Asia Pacific Virtual Event Software Market
No. of Pages: 112 | Report Code: TIPRE00025356 | Category: Technology, Media and Telecommunications
No. of Pages: 112 | Report Code: TIPRE00025356 | Category: Technology, Media and Telecommunications
Asia Pacific consists of China, India, Japan, Australia, and South Korea. The presence of developing economies such as China, India, South Korea, Malaysia, the Philippines, and Taiwan helps in transforming Asia into a developing region as these countries are rich in manufacturing units and industrial growth. With the growing industrial sector in aforesaid countries, the number of trade shows and exhibitions for product launch will also increase. Concerts, events, webinars, and exhibitions create a need for event management software to efficiently manage the related activities. Although several offline events and conferences are being postponed due to the COVID-19 outbreak, event management software plays an impeccable role in ensuring the events are successfully held online. Online events that take place in Asia include new student orientation, Bridge program virtual trial class, Webinar: introduction to UMGC Asia, Graduate programs webinar, EmTech Asia 2020, Mobile Growth Summit Asia, ODSC ASIA PACIFIC Virtual Conference, Digital Travel- the Travel Summit, and PDI Asia Pacific Summit Virtual Experience 2021.
The Asia Pacific region is hugely affected by a COVID-19, owing to a massive number of cases in China, the country is the most crucial manufacturer and industrial producer since it trades more manufacturing goods than any other country in the globe; it is also a world leader in several types of goods. According to the Organization for Economic Co-operation and Development (OECD), the other major economies outside of China have also impacted by the pandemic, such as huge South Korea, India, Australia, and Japan, and are experiencing downward growth. Since the outbreak of COVID-19 across the Asia Pacific, several countries have suffered heavily. China, Japan, South Korea, India, Hong Kong, and Taiwan are some of the countries that have incurred a huge loss. The manufacturing sectors in the countries mentioned above have been experiencing low production and a weak supply chain. Additionally, the labor shortage has affected the manufacturing sector in these countries. The work from home facilities across industries are foreseen anticipated to create demand for virtual event software. Hence, the overall impact of COVID-19 on Asia Pacific region is low to moderate.
Strategic insights for the Asia Pacific Virtual Event Software provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2,523.10 Million |
| Market Size by 2028 | US$ 6,289.99 Million |
| Global CAGR (2021 - 2028) | 13.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Solution
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Virtual Event Software refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The virtual event software market in Asia Pacific is expected to grow from US$ 2,523.10 million in 2021 to US$ 6,289.99 million by 2028; it is estimated to grow at a CAGR of 13.9% from 2021 to 2028. Virtual congresses, events, and conferences are crucial economic factors for event industry; however, such events comprise of huge expenditure and long travels for hosts and audiences/attendees. Therefore, to come up with beneficial, ecologically friendly, and cost-efficient alternatives, virtual events, fairs, and online conferences are coming into picture. 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. Therefore, to manage virtual events efficiently and interact with attendees, virtual event software is gaining a high momentum. Lively interaction in virtual events is guaranteed via inclusion of live chats for public and private communication. Also, the virtual events are utilized to pass-on information and to answer individual questions through live chats. There is also an integration of different interactive tools, including attendee polls, forums, one-on-one or small group networking, and live questions and answers which helps in improving efficiency of events. The above-mentioned features of virtual event software will continue to drive the future growth of virtual event software market.
Moreover, virtual events have gained popularity majorly since COVID-19 pandemic outbreak. Spurred by lockdowns, organizations who planned on conducting virtual events got doubled in 2020. It has also been noticed that during COVID-19 pandemic outbreak, even after live events are getting permitted again, 90% of companies are still considering hosting virtual events. Below mentioned are some of the facts about virtual events during COIVD-19 pandemic outbreak:
• 91% companies want to keep attendees connected.
• Around 2/3rd wants to maintain normalcy in amid of COVID-19
• Nearly 55-60% wants to attract new members and increase awareness
All aspects mentioned above related to COVID-19 will continue to drive the adoption of virtual event software globally.
In terms of solution, the software segment held a larger share in 2020. Based on enterprise size, large enterprises size segment held the largest share in 2020. Based on end-user, the trade show organizers segment held the largest share in 2020.
A few major primary and secondary sources referred to for preparing this report on the virtual event software market in Asia Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Hopin; InEvent, Inc.; Pathable; Hubilo Technologies Inc.; ubivent; Cvent Inc.; vFairs LLC; Whova Inc; and Remo.Co. among others.
The Asia Pacific Virtual Event Software Market is valued at US$ 2,523.10 Million in 2021, it is projected to reach US$ 6,289.99 Million by 2028.
As per our report Asia Pacific Virtual Event Software Market, the market size is valued at US$ 2,523.10 Million in 2021, projecting it to reach US$ 6,289.99 Million by 2028. This translates to a CAGR of approximately 13.9% during the forecast period.
The Asia Pacific Virtual Event Software Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Virtual Event Software Market report:
The Asia Pacific Virtual Event Software Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Virtual Event Software Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Virtual Event Software Market value chain can benefit from the information contained in a comprehensive market report.
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