virtual events.
Europe is expected to be a potential market for visitor management system, owing to presence of prominent number of market players and growing adoption of virtual event platforms in various organization across United Kingdom, Germany, Netherlands are likely to drive the market growth in this region. Also, deployment of high-speed 5G network across the region is expected create lucrative opportunity for virtual events.
Asia Pacific is anticipated to showcase significant growth during forecast period. Growing consumer base and rise in adoption of digital platforms for communication purposes in developing countries such as China, Japan, India, Singapore and others are expected to drive the market growth rapidly in this region. In addition, presence of prominent number of small and medium enterprises and high demand for virtual events from large number of population is propelling demand for virtual event platforms in the region.
Middle East and Africa are expected to showcase moderate growth during forecast period. Government initiatives like smart city and industrialization across middle east countries including United Arab Emirates(UAE) and Kingdom of Saudi Arabia encourages digital innovation, high speed network connection which drives the demand for virtual event platforms in the region.
Latin America is expected to hold lucrative market opportunities in coming years. Growing demand for video streaming services and digital media platform to expand the customer base is boosting the demand for virtual event platforms in this region.
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