Report : South America Virtual Event Software Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Solution (Software and Services), Enterprise Size (SMEs and Large Enterprises), and End-User (Trade Show Organizers, Event Management Agencies, Corporates, Academic Organizations, and Others)
Corporates is expected to be the fastest growing segment during the forecast period 2021–2028
According to a new market research study on “South America Virtual Event Software Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Solution, Enterprise Size, and End-User,” is expected to reach US$ 795.64 million by 2028 from US$ 341.02 million in 2021. The market is estimated to grow at a CAGR of 12.9% from 2021 to 2028. The report provides opportunity prevailing in the South America virtual event software market along with the drivers, trend and restraints pertaining to the market growth. Fostering inclination toward virtual events, widening application of virtual events by planners, and origination of live streaming feature and rising concept of hybrid events are the major factor driving the growth of the South America virtual event software market. However, heighten threat of data protection hinder the growth of South America virtual event software market.
Brazil has the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina, among others. The government of South America has taken an array of actions to protect their citizens and contain COVID-19’s spread. It is anticipated that South America will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to China, Europe, and the United States, which are important trade partners. Containment measures in several countries of South America will reduce economic activity in the manufacturing and service sectors for at least the next quarter and is expected to rebound once the pandemic is contained. Several countries in South America have been severely affected by the COVID-19 outbreak. Brazil has had the worst hit in the region, with the number of positive cases continuing to surge on a daily basis. The pandemic has had a positive impact on the virtual event platform market. The COVID-19 pandemic has enabled transformation of traditional events to virtual events with the help of virtual event platform. Hence, the overall impact of COVID-19 on South America region is moderate.
The South America virtual event software market is segmented on the bases of solution, enterprise size, end-user, and country. Based on solution, the market is segmented into software and services. In 2020, software segment held the largest share in the market and it is also expected to be the fastest growing segment during the forecast period. Based on enterprise size, the virtual event software market is segmented into SMEs and large enterprises. In 2020, large enterprises segment held the largest share in the market and SMEs is expected to be the fastest growing segment during the forecast period. Based on end-user, the market is segmented into trade show organizers, event management agencies, corporates, academic organizations, and others. In 2020, trade show organizers segment held the largest share in the market, and corporates is expected to be the fastest growing segment during the forecast period. Based on country, the market is segmented into Brazil, Argentina, and Rest of SAM. In 2020, Brazil held the largest share in the market and Rest of SAM is expected to be the fastest growing country during the forecast period.
Hopin; InEvent, Inc.; Pathable; Hubilo Technologies Inc.; and ubivent are among the leading companies in the South America virtual event software market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.