Virtual events are online exhibitions or marketplaces that include breakout sessions, video conferencing, web conferencing, collaboration tools, communication, and social networking.
A pressing need for businesses to collaborate and share information in real time, across wide geographies has resulted in market growth in this area.
“Rapid globalization has enabled international integration in terms of business, products, ideas, culture, and views. As a result of the increasing scope in business and the growing advantages of globalization, enterprises have expanded their global footprint over the past decade,” says Faisal Ghaus, Vice President of TechNavio Research.
“In order to enhance global business opportunities, the convergence of information plays a vital role. This has increased demand for international communication facilities. Virtual events save traveling time, allow end-users to significantly reduce their communication costs and facilitate faster exchange of real-time data and information.”
Leading vendors in the market such as Microsoft Corp., IBM Corp., and Cisco Systems Inc. are all offering software and applications to enable enterprises to conduct virtual events.
Microsoft Corp. provides instant messaging and presence facilities, conferencing facilities, enterprise voice facilities, office integration and mobile applications. Comparably, IBM’s product IBM Connections is considered to be a leading enterprise social networking software and is used by several Fortune 500 companies, and Cisco Systems’ major product portfolio includes communication infrastructure, customer collaboration, IP telephony, UC applications, UC network management, and UC systems, licensing, and subscription.
The TechNavio report also delves into market trends and challenges that will impact growth in the market over the projected period.
To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global Virtual Event Market (http://www.technavio.com/
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