According to new market research report "Virtual EventPlatform Market withCOVID-19 Impact by Component (Platform and Services), Organization Size, EndUser (Corporations, Government, Education, Healthcare, Third Party Planner,Associations, Non-Profit) and Region - Global Forecast to 2026", publishedby MarketsandMarkets™,  the Virtual Event Platform Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of12.7% during the forecast period, to reach USD 18.9 Billion in 2026 from USD10.4 Billion in 2021.

Key factors that are expected to drive the growth of the market are theincreasing adoption of digital media marketing platform to expand the audiencebase, rise in popularity of online streaming to replace in-person presentation,transition of businesses to remote working approaches, cloud services aregaining popularity in small and medium enterprises and enhance accuracy incollecting customer information. These factors are driving the demand forvirtual event platform.

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Platform segment to hold a larger market size during theforecast period.

Based on component, the Virtual Event Platform Market issegmented into two categories: platform and services. The platform supportsrecreating in-person event experiences by incorporating emerging technologiessuch as augmented reality, virtual reality, and 3D simulation to offer virtualcommunication from remote locations. The platform offers various interactivefeatures including live chat box, live polls, one to one video and audio callswhich allows thousands of participants to share information in real-time.

Small enterprises segment to grow at a higher CAGR during theforecast period.

Small enterprises have an overall revenue of less than 0.1billion dollars. Small enterprises are focusing on capturing the market throughvarious growth strategies and catering to customer demands, resulting in thehigh adoption of cloud services among small enterprises. These enterprises facegreater challenges of limited budget for marketing and sales activities ascompared to large enterprises and require better methods to resolvecomplexities for improving the cost optimization of their business processes.However, the small enterprises segment is expected to grow at a higher CAGRduring the forecast period. Virtual event platform supports small enterprisesby reducing the overall cost associated with organizing a physical seminar,conference, or meeting. Further, virtual events are quick to arrange,inexpensive, and connect relevant people to meetings irrespective of theirlocations. These factors are also expected to encourage small enterprises toadopt virtual event platform at a rapid pace.

Third Party Planner segment is expected to grow at a higher CAGRduring the forecast period.

The third party planner professional planning organizations suchas Martiz. The virtual platform has enabled these planners to expand theiraudience and inclusivity. They also typically save a lot of time on logisticswhen hosting a virtual event compared to a live experience. Virtual events areapproximately 75% less expensive than in-person experiences, as plannerstypically save money on staff, venue, setup and takedown, accommodations,meals, travel costs, and more. Working with a third-party planner allowsplatform providers to focus on internal priorities such as driving registrationand creating compelling content instead of external priorities includinglogistics and vendor management. The market has seen tremendous growth ofthird-party planners adopting the virtual platform, especially after COVID-19and with new advancements in technology.

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North America to account for the highest market shareduring the forecast period

The Virtual Event Platform Market is segmented into fiveregions: North America, Europe, APAC, MEA, and Latin America. The Virtual EventPlatform Market report provides insights into these regional markets in termsof market size, growth rates, future trends, market drivers, and COVID-19impact. North America is expected to hold the highest market share in theoverall Virtual Event Platform Market during the forecast period. FollowingNorth America, Europe is expected to hold the second-highest market shareduring the forecast period. The presence of many virtual event platform vendorsin the US and high awareness among enterprises about the benefits of plannedevents as part of strong marketing strategies, Investments in varioustechnologies, including AI, IoT, big data, AR, and VR, and the growing rate ofadoption of cloud services expected to drive the market in North America.Europe and MEA are also expected to witness high growth rates during theforecast period.

The Virtual EventPlatform Market comprises major providers, such as 6Connex(US), Cvent(US),Hopin(UK), Remo(US), Hubilo(US), Vfairs(US), BigMarker(US), Zoom(US),Microsoft(US), Cisco(US), Kestone(India), Accelevents(US), Whova(US),EventMobi(Canada), On24(US), Vconfex(India), Samaaro(India), Aventri(US),Intrado(US), Bizzabo(US), Airmeet(India), Attendify(India), Splas(US),HeySummit(UK), Pheedloop(Canada), Socio(US), Vconferenceonline(US),SpotMe(Switzerland), Orbits(Australia), Brella(US), Run the World(US) andEventcube(UK). The study includes an in-depth competitive analysis of keyplayers in the Virtual Event Platform Market with their company profiles,recent developments, COVID-19 developments, and key market strategies.

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