The event technology industry experienced rapid growth during the COVID-19 pandemic due to the need for virtual event solutions, but struggled when in-person events returned. Companies like Hopin, once valued at $7.75 billion, faced dramatic declines, ultimately selling off their assets, marking a shift in the industry. Similarly, Intrado and WebEx exited the event tech market, signaling broader industry challenges, but allowing smaller companies to gain market share.
In contrast, long-established event tech providers like Cvent, with over 4,800 staff and two decades of experience, continue to thrive despite increased competition. The latest Skift Meetings Event Technology Almanac 2024 reports that 95% of event tech companies are seeing stable or rising demand, with in-person events remaining dominant. Hybrid events, which combine in-person and virtual elements, are gaining traction, while virtual-only events remain a minority.
Looking ahead, the industry faces uncertainties around consolidation, innovation, and the evolving needs of event planners. The rise and fall of tech “unicorns” highlights the volatile nature of the market, where adaptability and long-term stability are key to success.
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