Asia Pacific Virtual Event Software Market

Market Introduction

Asia Pacific consists of China, India, Japan, Australia, and South Korea. The presence of developing economies such as China, India, South Korea, Malaysia, the Philippines, and Taiwan helps in transforming Asia into a developing region as these countries are rich in manufacturing units and industrial growth. With the growing industrial sector in aforesaid countries, the number of trade shows and exhibitions for product launch will also increase. Concerts, events, webinars, and exhibitions create a need for event management software to efficiently manage the related activities. Although several offline events and conferences are being postponed due to the COVID-19 outbreak, event management software plays an impeccable role in ensuring the events are successfully held online. Online events that take place in Asia include new student orientation, Bridge program virtual trial class, Webinar: introduction to UMGC Asia, Graduate programs webinar, EmTech Asia 2020, Mobile Growth Summit Asia, ODSC ASIA PACIFIC Virtual Conference, Digital Travel- the Travel Summit, and PDI Asia Pacific Summit Virtual Experience 2021.

The Asia Pacific region is hugely affected by a COVID-19, owing to a massive number of cases in China, the country is the most crucial manufacturer and industrial producer since it trades more manufacturing goods than any other country in the globe; it is also a world leader in several types of goods. According to the Organization for Economic Co-operation and Development (OECD), the other major economies outside of China have also impacted by the pandemic, such as huge South Korea, India, Australia, and Japan, and are experiencing downward growth. Since the outbreak of COVID-19 across the Asia Pacific, several countries have suffered heavily. China, Japan, South Korea, India, Hong Kong, and Taiwan are some of the countries that have incurred a huge loss. The manufacturing sectors in the countries mentioned above have been experiencing low production and a weak supply chain. Additionally, the labor shortage has affected the manufacturing sector in these countries. The work from home facilities across industries are foreseen anticipated to create demand for virtual event software. Hence, the overall impact of COVID-19 on Asia Pacific region is low to moderate.

Market Overview and Dynamics

The virtual event software market in Asia Pacific is expected to grow from US$ 2,523.10 million in 2021 to US$ 6,289.99 million by 2028; it is estimated to grow at a CAGR of 13.9% from 2021 to 2028. Virtual congresses, events, and conferences are crucial economic factors for event industry; however, such events comprise of huge expenditure and long travels for hosts and audiences/attendees. Therefore, to come up with beneficial, ecologically friendly, and cost-efficient alternatives, virtual events, fairs, and online conferences are coming into picture. The factors attributing towards the growth of virtual event includes rapid urbanization and high inclination toward using virtual infrastructure, products, and services by event companies. For purposes such as event marketing, event outsourcing & analytics, and content & social media development, huge adoption of virtual event is witnessed among small and large-scale organizations. Therefore, to manage virtual events efficiently and interact with attendees, virtual event software is gaining a high momentum. Lively interaction in virtual events is guaranteed via inclusion of live chats for public and private communication. Also, the virtual events are utilized to pass-on information and to answer individual questions through live chats. There is also an integration of different interactive tools, including attendee polls, forums, one-on-one or small group networking, and live questions and answers which helps in improving efficiency of events. The above-mentioned features of virtual event software will continue to drive the future growth of virtual event software market.

Moreover, virtual events have gained popularity majorly since COVID-19 pandemic outbreak. Spurred by lockdowns, organizations who planned on conducting virtual events got doubled in 2020. It has also been noticed that during COVID-19 pandemic outbreak, even after live events are getting permitted again, 90% of companies are still considering hosting virtual events. Below mentioned are some of the facts about virtual events during COIVD-19 pandemic outbreak:

•             91% companies want to keep attendees connected.

•             Around 2/3rd wants to maintain normalcy in amid of COVID-19

•             Nearly 55-60% wants to attract new members and increase awareness

All aspects mentioned above related to COVID-19 will continue to drive the adoption of virtual event software globally.

Key Market Segments

In terms of solution, the software segment held a larger share in 2020. Based on enterprise size, large enterprises size segment held the largest share in 2020.  Based on end-user, the trade show organizers segment held the largest share in 2020.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the virtual event software market in Asia Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Hopin; InEvent, Inc.; Pathable; Hubilo Technologies Inc.; ubivent; Cvent Inc.; vFairs LLC; Whova Inc; and Remo.Co. among others.

Reasons to buy report

• To understand the Asia Pacific virtual event software market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for Asia Pacific virtual event software market
• Efficiently plan M&A and partnership deals in Asia Pacific virtual event software market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Asia Pacific virtual event software market
• Obtain market revenue forecast for market by various segments from 2021-2028 in Asia Pacific region.

Asia Pacific Virtual Event Software Market Segmentation

Asia Pacific Virtual Event Software Market – By Solution

• Software
• Services

Asia Pacific Virtual Event Software Market – By Enterprise Size

• SMEs
• Large Enterprises

Asia Pacific Virtual Event Software Market – By End-User

• Trade Show Organizers
• Event Management Agencies
• Corporates
• Academic Organizations
• Others

Asia Pacific Virtual Event Software Market – By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC

Asia Pacific Virtual Event Software Market – Companies Mentioned

• Hopin         
• InEvent Inc.                        
• Pathable, Inc.                      
• Hubilo Technologies Inc.  
• ubivent   
• Cvent Inc.                           
• vFairs LLC                            
• Whova Inc                             
• Remo.Co          

Asia Pacific Virtual Event Software Market Strategic Insights

Asia Pacific Virtual Event Software Market Segmentation Analysis

Asia Pacific Virtual Event Software Market Report Highlights

Asia Pacific Virtual Event Software Report Scope

Asia Pacific Virtual Event Software Market Country and Regional Insights