Get Event Going! and Business Continuity
Virtual events exploded in popularity in 2020. It was a matter of necessity, of course. Ever since the COVID-19 outbreak ground in-person events to a halt, many organizations and businesses have thrived with virtual events. Due to lockdowns and social distancing, the internet became practically the only way for people to meet and gather.
A virtual event platform is software that allows us to host interactive events - such as conferences, trade expos, and workshops - on the internet.
With the increased adoption of smartphones and internet penetration, businesses were able to implement virtual event software solutions for online marketing. Furthermore, the COVID-19 outbreak resulted in an increase in virtual marketing events to avoid physical events and increase customer base. Aside from that, the changing consumer lifestyle has compelled organisations to seek out innovative solutions for organising theme-based events that can be accessed from anywhere. Because of the increased use of social media platforms, marketers have shifted their focus to online marketing strategies such as new product launches, advertising campaigns, brand promotion, email marketing, and product demonstrations. As a result, digital marketing activities are expected to propel the virtual event platform market forward.
Virtual events such as online meetings, video conferences, live chats, and video calls enable real-time information sharing. Because of lockdown restrictions and remote work operations, the organisations use virtual event platforms to improve customer service and overcome challenges in operating various day-to-day business operations. Enterprises were able to transition from in-person to online events thanks to unified communication and collaboration and content delivery technologies. Virtual Event software is a highly interactive and engaging tool that improves communication and collaboration among customers, partners, stakeholders, and employees. Enterprises recognise the value of virtual event software as a powerful tool for training, interacting, and communicating with employees without regard to geography.
Integrating Virtual Event Software, a Challenge
Organizations are embracing digital transformation. As a result, organisations are rapidly adopting off-premises applications to save money on software and hardware upgrades. Organizations that have been successful in implementing digital transformation face challenges in integrating existing infrastructure with virtual event platform software. A critical activity for a business is configuring an existing business model with virtual event software. Compatibility issues at various business levels necessitate organisations ensuring efficient business operations at various levels. To recreate the live event experience, technical expertise and dependent support are required. Many event managers use various systems for various business operations. Organizations use separate systems for email and video conferencing, which increases the possibility of error and increases manual workload. As a result, incorporating virtual event software may have an impact on the growth of the virtual event platform market.
Data Privacy and Security Concerns
The security and privacy of video content shared across multiple platforms can be a major concern for organisations looking to implement virtual event software solutions. Furthermore, organisations are concerned about copyright and digital rights in order to avoid data loss and breaches. Organizations must define their policies for secure virtual meetings in order to overcome such challenges. To avoid unauthorised parties, organisations can limit the number of people attending a private event and provide a passcode. Furthermore, virtual event platform vendors must provide simple-to-use, interoperable virtual event software solutions with integrated security features.
As per Fairfield Market Research preliminary estimates, the market is expected to grow at a CAGR of ~12-15%. Event management companies and software service providers invest heavily in R&D activities to incorporate emerging technologies and build products with unique features in order to gain a competitive advantage.
Zoom Communications, Inc. announced technological advancements in its Core UC Platform, Zapps, OnZoom, and End-to-End Encryption during the Zoomtopia 2020 virtual event in October 2020. The use of advanced technology allows businesses to save time and money while increasing the efficiency and effectiveness of their operations. Several major industry players have reported an increase in digital platform deployment during the Covid-19 pandemic. Microsoft, for example, announced in March 2020 that Microsoft Teams had surpassed 44 million daily active users.
Cvent, Connex, Hopin, Vfairs, Remo, Hubilo, BigMarker, Zoom, Samaaro, Microsoft, Cisco, Kestone, Whova, EventMobi, Vconfex, On24, and Accelevents are some of the key players in the global virtual events market.
Key Elements Included In The Study: Global Virtual Event Platform Market
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