Virtual Event Software Market Overview
As per MRFR analysis, the Virtual Event Software Market Size was estimated at 10.71 (USD Billion) in 2022. The Virtual Event Software Market Industry is expected to grow from 11.53(USD Billion) in 2023 to 22.3 (USD Billion) by 2032. The Virtual Event Software Market CAGR (growth rate) is expected to be around 7.6% during the forecast period (2024 - 2032).
Key Virtual Event Software Market Trends Highlighted
Demand for the Virtual Event Software Market is on the rise as there is a growing trend for virtual and hybrid events. It's the pandemic that has pushed the demand for strong and captivating virtual event solutions, which are light years beyond typical webinars.
One market development is the introduction ofartificial intelligence (AI) as well as machine learning (ML), into virtual event management software. It provides the ability to make personalized recommendations, curate content “on the go,” and measure the level of engagement of participants. The application of gamification and fusion of social media adds value to user engagement and networking in virtual settings.
The other key factor is the increasing requirement for an integrated offering that encompasses all aspects of the event management cycle, from event planning and marketing to registration and live streaming to post-event evaluation. These end-to-end approaches help to optimize the event workflow, cut down operational expenses, and enhance event outcomes.
Besides, it is noteworthy that the direction that is gaining ground is towards a more profound impact of virtual events through the use of VR and AR technologies. Such technologies help guests to feel and interact with all the details of the event, creating vivid memories and thus nurturing effective relationships.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Virtual Event Software Market Drivers
Increasing Adoption of Virtual Events
The COVID-19 pandemic has accelerated the adoption of virtual events as businesses and organizations seek to connect with their audiences remotely. Virtual event software platforms provide a cost-effective and convenient way to host online events, offering features such as live streaming, interactive sessions, and networking opportunities. The growing popularity of virtual events is expected to drive the demand for virtual event software solutions.
Advancements in Technology
Advancements in technology are contributing to the growth of the virtual event software market. The integration of artificial intelligence (AI) and virtual reality (VR) into virtual event platforms is enhancing the user experience and engagement. AI-powered chatbots and virtual assistants can provide real-time support to attendees, while VR technology can create immersive and interactive virtual environments for attendees to connect and collaborate.
Growing Demand for Personalized Experiences
Attendees demand personalized and engaging experiences at virtual events. Virtual event software platforms offer features that allow organizers to tailor the event experience to the specific needs and interests of each attendee. By leveraging data analytics and machine learning, virtual event software can provide personalized recommendations for sessions, networking opportunities, and other event content, enhancing overall attendee satisfaction.
Virtual Event Software Market Segment Insights
Virtual Event Software Market Hosted Platform Insights
The Hosted Platform segment in the Virtual Event Software Market includes Cloud-Based and On-Premises sub-segments. It is likely that the Cloud-Based sub-segment would grow at a significant rate and capture a considerable share of the market revenue. This is mainly because of the rapidly increasing popularity of cloud computing services due to their cost-effectiveness, flexibility, and scalability. For industries focusing on core businesses, Cloud-Based Virtual Event Software provides an approach to conducting events without requiring additional infrastructure, which can reduce costs, streamline processes, and provide higher agility for responding rapidly to market needs.However, the growth rate of On-Premises sub-segment is also considerable and is stable over the period in question.
On-Premises Virtual Event Software also grows due to the access it provides to the core business processes, and the level of control afforded by this technology may prove effective for businesses concerned about data safety. While no additional fees are present after the initial investment, provided that upgrades are purchased for the software, costs would be also likely to be front-loaded with more substantial costs at the beginning.In any case, the Hosted Platform segment, within the Virtual Event Software Market, can exhibit rapid growth in light of the overall digitalization of businesses and the continued prominence of virtual events for product promotion and customer acquisition. Vendors operating in this segment aim to include new features and applications in order to extend their ranges and make organizing events simpler.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Virtual Event Software Market Deployment Mode Insights
In the Virtual Event Software Market, the segmentation by deployment mode includes Self-Deployment and Managed Service. In 2023, Self-deployment appears to maintain its leading position in the Virtual Event Software Market, generating 71.2% of the total market revenue. The reason for this trend is that more companies adopt virtual solutions to lower the cost of hosting virtual events. However, the segment of Managed Service will most likely experience a significant growth rate. The growing need for outsourcing in the management of events is one of the reasons for this expectation.
