Virtual Event Software Market is expected to reach US$ 24,201.6 million by 2028

Adoption of virtual event software will create lucrative business opportunities for market growth

According to our latest market study on “Virtual Event Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Solution, Enterprise Size, and End User,” the market is expected to grow from US$ 9,675.8 million in 2021 to US$ 24,201.6 million by 2028; it is estimated to register a CAGR of 12.4% from 2021 to 2028.

The virtual event software is gaining traction among associations, corporates, academic institutions, trade fair organizers, and many more parties. By conducting exhibitions, awards, and conferences/fairs, the event industry is growing exponentially. Moreover, the COVID-19 pandemic has also transformed the event industry to help companies and planners make decisions using virtual event solution. In comparison to earlier used conferencing tools, the virtual events provide personalized experience with highly cost-effective solution while improving audience reach of the organization. Because of the mentioned benefit, virtual events are getting adopted among numerous sectors, including healthcare, corporate, hospitality, education, and BFSI.

In context to features of virtual event software, virtual lobby, networking lounge, gamification, meetings, chats, questions, and polling are among the features provided by the software, which are drawing attention of the event industry. As virtual shows are getting established in the market, several visitors are taking part on regular basis. This factor helps the end-user companies and trade show organizers to have international reach, provide individual solutions, and make the event interactive. For instance, virtual trade show from Select AG is attracting attention of many visitors. At this event, product innovations in the automotive industry are showcased for automobile repair shops. Many workers of garage regularly visit this online fair and thereby making it a huge virtual event.

Impact of COVID-19 Pandemic on Virtual Event Software Market

With the enormous number of people working from home and spending more time online, the COVID-19 outbreak is accelerating the shift to digital. This demand for digital resources is stressing the systems of many software and platform organizations and inhibiting their ability to deliver services with quality and reliability. To put this into perspective, since the start of the outbreak, there is an increasing popularity of virtual event platform led by increasing demand for mobility solutions by a range of key stakeholders, including associations, professional meeting organizers, company executives, marketing managers, product management, human resources, and more. Virtual events have been around for a long time before COVID-19 and they will continue to grow but virtual events have increased its popularity, particularly since the COVID-19 pandemic.

Cvent Inc.; EventMobi (5Touch Solutions Inc.); Hopin, Hubilo Technologies Inc.; InEvent, Inc.; Pathable, Inc.; Remo.co; ubivent GmbH; vFairs LLC; and Whova Inc are a few major companies operating in the virtual event software market.

Virtual Event Software Market — by Geography, 2020 and 2028 (%)

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Virtual Event Software Market to Grow at a CAGR of 12.4% to reach US$ 24,201.6 million from 2021 to 2028

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Virtual Event Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Solution (Software and Services), Enterprise Size (SMEs, Large Enterprises), and End User (Trade Show Organizers, Event Management Agencies, Corporates, Academic Organizations, Others)