North America Virtual Event Software Market
No. of Pages: 104 | Report Code: TIPRE00025352 | Category: Technology, Media and Telecommunications
No. of Pages: 104 | Report Code: TIPRE00025352 | Category: Technology, Media and Telecommunications
The virtual event software is gaining high momentum, owing to its increasing use in managing professional and academic conferences, conventions, trade exhibitions, and smaller events in North America. The management of on-demand calendars, operation reports, and invoices results in saving staff time and enhance accuracy in communicating needs across departments. The software helps in hosting the events virtually while also assisting in boosting interaction with sponsors, participants, and exhibitors. According to the EventMB Report, 2019, 83% of event planners consider an event’s content essential for making a live event noteworthy. Also, for the corporate event planners, budget is a significant concern, followed by new ideas and return on investment. All these aspects will help the virtual event software to grow. Also, owing to the COVID-19 outbreak, conferences and events are compelled to take place through virtual or online platforms. The Remote Work Summit, Product-Led Summit, Khoros Engage, XR Immersive Enterprise 2020, and XR Immersive Enterprise 2020 are among the events and conferences held virtually. Moreover, IoT Tech Expo North America is a 2-day virtual conference expected to be held in September 2021. Also, an event of KubeCon and CLoudNativeCOn in October 2021 is another upcoming virtual event to be held in North America. Thus, with the region witnessing a high inclination toward virtual events, the penetration of virtual event software is projected to increase.
North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation and strengthen the networking infrastructure capabilities. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner. The dramatic shift to virtual events created all sorts of new challenges for planners. From rethinking agenda, design and managing remote speakers to dealing with new tech and finding interesting ways of keeping people engaged. Moreover, due to the falling GDP, the market will have negative impact on the growth rate of virtual event software market. The COVID-19 crisis has drastically forced the planner to switch from in-person meetings to virtual meetings. The COVID-19 outbreak has not much affected the event platform provider. However, in the coming years, the virtual event software market is expected to foresee significant growth opportunities owing to the rising demand for digital content and live streaming. Thus, the overall impact of COVID-19 on the North American region is low to moderate.
Strategic insights for the North America 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$ 4,267.32 Million |
| Market Size by 2028 | US$ 9,269.20 Million |
| Global CAGR (2021 - 2028) | 11.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Solution
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America 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 North America is expected to grow from US$ 4,267.32 million in 2021 to US$ 9,269.20 million by 2028; it is estimated to grow at a CAGR of 11.7% from 2021 to 2028. Technological developments such as software-as-a-service based virtual events is generating a huge impact on the trend of conducting events virtually. The cloud-based tool allows the end user to provide interactive experience while enhancing overall sales experience through podcasting, instant messaging, and virtual product experience. Also, another Solution making a positive impact in the growth of virtual events is Connect through Live Streaming. Live streaming events enable larger number of participants to access content resources to assist them align with context better. Connect through live streaming is a process of streaming entire live video in real-time. The participants can enjoy presentations as live streaming are real and more authentic; unlike edited videos which feels distant and manipulated. For instance, companies such as Airmeet provides live video streaming in a HD quality with different engagement features such as group chat, Q&A, “social lounge with agenda”, and “raise hand”. The new product is accessible on any modern browser”. Hybrid Events is another aspect that would help in creating lucrative business opportunities for the growth of virtual events. The COVID-19 pandemic has transformed the event industry to assist planners and companies make better decisions utilizing virtual event Solution. As 2020 witnessed many virtual events, 2021 will observe a rise of hybrid events. Since vaccination is getting rolled up globally, it might become possible to commence with hosting in-person events. However, every attendee will not be comfortable with attending physical conferences and events so soon. Therefore, to assist in this case, hybrid events would play a positive role in boosting adoption of virtual event software. Hybrid events help the event planners to host event with limited number of physical attendees in one location and at a same time would give an online hub too for virtual attendees to take participation in events freely. Moreover, it is projected that over 65% of events professionals aims to utilize hybrid event format once in-person events start again. All aspects aforesaid about hybrid events and live streaming feature in virtual event software would help in accelerating the market growth.
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 North America 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; EventMobi; and Remo.Co. among others.
The North America Virtual Event Software Market is valued at US$ 4,267.32 Million in 2021, it is projected to reach US$ 9,269.20 Million by 2028.
As per our report North America Virtual Event Software Market, the market size is valued at US$ 4,267.32 Million in 2021, projecting it to reach US$ 9,269.20 Million by 2028. This translates to a CAGR of approximately 11.7% during the forecast period.
The North America 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 North America Virtual Event Software Market report:
The North America Virtual Event Software Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Virtual Event Software Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Virtual Event Software Market value chain can benefit from the information contained in a comprehensive market report.
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