The virtual event software sector is projected to expand significantly, with an anticipated growth from US$ 10,655.0 million in 2021 to US$ 24,201.6 million by 2028. This growth trajectory indicates a compound annual growth rate (CAGR) of 12.4% during the period from 2021 to 2028.
The traditional in-person event industry has faced considerable challenges due to the disruption of face-to-face networking and live gatherings, primarily caused by the COVID-19 pandemic. This disruption has catalyzed the rise of virtual events, which are gaining traction worldwide. Innovations in technology, particularly the emergence of software-as-a-service (SaaS) solutions for virtual events, are significantly influencing the shift towards online event hosting. These cloud-based platforms empower users to create engaging experiences, enhancing overall sales interactions through features like podcasting, instant messaging, and virtual product demonstrations.
The growing reliance on digital media marketing platforms to broaden audience reach has opened up new avenues for the virtual event software market. Additionally, the implementation of Work from Home (WFH) policies by numerous organizations in response to government-imposed lockdowns is expected to further propel the demand for virtual event solutions. Companies are increasingly seeking to expand their global footprint, necessitating robust connectivity solutions that can bridge geographical divides.
In the Asia-Pacific (APAC) region, rapid technological advancements, the digital transformation of economies, the rollout of high-speed 5G networks, and supportive government initiatives are facilitating the transition of these economies from developing to developed status. The demand for virtual event software is anticipated to surge during the forecast period, driven by the increasing penetration of high-speed internet and the growing adoption of virtual event solutions among both small and medium-sized enterprises (SMEs) and large corporations.
As the COVID-19 pandemic halted in-person gatherings, many organizations pivoted to virtual events. This shift has fundamentally altered the event landscape, enabling companies and planners to make informed decisions using virtual event solutions. The pandemic has resulted in significant revenue losses across various sectors, particularly in the United States, prompting organizations to prioritize digital platforms for meetings and events. Notably, even as live events have resumed, approximately 90% of companies are still considering the option of hosting virtual events.
The virtual event software market can be categorized based on several criteria: solution type, enterprise size, end user, and geographical region. In terms of solutions, the market is divided into software and services. When considering enterprise size, it is segmented into small and medium enterprises (SMEs) and large organizations. The end-user segmentation includes trade show organizers, event management firms, corporate entities, educational institutions, and other categories. Geographically, the market is segmented into several regions: North America (including the US, Canada, and Mexico), Europe (covering France, Germany, Italy, the UK, Russia, and the rest of Europe), Asia Pacific (including Australia, China, India, Japan, South Korea, and the rest of APAC), the Middle East and Africa (comprising South Africa, Saudi Arabia, the UAE, and the rest of MEA), and South America (including Brazil, Argentina, and the rest of SAM).
Several prominent players are active in the global virtual event software market, including Cvent Inc., EventMobi (5Touch Solutions Inc.), Hopin, Hubilo Technologies Inc., InEvent, Inc., Pathable, Inc., Remo.co, ubivent GmbH, vFairs LLC, and Whova Inc..
The overall size of the global virtual event software market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aimed to provide a comprehensive overview and forecast for the virtual event software market across all segments. Furthermore, numerous primary interviews were conducted with industry stakeholders and experts to validate the findings and gain deeper analytical insights. Participants in this research included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the virtual event software domain.