The virtual event software 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.
Rising inclination toward virtual events globally and emergence of live streaming are among the factors driving the demand for virtual event software. Virtual events have gained popularity majorly since COVID-19 pandemic outbreak. Spurred by lockdowns, organizations have resorted to conducting virtual events. It has also been noticed that despite live events are now permitted, 90% of companies are still considering hosting virtual events. Technological developments, such as software-as-a-service-based virtual events, are generating a huge impact on the trend of conducting events virtually. The cloud-based tool allows end users to provide interactive experience while enhancing overall sales experience through podcasting, instant messaging, and virtual product experience. Also, another solution making a positive impact in the growth of virtual events is connect through live streaming. Live streaming events enable larger number of participants to access content resources to assist them align with context better. Thus, due to the increasing adoption of virtual event platform by nearly 80% of event organizers/planners, the growth of the virtual event software market is driven significantly.
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Virtual Event Software Market: Strategic Insights
Market Size Value in US$ 9,675.8 Million in 2021 Market Size Value by US$ 24,201.6 Million by 2028 Growth rate CAGR of 12.4% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Virtual Event Software Market: Strategic Insights
Market Size Value in | US$ 9,675.8 Million in 2021 |
Market Size Value by | US$ 24,201.6 Million by 2028 |
Growth rate | CAGR of 12.4% from 2021-2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
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Speak to AnalystImpact of COVID-19 Pandemic on Virtual Event Software Market
The in-person host event industry has experienced a disruption in face-to-face networking, live events, and buzz of an exhibition events owing to the COVID-19 pandemic. This disruption has triggered the scope of virtual events and is expanding across the globe. The sudden outbreak of the COVID-19 has also compelled many people to work from home and spend more time online.
Lucrative Regions of Virtual Event Software Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights–
Virtual Event Software Market
Rising inclination toward virtual events globally
Rising inclination toward virtual events globally
Rising inclination toward virtual events globally and emergence of live streaming are among the factors driving the demand for virtual event software. Virtual events have gained popularity majorly since COVID-19 pandemic outbreak. Spurred by lockdowns, organizations have resorted to conducting virtual events. It has also been noticed, despite live events are now permitted, 90% of companies are still considering hosting virtual events. Virtual congresses, events, and conferences are crucial economic factors for the event industry; however, such events comprise 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 toward the growth of virtual event includes rapid urbanization and high inclination toward using virtual infrastructure, products, and services by event companies. The 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 will continue to drive the growth of the virtual event software market.
End User-Based Insights
End User-Based Insights
Based on end user, the virtual event software market is segmented into trade show organizers, event management agencies, corporates, academic organizations, and others. The trade show organizers segment held the largest market share in 2020.
Players operating in the virtual event software market are mainly focused on the development of advanced and efficient products.
- In 2021, Hopin is acquiring Boomset to expand its offering into hybrid and in-person events. The acquisition of Boomset adds a range of onsite-focused tools and services to Hopin’s already impressive multi-product offering, currently geared mainly toward virtual events. With Boomset, Hopin will be a destination for onsite technology and services, including badges, self-service kiosks, and QR code check-in; access to innovative technology solutions such as tracking management with RFID/UHF/NFC, and cashless payments; and meaningful data insights that include check in/out data, session attendance, lead retrieval, and full event demographics.
- In 2021, Hubilo announced its latest release with new features that are designed to improve attendee engagement, foster greater human connection and elevate the ROI of events. The new version of the Hubilo platform includes approximately 50 improvements overall and offers more engagement capabilities than any other event platform currently in the market.
The virtual event software market has been segmented as follows:
Virtual Event Software Market – by Solution
Virtual Event Software Market – by Solution
- Software
- Service
Virtual Event Software Market – by Enterprise Size
- SMEs
- Large Enterprises
Virtual Event Software Market – by End User
- Trade Show Organizers
- Event Management Agencies
- Corporates
- Academic Organizations
- Others
Virtual Event Software Market – by Geography
North America
- US
- Canada
- Mexico
Europe
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
Middle East Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America
- Brazil
- Argentina
- Rest of SAM
Virtual Event Software Market – Company Profiles
- Cvent Inc.
- EventMobi (5Touch Solutions Inc.)
- Hopin
- Hubilo Technologies Inc.
- InEvent, Inc.
- Pathable, Inc.
- Remo.co
- ubivent GmbH
- vFairs LLC
- Whova Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Solution , Enterprise Size , and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The in-person host event industry has experienced a disruption in face-to-face networking, live events, and buzz of an exhibition events owing to COVID-19. This disruption has 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 and especially virtual events.
Technological developments such as software-as-a-service based virtual events is generating a huge impact on the trend of conducting events virtually. The cloud-based tool allows the end user to provide interactive experience while enhancing overall sales experience through podcasting, instant messaging, and virtual product experience. Also, another Solution making a positive impact in the growth of virtual events is Connect through Live Streaming. Live streaming events enable larger number of participants to access content resources to assist them align with context better. Connect through live streaming is a process of streaming entire live video in real-time. The participants can enjoy presentations as live streaming are real and more authentic; unlike edited videos which feels distant and manipulated. For instance, companies such as Airmeet provides live video streaming in a HD quality with different engagement features such as group chat, Q&A, “social lounge with agendaâ€, and “raise handâ€. The new product is accessible on any modern browserâ€.
The virtual event software is receiving high moment 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 mentioned benefit, virtual events are getting adopted among numerous sectors, including healthcare, corporate, hospitality, education, and BFSI. Hexafair; Communiqué Conferencing, Inc.; We Virtual Pty Ltd.; Cvent; EventMobi’; Hopin; Hubilo; and InEvent, Inc., are some of the players existing in virtual event software market.
The benefits conferred by event software such as simplifying event processes and real-time visibility are attracting large enterprises to adopt it. The market for virtual event software for large enterprises is well-established and is expected to dominate the market during the forecast period. Companies specialized in hosting large events are connected to immediate online events. The large businesses prior to use event software seeks for features which that synchronize both offline and online event registration. The large enterprises can make huge investments on high-end software to increase productivity in the company. Management of activities related to events and conferences conducted by large enterprises help the companies to achieve high goals in events.
Trade show organizers is a first category of end users of virtual events software. With rising number of trade show organizers across the globe, presence of companies offering trade show platform is also increasing which in turn is impacting the scope of virtual event software. At present, it takes more than a promotion plan and landing page to market products & services. Therefore, with technological developments, a virtual trade show is a perfect multi-functional space to draw attention of leads and sell more.
The List of Companies - Global Virtual Event Software Market
- Cvent Inc.
- EventMobi (5Touch Solution Inc.)
- Hopin
- InEvent Inc
- Pathable, Inc
- Hubilo Technologies Inc.
- Remo.Co
- Ubivent
- vFairs LLC
- Whova Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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