Virtual Event Software Market Event Type Insights
The Event Type segment of the Virtual Event Software Market is bifurcated into Conferences and Expositions, Webinars and Webcasts, Workshops and Trainings, and Networking Events. Among these, Conferences and Expositions hold the largest market share due to the increasing adoption of virtual events for large-scale industry gatherings. In 2023, the Conferences and Expositions segment accounted for nearly 40% of the Virtual Event Software Market revenue.
Webinars and Webcasts are expected to witness the fastest growth during the forecast period, driven by the rising popularity of online learning and professional development.Workshops and Trainings and Networking Events are also expected to contribute significantly to the overall market growth. The increasing demand for virtual training programs and the growing need for online networking opportunities are fueling the growth of these segments.
Virtual Event Software Market Event Size Insights
The Virtual Event Software Market is segmented by event size into small-scale events (under 1000 attendees), medium-scale events (1000-5000 attendees), and large-scale events (over 5000 attendees). Among these segments, large-scale events are expected to hold the largest market share in 2023, accounting for over 40% of the Virtual Event Software Market revenue. This is primarily due to the increasing popularity of large-scale virtual events, such as conferences, trade shows, and product launches, as they offer a cost-effective and convenient way to reach a global audience.
Medium-scale events are expected to witness the fastest growth during the forecast period, owing to the increasing adoption of virtual event platforms by small and medium-sized businesses. Small-scale events are also expected to contribute significantly to the growth of the Virtual Event Software Market, which is driven by the growing popularity of webinars, online workshops, and virtual meetings.
Virtual Event Software Market Vertical Insights
The Virtual Event Software Market segmentation by Vertical offers valuable insights into industry-specific trends and growth opportunities. In 2023, the Healthcare segment accounted for a significant share of the market, driven by the increasing adoption of virtual platforms for remote patient consultations, medical conferences, and online training. The Education sector is also witnessing notable growth, as virtual classrooms and e-learning solutions gain traction.
The Technology vertical is expected to witness substantial growth over the forecast period, fueled by the rising need for virtual events for product launches, webinars, and industry gatherings.Financial Services and Marketing and Advertising verticals are projected to contribute significantly to the overall market growth, as businesses leverage virtual events to engage with customers, generate leads, and promote their offerings.
Virtual Event Software Market Regional Insights
The Virtual Event Software Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. The region's high adoption rate of virtual event software can be attributed to the presence of a large number of technology companies and the growing popularity of online events.
Europe is another major market for virtual event software, with a significant number of businesses using it to reach a wider audience.The APAC region is expected to witness the fastest growth over the forecast period, due to the increasing demand for virtual events in emerging economies such as China and India. South America and MEA are relatively smaller markets for virtual event software, but they are expected to grow steadily over the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Virtual Event Software Market Key Players And Competitive Insights
Major players in the Virtual Event Software Market industry are constantly striving to gain a competitive edge by investing in research and development, forming strategic partnerships, and expanding their product portfolios. The Virtual Event Software Market industry has witnessed several notable developments in recent years, including the adoption of artificial intelligence (AI) and machine learning (ML) to enhance user experience, personalization, and engagement. Leading Virtual Event Software Market players are also focusing on providing integrated solutions that combine virtual event software with other services, such as audience engagement tools, data analytics, and marketing automation.
The Virtual Event Software Market development is driven by the increasing demand for virtual and hybrid events due to the ongoing COVID-19 pandemic and the need for businesses to adapt to remote work and social distancing measures.One of the leading companies in the Virtual Event Software Market is Hopin. Hopin offers a comprehensive virtual event platform that enables event organizers to host engaging and interactive online events. The platform includes features such as virtual networking, breakout rooms, live polling, and integrations with other tools. Hopin has partnered with several major companies, including Salesforce, Google, and Zoom, to provide a seamless experience for event organizers and attendees.
