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According to our latest market study on “Virtual Event Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Solution, Enterprise Size, and End User,” the market is expected to grow from US$ 10,655.0 million in 2021 to US$ 24,201.6 million by 2028; it is estimated to register a CAGR of 12.4% during 2021–2028.
Increasing Adoption of Virtual Event Software in North America to Propel Market Growth During Forecast Period
North America led the global virtual event software market with more than 33% of revenue share, followed by Europe and Asia Pacific. The increasing adoption of digital media marketing platform to expand the audience base has created more opportunities to expand the virtual event software market. The work from home (WFH) policy implemented by several companies as a response to the lockdowns imposed by governments will drive the virtual event software market. The market is expected to grow due to corporations' ongoing attempts to broaden their global presence that demand the need for a connectivity network, which can reach masses across geographical boundaries.
North America is considered a corporate hub and registers a higher deployment rate of new and advanced technologies. Therefore, the factors that are driving the changes in the industry are technological advancement, firm economy, advanced networking infrastructure in the US and Canada, which is leading to digitalization, product launches, and business expansion of foreign companies in North America.
With the enormous number of people working from home and spending more time online, the COVID-19 outbreak is accelerating the shift to digital. This demand for digital resources is stressing the systems of many software and platform organizations and inhibiting their ability to deliver services with quality and reliability. To put this into perspective, since the start of the outbreak, there is an increasing popularity of virtual event platform, which is led by increasing demand for mobility solutions by a range of key stakeholders, including associations, professional meeting organizers, company executives, marketing managers, product management, human resources, and more. Virtual events have been around for a long time before COVID-19 and they will continue to grow but virtual events have increased its popularity, particularly since the outbreak of the COVID-19.
Key Findings of Study:
The global virtual event software market is segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Based on end user, the market is categorized into trade show organizers, event management agencies, corporates, academic organizations, and others. In 2020, the trade show organizers segment accounted for the largest share of the market. Based on enterprise size, the virtual event software market is segmented into SMEs and large enterprises. In 2020, the large enterprises segment accounted for a larger share of the market. In terms of solution, the virtual event software is segmented into software and services. In 2020, software segment dominated the market.
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