The virtual event platform market size is expected to grow 12.7 per cent to be worth $US18.9 billion globally in 2026 , driven by surging numbers of small enterprises adopting the technology to save costs on in-person seminars and conferences.
The platforms support recreating in-person event experiences by incorporating emerging technologies such as augmented reality, virtual reality, and 3D simulation to offer virtual communication from remote locations.
The market, which is worth $US10.4 Billion in 2021 – according to the industry report from MarketsandMarkets – has seen growth in business adoption rates, especially after COVID-19 and with new advancements in technology.
The growth has been most pronounced among small enterprises, which have used virtual event platforms to reduce the overall cost associated with organising a physical seminar, conference, or meeting.
“Further, virtual events are quick to arrange, inexpensive, and connect relevant people to meetings irrespective of their locations,” the report states.
The report estimates that virtual events are approximately 75 per cent less expensive than in-person experiences, as planners typically save money on staff, venue, setup and take-down costs.