South America Virtual Event Software Market Growth Drivers and Forecast by 2028

The virtual event software market in South America is expected to grow from US$ 341.02 million in 2021 to US$ 795.64 million by 2028; it is estimated to grow at a CAGR of 12.9% from 2021 to 2028.

Virtual congresses, events, and conferences are crucial economic factors for event industry; however, such events comprise of huge expenditure and long travels for hosts and audiences/attendees. Therefore, to come up with beneficial, ecologically friendly, and cost-efficient alternatives, virtual events, fairs, and online conferences are coming into picture. The factors attributing towards the growth of virtual event includes rapid urbanization and high inclination toward using virtual infrastructure, products, and services by event companies. For purposes such as event marketing, event outsourcing & analytics, and content & social media development, huge adoption of virtual event is witnessed among small and large-scale organizations. Therefore, to manage virtual events efficiently and interact with attendees, virtual event software is gaining a high momentum. Lively interaction in virtual events is guaranteed via inclusion of live chats for public and private communication. Also, the virtual events are utilized to pass-on information and to answer individual questions through live chats. There is also an integration of different interactive tools, including attendee polls, forums, one-on-one or small group networking, and live questions and answers which helps in improving efficiency of events. The above-mentioned features of virtual event software will continue to drive the future growth of virtual event software market.

Moreover, virtual events have gained popularity majorly since COVID-19 pandemic outbreak. Spurred by lockdowns, organizations who planned on conducting virtual events got doubled in 2020. It has also been noticed that during COVID-19 pandemic outbreak, even after live events are getting permitted again, 90% of companies are still considering hosting virtual events. Below mentioned are some of the facts about virtual events during COIVD-19 pandemic outbreak:

•    91% companies want to keep attendees connected.

•    Around 2/3rd wants to maintain normalcy in amid of COVID-19

•    Nearly 55-60% wants to attract new members and increase awareness

All aspects mentioned above related to COVID-19 will continue to drive the adoption of virtual event software globally.

Brazil has the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina, among others. The government of South America has taken an array of actions to protect their citizens and contain COVID-19’s spread. It is anticipated that South America will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to China, Europe, and the United States, which are important trade partners. Containment measures in several countries of South America will reduce economic activity in the manufacturing and service sectors for at least the next quarter and is expected to rebound once the pandemic is contained. Several countries in South America have been severely affected by the COVID-19 outbreak. Brazil has had the worst hit in the region, with the number of positive cases continuing to surge on a daily basis. The pandemic has had a positive impact on the virtual event platform market. The COVID-19 pandemic has enabled transformation of traditional events to virtual events with the help of virtual event platform. Hence, the overall impact of COVID-19 on South America region is moderate.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the South America virtual event software market. The South America virtual event software market is expected to grow at a good CAGR during the forecast period.

South America Virtual Event Software Market Segmentation

South America Virtual Event Software Market – By Solution

• Software
• Services

South America Virtual Event Software Market – By Enterprise Size

• SMEs
• Large Enterprises

South America Virtual Event Software Market – By End-User

• Trade Show Organizers
• Event Management Agencies
• Corporates
• Academic Organizations
• Others

South America Virtual Event Software Market – By Country

• Brazil
• Argentina
• Rest of SAM

South America Virtual Event Software Market – Companies Mentioned

• Hopin         
• InEvent Inc.                        
• Pathable, Inc.                      
• Hubilo Technologies Inc.  
• ubivent   

South America Virtual Event Software Report Scope