Virtual Event Software Market Overview and Forecast by 2031
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.
Virtual Event Software Market Analysis
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 Market Overview
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.
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Virtual Event Software Market: Strategic Insights
Market Size Value in US$ 9,675.8 Million in 2021 Market Size Value by US$ 24,201.6 Million by 2028 Growth rate CAGR of 12.4% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Virtual Event Software Market: Strategic Insights
| Market Size Value in | US$ 9,675.8 Million in 2021 |
| Market Size Value by | US$ 24,201.6 Million by 2028 |
| Growth rate | CAGR of 12.4% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Virtual Event Software Market Drivers and Opportunities
Rise in demand for virtual event platforms from the corporate sector to Favor the Market
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.
Integration of AI with virtual event software
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.
Virtual Event Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the virtual event software market analysis are solution, enterprise size, and end user.
- Based on the solution, the virtual event software market is divided into software and services. The software segment held the largest share of the market in 2023.
- By enterprise size, the market is segmented into SMEs and large enterprise. The SMEs are expected to grow with the highest CAGR during the forecast period.
- In terms of end user, the market is segmented into trade show organizers, event management agencies, corporates, academic organizations, and others. The corporates segment is expected to grow with a significant CAGR.
Virtual Event Software Market Share Analysis by Geography
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.
Virtual Event Software Market Report Scope
Virtual Event Software Market News and Recent Developments
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:
- Visit Maldives launched its very first virtual event management platform. The modern platform named “My Virtual Maldives” amplified audience engagement and networking by connecting attendees from across the globe through hosted online events ranging from virtual exhibitions, roadshows, and webinars to training and live marketing events targeting the travel trade and consumers alike. The web-based format allows the highest accessibility and easy navigation, enabling attendees to experience the power of going virtual on our robust platform and its features, such as, AI-powered matchmaking, smart lead generation, virtual booths, hybrid engagement & networking tools, real-time support, live video calls & text chat, and others. (Source: Visit Maldives, Press Release, April 2021)
- Chati, an industry-leading provider of comprehensive virtual and hybrid event solutions, announced the launch of its virtual event platform designed to transform how businesses, organizations, and communities engage with global audiences in virtual and hybrid environments. Chati's platform paves the way for remarkable experiences and valuable interactions for hosts of both self-service and full-service events. Its unique blend of features, including immersive content templates, customizable 3D spaces, gamification, event registration and ticketing, and integration capabilities, firmly positions Chati as a new benchmark in the online event industry for any business size or type. (Source: Chati, Press Release, August 2023)
Virtual Event Software Market Report Coverage and Deliverables
The “Virtual Event Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- virtual event software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- virtual event software market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- virtual event software market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the virtual event software market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Solution , Enterprise Size , and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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