Expected to grow at the CAGR of 12.7% during the forecast period, the global virtual event platform market size stands at $10.4 billion in 2021. Industry pundits have presented estimates that it might jump to a staggering $18.9 billion in five years (by 2026). What are the market factors driving this remarkable growth?
COVID-19
The sudden onset of the pandemic pushed businesses to resort to digital means for ensuring business continuity. Virtual event management platforms played a crucial role in facilitating the incoming traffic of organizations trying to conduct events virtually. Now, the struggle lies in finding a virtual event platform that can provide end-to-end event management with an actionable engagement strategy.
Widespread Internet Penetration
According to the international telecommunication union (2020), 75% of the global population had an active mobile broadband connection, and a mobile broadband network is accessible to nearly 90% of the world’s population. During the COVID-19, this humungous active user base consumed a higher percentage of social media content, conducting personal and official activities on social media. It led to an increase in daily internet consumption from 9% to 13% – a crucial factor driving the growth of the virtual event market.
Cost-effectiveness
Virtual events help organizers curb the overall cost associated with hosting in-person events. A physical seminar requires a venue, the staff, and might need attendees to travel from distant places. Online events are cost-effective not just for organizers but attendees as well.
Number of Corporate Events per Year
Back in 2015, 1.5 million events and meetings were organized throughout the United States. On average, an organization hosts around six events every year. With a remote work paradigm in place, companies migrated towards online event management platforms to conduct scheduled events, conferences, meetings, and seminars.
Technological Advancement
Technology has always served as a means to an end. It has made it possible for businesses to host immersive online events while attendees partake in virtual events from the comfort of their homes. Here, convenience plays a pivotal role in encouraging people to attend online events, driving businesses to conduct digital events regularly.
Considering the scope of the event management industry, several virtual event management players have jumped in to take a bite out of the chunk. It’ll be interesting to see if virtual event management platforms can decipher ways that mitigate data breaches and prevent information loss during events.
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