The company has also made significant investments in research and development to enhance its platform and meet the evolving needs of the market.A key competitor in the Virtual Event Software Market is Bizzabo. Bizzabo provides a cloud-based event management platform that helps businesses plan, host, and measure the success of virtual, hybrid, and in-person events. The platform includes features such as event registration, lead generation, attendee engagement, and data analytics. Bizzabo has a strong customer base in various industries, including technology, healthcare, and finance. The company has recently expanded its product portfolio by acquiring several other event technology companies, including XING Events and Attendify. Bizzabo continues to invest in innovation and strategic partnerships to maintain its position as a leading player in the Virtual Event Software Market.
Key Companies in the Virtual Event Software Market Include
- Hopin
- BigMarker
- Cadmium
- vFairs
- Splash
- Eventbrite
- Run The World
- Brazen
- Pathable
- InEvent
- Hubilo
- Cvent
- Bizzabo
- Remo
Virtual Event Software Market Industry Developments
The Virtual Event Software Market is projected to grow from USD 11.53 billion in 2023 to USD 22.3 billion by 2032, at a CAGR of 7.6%. The market is driven by factors such as increasing adoption of virtual and hybrid events, rising demand for immersive and interactive experiences, and growing need for cost-effective and sustainable event solutions. Key players in the market include Cisco Systems, Inc., Microsoft Corporation, IBM Corporation, and Cvent, Inc.Recent news developments and current affairs in the market include the launch of new virtual event platforms with advanced features such as virtual reality and augmented reality, partnerships between virtual event software providers and event organizers to offer end-to-end solutions, and the growing adoption of virtual events by businesses of all sizes for training, marketing, and customer engagement.
Virtual Event Software Market Segmentation Insights
-
Virtual Event Software Market Hosted Platform Outlook
-
Virtual Event Software Market Deployment Mode Outlook
- Self-Deployment
- Managed Service
-
Virtual Event Software Market Event Type Outlook
- Conferences and Expositions
- Webinars and Webcasts
- Workshops and Trainings
- Networking Events
-
Virtual Event Software Market Event Size Outlook
- Small-Scale Events (Under 1000 Attendees)
- Medium-Scale Events (1000-5000 Attendees)
- Large-Scale Events (Over 5000 Attendees)
-
Virtual Event Software Market Vertical Outlook
- Healthcare
- Education
- Technology
- Financial Services
- Marketing and Advertising
-
Virtual Event Software Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
10.71(USD Billion) |
| Market Size 2023 |
11.53(USD Billion) |
| Market Size 2032 |
22.3(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.6% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Hopin, BigMarker, Cadmium, vFairs, Splash, Eventbrite, Run The World, Brazen, Pathable, InEvent, Hubilo, Cvent, Bizzabo, Remo |
| Segments Covered |
Hosted Platform, Deployment Mode, Event Type, Event Size, Vertical, Regional |
| Key Market Opportunities |
Growing adoption of hybrid events Rise in demand for personalized experiences Integration with artificial intelligence Expansion into emerging markets Increasing focus on sustainability |
| Key Market Dynamics |
Rising demand for virtual events Advancements in technology Growing popularity of webinars and online conferences Increase in remote work and hybrid events Integration of AI and machine learning |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Virtual Event Software Market was estimated to be valued at USD 11.53 billion in 2023.
The Virtual Event Software Market is projected to grow at a CAGR of 7.6% from 2024 to 2032.
North America is expected to hold the largest market share in the Virtual Event Software Market in 2023.
The corporate events segment is expected to hold the largest market share in the Virtual Event Software Market in 2023.
Some of the key competitors in the Virtual Event Software Market include Cvent, Inc., Hubilo Technologies Inc., Intrado Corporation, and Microsoft Corporation.
The key factors driving the growth of the Virtual Event Software Market include the increasing adoption of virtual events, the growing popularity of hybrid events, and the rising demand for cost-effective and efficient event management solutions.
The key challenges facing the Virtual Event Software Market include the lack of technical expertise, the need for high-quality internet connectivity, and the security concerns associated with virtual events.
The key trends expected to shape the future of the Virtual Event Software Market include the increasing use of artificial intelligence and machine learning, the growing adoption of virtual reality and augmented reality, and the emergence of new event formats.
The Virtual Event Software Market is projected to reach a value of USD 22.3 billion by 2032.
The Asia-Pacific region is expected to witness the highest growth rate in the Virtual Event Software Market from 2024 to 2032.
