The virtual event platform market is expected to grow significantly in the coming years, with the valuation predicted to reach $40 billion by 2032. A recent research study by Global Market Insights Inc. attributes this growth to increasing digitalization in corporate organizations worldwide. As businesses continue to adopt unified communications services and platforms, the demand for virtual and hybrid event solutions is on the rise.
The services segment of this market is projected to be worth $5 billion by 2032, fueled by the expanding usage of internet-based tools for business discussion, communication, advertising, and quotations. Employers are increasingly leveraging virtual solutions for remote interviewing, while sales and marketing teams rely on these tools to create awareness and reach potential customers.
Large enterprises are expected to experience a compound annual growth rate of over 10% between 2023 and 2032 due to the growing need for digital platform distribution. These organizations are deploying virtual communication and collaboration solutions to maintain efficient operations across multiple locations, allowing them to cater to increased business demand and manage diverse stakeholders across regions.
The North American virtual event platform market surpassed $4 billion in 2022, driven primarily by the growing adoption of digital platforms in the healthcare industry, particularly in Canada. The increasing number of startups and ongoing infrastructure developments in the U.S. and Canada are also factors contributing to the regional market growth.
Major companies in the virtual event platform market include Zoom, Microsoft, Cvent, Cisco, Hopin, On24, and Airmeet. To gain a competitive edge in the industry, these firms are focused on acquiring new technologies and forging strategic partnerships. For instance, in April 2023, Jifflenow, a prominent B2B meeting scheduling platform, partnered with Cvent, a leading hospitality technology provider, simplifying event and meeting scheduling for its customers.