Industrial Automation Magazine India

Indian virtual platform market to reach US$ 3 bn

Published on : Monday 10-04-2023

25 percentage of companies are planning to organise 5-10 Virtual Events in a year – leading the sales of the virtual platform – Future Market Insights, Inc.

April 2023 – Demand for virtual event platforms is projected to rise at an astronomical CAGR of 16.6% from 2022 to 2028. The global virtual event platforms market stands at a valuation of US$ 6.78 Bn and is predicted to surge to US$ 17.05 Bn by the end of 2028. Future Market Insights (FMI) recent study opines the global virtual event platforms market is to witness staggering growth because organisations switch to cloud computing and augmented reality in the wake of Industry 4.0, and various virtual platforms have come into existence. Their scope has further increased in the past few months, with businesses transitioning to remote working approaches in light of the pandemic crisis.

A spike in virtual meetings, conferences, trade fairs, and product launching events has been witnessed in the recent past. Several integrated virtual event platforms, standalone software, and support services characterise the overall virtual events platforms market.

Key takeaways

·  Global virtual event platforms market to surge at 16.3% CAGR through 2030

·  Prolific expansion opportunities lay in store across the healthcare industry, especially in surgical procedures

·  SMEs to make heightened usage of virtual event platforms across the forecast period

·   Academic institutions to emerge as extensive virtual event platform end-users by 2030

·  Live event support service to register impressive expansion, owing to the rising frequency of virtual events, and

·   South Asia & Pacific to be the fastest growing market, India to pivot growth.

Deepening internet penetration globally is prompting solution providers to foray into unconventional markets, thereby expanding their customer base, infers an FMI analyst.

According to Future Market Insights (FMI) estimates, the demand for virtual event platforms will surge exponentially, with maximum uptake likely to be across the education and healthcare industries. These network-based platforms have enabled people to schedule appointments with exhibitors, sponsors, and performers.

Prominent players in the global virtual event platforms landscape are Microsoft Corporation, Cisco Systems, Zoom Video Communications, Cvent, Evenium, SpotMe, Cadence, Cvent Inc, 6Connex Inc., and Hubb LLC among others.

Multiple strategies, ranging from product enhancements to new solution offerings, collaborations with niche players, and strategic acquisitions of smaller players characterise the competitive landscape.

Microsoft Corporation is the leader of the virtual event platforms market, offering a wide pool of cloud-based and conventional communication solutions. In September 2020, the software giant introduced Azure Communications Services, the first fully managed communication platform from a major cloud provider.

Several providers also offer specialised courses on virtual event management platforms. For instance, Cisco Systems provides training courses through its Cisco Networking Academy. It offers specialisation in networking, OS & IT, IoT, cybersecurity, programming, and infrastructure automation among others.

These insights are based on a report on Virtual Event Platforms Market by Future Market Insights.