The increasing demand of mobility solutions by a range of key stakeholders, including associations, professional meeting organizers, company executives, marketing managers, product management, human resources, and more will increasing the popularity of virtual event platform across the globe. 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. Additionally, around 80% of event organizers/planners are looking ahead to use virtual event and persist with a potential to reach wider group of audience through 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 such as cloud based tools and live streaming events. The increasing adoption of digital media marketing platform to expand the audience base has created more opportunities to expand the virtual event software market. The virtual event software market witness’s high competition in terms of the development of advanced solutions for virtual event. For instance, vFairs significantly made its space in the virtual event software market by offering customizable, and configurable platform with 3D virtual Lobbies. They offer 3D expo floor, engaging 3D booths, welcome videos when you enter the lobby, an in-event scavenger hunt, and even programming in multiple languages.
Cvent Inc., EventMobi (5Touch Solutions Inc.), Hopin, Hubilo Technologies Inc., InEvent, Inc – Prominent Market Participants in Virtual Event Software Market
The factors attributing towards the growth of virtual event includes rapid urbanization and high inclination toward using virtual infrastructure, products, and services by event companies. For purposes such as event marketing, event outsourcing & analytics, and content & social media development, huge adoption of virtual event is witnessed among small and large-scale organizations. 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 agenda”, and “raise hand”.
Cvent Inc., EventMobi (5Touch Solutions Inc.), Hopin, Hubilo Technologies Inc., InEvent, Inc. are some of the key market players operating in the global virtual event software market. The listing of key players is derived by considering multiple factors such as overall revenue, current virtual event software product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the virtual event software ecosystems which were studies analyzed during the course of this market research study.
Most of the market initiatives were observed in North America region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:
| Year | News | Country |
| 2021 | In this partnership, Hubilo’s virtual and hybrid events platform with its engagement features, will further offer data analytics and capabilities that can generate new opportunities for businesses and event organisers to effectively deliver maximum return on investment (ROI).The partnership leverages Constellar’s partner networks in the APAC region, insight-generation capabilities, market knowledge, and established expertise in the hybrid event space. | North America |
| 2021 | Hopin will enhance its offerings with a focus on helping organizers market their events and grow their audiences. Attendify provides products that will enhance Hopin’s portfolio in several ways including Audience CRM which will soon be introduced on Hopin as a comprehensive, attendee data platform that will automatically capture engagement, identify intent signals and use event data to drive growth | Europe |
