The global virtual events market size reached US$ 140.1 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 468.9 Billion by 2028, exhibiting a growth rate (CAGR) of 22.6% during 2023-2028.
Virtual events are web-based events that involve the virtual interaction of individuals at different locations through connected devices, including smartphones, laptops, desktop computers, and tablets. They include business conferences, sales meetings, summits, academic classes, job fairs, and trade shows. They allow employees to communicate, share feedback and ideas in meetings, and enjoy a shared experience. They offer flexibility, live chat options, and downloadable resource sections that help improve the work efficiency of individuals. Besides this, they are highly interactive and friendly, create a fun learning experience, and eliminate the need for a physical venue. Moreover, as they assist organizations in saving on staff, setup, meals, and travel costs, virtual events are increasingly being organized across healthcare, education, corporate, hospitality, and banking, financial services and insurance (BFSI) industries.
Virtual Events Market Trends:
At present, rapid urbanization and the widespread adoption of virtual infrastructure, tools, and services by enterprises across the globe are among the key factors positively influencing the market. In addition, numerous small and large-scale organizations are shifting towards virtual platforms for event marketing, event outsourcing and analytics, content and social media development, and access management. This is creating a positive outlook for the market. Apart from this, the rising adoption of work-from-home (WFH) policy and shifting employer inclination towards audio and video conferencing for recruitment purposes are contributing to the market growth. Furthermore, the usage of various interactive tools, such as polling, announcements, live chats, and live questions and answers (Q&A) columns, to enhance event efficiency, is favoring the market growth. Moreover, the integration of advanced technologies, such as artificial intelligence (AI), virtual reality (VR), and augmented reality (AR), to provide improved user experience is offering a favorable market outlook.
Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global virtual events market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, solution type, application and end-use.
Breakup by Type:
Video Conferencing and Unified Communications & Collaborations
Video conferencing and unified communications and collaborations segment dominates the market due to its increasing utilization for recruitment and real-time operational purposes.
Breakup by Solution Type:
Webinars and Enterprise Streaming
Networking and Collaborations
Content Sharing and Media Development
Based on the solution type, the market has been classified into webinars and enterprise streaming, networking and collaborations, content sharing and media development, event marketing, and others.
Breakup by Application:
Online Education Programs
Virtual Reality Exhibitions
Based on the application, the market has been segmented into virtual conferences, virtual tradeshows, online education programs, virtual reality exhibitions, and others.
Breakup by End-Use:
Finance and Banking
The corporate sector accounts for the majority of the market share due to the shifting preferences of corporate companies towards virtual event management platforms to maintain a smooth workflow across multiple geographical locations.
Breakup by Region:
Middle East and Africa
North America exhibits a clear dominance in the market due to the early adoption of advanced video technologies, coupled with the advanced infrastructure in the region.
The report has also analysed the competitive landscape of the market with some of the key players being Adobe Inc., Alcatel-Lucent, Atlassian, Avaya Holdings Corp., Broadsoft Inc., Cisco Systems Inc., Citrix Systems Inc., Huawei, International Business Machines, Microsoft Corporation, Mitel Networks, Toshiba Corporation and Zoom Video Communications Inc., etc.
Key Questions Answered in This Report
1. What was the size of the global virtual events market in 2022?
2. What is the expected growth rate of the global virtual events market during 2023-2028?
3. What are the key factors driving the global virtual events market?
4. What has been the impact of COVID-19 on the global virtual events market?
5. What is the breakup of the global virtual events market based on the type?
6. What is the breakup of the global virtual events market based on the end use?
7. What are the key regions in the global virtual events market?
8. Who are the key players/companies in the global virtual events market?