The virtual event software market size is projected to reach US$ 34.89 billion by 2031 from US$ 12.56 billion in 2023. The market is expected to register a CAGR of 13.6% during 2023–2031. The growth in virtual events and the rise in the adoption of AI-based virtual event platforms are likely to remain key trends in the market.
The virtual event software is gaining traction due to factors such as growing internet penetration, the rise in digitalization, and a boost in the work-from-home culture in the corporate sector. The ability of the virtual event software to engage the attendees with various engaging features such as one-on-one interaction, Q&A polls, live chats, emoticons, and others drives its demand among several end users such as corporates, event management companies, trade show organizers, academic institutions, and others.
Virtual event software helps to conduct events virtually in an efficient manner. It exhibits the same features as same as event management software. The only difference is that event management software also includes managing the event in person. Virtual event software has capabilities such as in-webcasting and integrates seamlessly with webinar software. It can integrate interactive content such as group chats, Q&A polls, and 1:1 networking. The user can also attend the event from any device.
The corporate sector is experiencing the growing popularity of virtual gatherings which is one of the key factors driving the virtual event platform need. The wave of digital transformation, the COVID-19 pandemic, and the work-from-home culture in the corporate sector have generated the need for a solution to engage the employees and stakeholders of the company on a single integrated platform. Large corporate have their employees across the world. For the team bonding activities, the corporate organizes various events where their employees can engage. Team bonding event helps corporates create a high-performing team and develop space for employees where they can interact and know more about each other's diverse backgrounds and experiences. Thus, corporates organize events to create a healthy work environment and relationships with the employees, which further fuels their productivity in work.
AI technology integrated technologies help the user to detect patterns and insights to uncover the gaps and opportunities that enhance the features of any software and processes. AI-integrated virtual event software can help to auto-creates the event agendas and automatic event planning. It can customize virtual venues and booths. It also helps to replicate the in-person experience on the virtual platforms. Some market players provide AI-based virtual event platforms. For example, EventsX is an AI-driven platform to organize, market, and host the perfect virtual, hybrid, or in-person event. It provides real-time and after-event analytics which helps the users to understand the customer's experiences. The event analysis also helps them to improve themselves for a future event by enhancing personalised customer experiences.
Key segments that contributed to the derivation of the virtual event software market analysis are solution, enterprise size, and end user.
The geographic scope of the virtual event software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific region is expected to grow with the highest CAGR during the forecast period. The rising digitalization, growth in the corporate sector, and proliferation of the internet in the region are some of the factors fuelling the Asia Pacific virtual event software market. Various software companies are expanding their presence and business in the region which further drives the market. The government's focus on boosting digitalization in the region has further complemented the market growth.
The regional trends and factors influencing the Virtual Event Software Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Virtual Event Software Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 12.56 Billion |
| Market Size by 2031 | US$ 34.89 Billion |
| Global CAGR (2023 - 2031) | 13.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Solution
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Virtual Event Software Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Virtual Event Software Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The virtual event software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the virtual event software market are listed below:
The “Virtual Event Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The growth in virtual events and the rise in the adoption of AI-based virtual event platforms are the key driving factors impacting the virtual event software market.
Event marketing on social media platforms is considered a key trend in the virtual event software market.
Cvent Inc.; EventMobi (5Touch Solutions Inc.); Hopin; Hubilo Technologies Inc.; lnEvent, Inc; Pathable, Inc.; Remo.co; ubivent GmbH; Whova Inc.; and vFairs are some of the key players operating in the virtual event software market.
The estimated value of the virtual event software market will be US$ 34.89 billion by 2031.
The global virtual event software market is estimated to register a CAGR of 13.6% during the forecast period 2023–2031.