Virtual Event Platform Market Regional Analysis:
APAC Market Insights
The market share of virtual event platform in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 38% by the end of 2035. The growth of the market can be attributed majorly to the increasing number of millennials who are more tech-savvy and have a higher acceptance of virtual events, rising availability of high-speed internet access and increasing demand for cost-effective and personalized online events. Moreover, the growth in 4G (and 5G) internet connections in the region is projected to fuel the growth of the region's market. Approximately 55% and 80% of 4G internet connections were made in India and China, respectively, in 2019. 5G connections and base stations in China are the highest in the world. By the end of 2021, the number of 5G connections reached 478 million. As the internet connection speeds increase, more people are able to access and use cloud-based platforms, allowing them to take advantage of virtual event platforms such as video conferencing and streaming. This has made it easier for consumers to access events and participate in them from anywhere with a reliable internet connection, thereby driving up demand.
North American Market Insights
The North America virtual event platform market is estimated to be the second largest, registering a share of about 27% by the end of 2035. As a result of the pandemic, more and more companies and organizations in region are opting for virtual events owing to the restrictions on travelling and physical events, contributing to the regional market growth. Additionally, the increasing adoption of cloud-based technology in region, which is providing cost-effective solutions for virtual events, is also driving the growth of the market. Cloud-based technology offers scalability, enhanced storage, and cost-effectiveness, which makes it a viable choice in the event management industry. Additionally, the availability of high-speed internet in North America has enabled a large number of organizations to adopt cloud-based technology. In addition to reducing costs, this has allowed firms to take advantage of the latest technologies as well.
Europe Market Insights
Europe region is anticipated to register substantial growth through 2035. The European Union has been at the forefront of encouraging the use of digital technologies in various industries, owing to the numerous benefits they have to offer in terms of cost-effectiveness and flexibility. This has contributed to increased adoption of virtual event platforms in the region, driving the growth of the market. Moreover, with the increasing demand for financial services and products in the region, there has been a shift in the way these services are offered. More and more companies are turning to virtual events and platforms as a way to reach customers, as this allows them to reach a larger audience and provide more personalized services. As a result, the demand for these platforms is expected to increase in the near future.
