Virtual Event Software Market Top Key Players, Segmentation & Trends by 2027
Posted by Avi on September 26th, 2022
According to The Insight Partners’ research, the global Virtual Event Software Market is anticipated to reach US$ 24,201.6 million by 2028 from US$ 9,675.8 million in 2020, expanding at 12.4% CAGR during the forecast period. Rising inclination toward virtual events globally and adoption of virtual events by planners are the crucial factors credited for this expansion.
A huge adoption of virtual event is witnessed among small and large-scale organizations as it offers beneficial, ecologically friendly, and cost-efficient alternatives, virtual events, fairs, and online conferences. To manage virtual events efficiently and interact with attendees, virtual event software is gaining a high momentum. Moreover, virtual events have gained popularity majorly since COVID-19 outbreak. Spurred by lockdowns, organizations that plan virtual events doubled in 2020. Although live events were permitted, it has been noticed that 90% of companies considered hosting virtual events. These factors have propelled the global virtual event software market growth.
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The in-person host event industry experienced a disruption in face-to-face networking, live events, and buzz of exhibition events due to COVID-19 pandemic. This disruption triggered the scope of virtual events and is expanding across the globe. Therefore, factors such as flexible ticketing and smaller micro events are reshaping the event industry, especially virtual events. Thus, companies such as Cvent; Aventri; Ubivent; and Pathable, Inc. offer advanced virtual event software to help organizers/planners/corporates manage their events successfully.
On the other hand, the threat of data protection is hindering the global virtual event software market augmentation.
Based on solution, the market is arrayed into software and services. Among these, the services segment held 67.9% of the market share in 2020. The services segment was valued at US$ 3,135.6 million in 2020 and is projected to reach US$ 6,755.2 million by 2028, growing at 10.3% CAGR over the analysis timeframe.
Leading companies contributing to global virtual event software market valuation are Cvent Inc., EventMobi, InEvent Inc., Hubilo Technologies Inc., Aventri, Ubivent, Pathable Inc., and Hopin, among others.
As per enterprise size, the global virtual event software market sphere is divided SMEs and large enterprises. Of these, the large enterprises segment captured 59.7% of the market share in 2020. The segment was evaluated at US$ 5,780.5 million in 2020 and is estimated to accrue US$ 13,273.3 million by 2028, growing at 11.2% CAGR during 2021–2028.
As per end user spectrum, the market is divided into trade show organizers, event management
agencies, corporates, academic organizations, and others. Of these, the trade show organizers segment captured 30.7% of the market share in 2020. The segment was evaluated at US$ 2,972.5 million in 2020 and is slated to amass US$ 7,067.2 million by 2028, expanding at 11.7% CAGR between 2021 and 2028.
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From the regional frame of reference, North America held a significant share in the global virtual event software market in 2020. The regional market was assessed at US$ 3, 899.3 million in 2020 and is estimated to garner US$ 9,269.2 million by 2028. Meanwhile, Asia Pacific is projected to register a stellar growth rate of 13.9% CAGR over 2021–2028 and accumulate US$ 6,290.0 million by 2028.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense, Food & beverage, Chemical and Materials, Semiconductors etc.
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About the AuthorAvi
Joined: September 26th, 2022
Articles Posted: 29
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