Research Nester’s recent market research analysis on “Virtual Event Platform Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global virtual event platform market in terms of market segmentation by component, organization size, event type, end user and by region.
Growing Popularity of Virtual Events to Promote Global Market Share of Virtual Event Platforms
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The global virtual event platform market is estimated to grow majorly on account of the increasing popularity of virtual events in recent years. For instance, according to a survey conducted in 2023, 76% of respondents said virtual events were convenient, 65% said they were global, and 48% said the low cost attracted them to them. Virtual events offer organizations an efficient and cost-effective way to reach a broad audience. They also allow for the safe gathering of people from different locations and provide a platform for networking. This has contributed to an increase in the demand for virtual event platforms as organizations look to capitalize on the advantages offered by these platforms.
Some of the major growth factors and challenges that are associated with the growth of the global virtual event platform market are:
Growth Drivers:
- The increasing use of mobile devices and social media
- The growing demand for remote access and interaction during virtual events
Challenges:
The lack of uniformity in the virtual event platform and the need for a reliable internet connection are some of the major factors anticipated to hamper the global market size of virtual event platform. Additionally, the need for proper technical awareness and training for the event platforms to be used properly can also be a hindrance to the market growth.
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By component, the global virtual event platform market is segmented into platform, services, training, maintenance, deployment. The services segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The services segment is expected to be the most profitable owing to the increasing demand for virtual event platforms and the need for professional services to ensure the successful deployment and operation of these platforms. As virtual events become increasingly popular, more organizations are looking for professional services to help them deploy and operate their virtual event platforms.
By region, the Asia Pacific virtual event platform market is to generate the highest revenue by the end of 2035. This growth is anticipated by the increasing adoption of virtual events in the region owing to the presence of leading companies that are investing in digital platforms, such as conferencing, streaming, and webinars. Moreover, the increasing preference for digital events over physical events and the expansion of 4G (and 5G) internet connections in region is also expected to drive the growth of the Asia Pacific virtual event platform market. The proliferation of high-speed internet connections has enabled faster transmission of data, allowing for better quality virtual events.
This report also provides the existing competitive scenario of some of the key players of the Zoom Video Communications, Inc., 6Connex, Microsoft Corporation, Cisco Systems Inc., ALE International, HOPIN, On24, ALIVE, Avaya Inc., BIGMARKER and others.
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