USD 115.2 billion
Report ID: SQSG45D2019 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 180 | Figures: 75
Virtual Events Market was valued at USD 115.2 billion in 2021, and it is expected to reach a value of USD 432.43 billion by 2028, at a CAGR of more than 20.8% over the forecast period (2022-2028).
A virtual event offers a forum for communication between attendees, exhibitors, speakers, influencers, and brands. They may electronically collaborate, debate a variety of subjects and new goods, and enjoy the same experience. Think of a virtual trade exhibition as an example. Many different brands will attend a trade fair to display their goods. They give lectures or live product demos to showcase such items. The companies might aim to engage the audience more during their product demonstrations by becoming more engaging.
The fact that virtual events are so cost-effective may be credited with driving industry expansion. Cost-effectiveness enables a huge number of participants from around the world to join a meaningful meeting. Due to its time efficiency, digitally simulated events are becoming more and more popular among event planners and attendees, which is anticipated to propel market expansion throughout the projected period. Furthermore, by saving on the costs of the venue, employees, food, lodging for attendees, and transport, virtual events assist corporations in lowering the entire cost of holding a physical seminar, conference, or meeting. According to research, a typical company could save $11,000 annually if it enabled workers to work from home only half the time. These workers would directly save $2,000 to $7,000 a year on transportation and work-related expenses. This cost reduction will help in boosting the growth of the global virtual events market during the forecast period.
The COVID -19 pandemic, the adoption of the lockdown protocol, and the social withdrawal standard have all been extremely advantageous to the virtual events sector. Businesses from all over the world are now compelled to use virtual lines of communication for events like meetings, live presentations, product debuts, and more. As a result, virtual events have been widely used as a venue for communication.
US Virtual Events Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 115.2 billion
more than 20.8% CAGR
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Global virtual events market is segmented based on the event type, service, establishment size, end user, application, industry vertical, use case, and region. Based on the event type, the global virtual events market is segmented into internal, external, and extended. On the basis of service, the virtual events market is segmented into communication, recruitment, sales & marketing, and training. On the basis of establishment size, the global virtual events market is segmented into SMBS, and large enterprises. On the basis of end-user, the global virtual events market is segmented into educational institutions, enterprises, organizations, and others. On the basis of application, the global virtual events market is segmented into conferences, exhibitions/trade shows, summits, and others. On the basis of industry vertical, the global virtual events market is segmented into banking, financial services, and insurance (BFSI), consumer electronics, healthcare, information technology (IT), manufacturing, media & entertainment, telecom, and others. Based on Region virtual events market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Virtual Events Market Analysis by Event Type
Over 40% of all revenue in 2021 came from the external sector, which is expected to continue to dominate the global virtual events market over the projected period. The increasing use of virtual event tools by enterprises to connect with third parties is responsible for the segment's growth. In order to take advantage of technological advancements and offer premium services to their clients, several corporations are working together with technology firms. The segment's expansion is anticipated to be fueled by the extensive use of digitally simulated tools by enterprises for tradeshows, product launch events, press releases, client conferences, and other communication events.
Businesses must constantly interact with their distant service providers for meetings, data sharing, and training in order to drive sector growth as a result of the rising popularity of outsourcing. From 2022 to 2028, the extended category is predicted to have the fastest CAGR. The category is anticipated to develop as a result of the increasing use of virtually simulated platforms that enable remote audiences to actively engage in events or gatherings held in other locations. As part of the WFH strategy that many organizations have adopted in response to the pandemic, internal events, or those convened within an organization, are also being planned digitally.
To assist firms in virtualizing their regular interactions for simpler departmental functioning and workflow administration, several top market players have created a variety of platforms. For instance, 6Connex users may now provide matching suggestions to event participants using these new AI capabilities. Additionally, event planners may use AI to suggest material and aid attendees in making agendas for the event. A single event or conference may accommodate more than 100,000 guests thanks to the technology.
Virtual Events Market Analysis by Service
Due to the huge growth in the number of digitally simulated events that were held, the communication segment had the greatest revenue share of almost 34 percent in 2021. Events, from local meetings to huge conferences, require communication tools and solutions. The expansion of this segment has been fueled by the increasing usage of online platforms for corporate dialogues, announcements, meetings, and pronouncements. The hiring market also experienced substantial growth as businesses actively used virtual event solutions to interview applicants online. In order to employ applicants during the COVID-19 pandemic, the majority of firms (86 percent) are using virtual interviews, according to a Gartner poll. Around 82 percent of firms stated they anticipate a drop in external recruiting over the forecast period due to the uncertainties the epidemic has brought.
Online hiring practices often ensure simplicity and flexibility while sparing both candidate’s and companies’ time and resources. According to projections, the training market will expand at the quickest CAGR between 2022 and 2028, reflecting the importance that businesses have of conducting in-house training sessions online. Employers may develop in-house talent and workers can learn and develop diverse skill sets regardless of their location by holding training sessions online. The usage of virtual platforms for holding staff training sessions has significantly expanded in response to the COVID-19 pandemic outbreak. According to a study by Connect Solutions, employees who telecommute report being more productive while working from home, and 23 percent of them are willing to put in long hours while working remotely, and 52 percent are less inclined to take time off.
In accordance with the aggressive promotional efforts businesses are making to stand out in the market against the escalating competition, the sales & marketing category is also anticipated to experience considerable development over the course of the projection year. By helping to increase awareness of the company's goods and services among potential consumers, communication and collaboration solutions may play a significant role in the sales and marketing division, boosting revenue and profitability.
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Over 40% of global revenue in 2021 came from North America, which is expected to have the largest share of the global virtual events during the projected period. North America is home to industrialized nations with excellent networking infrastructure, including the United States and Canada. A corporate hub, North America is well known for being an early user of cutting-edge technology. Over the course of the forecast period, the market in Canada is anticipated to rise as a result of the quickening use of digitally simulated platforms, particularly in the healthcare sector. For example, according to BOS findings, big data (42 percent), the Internet of Things (30 percent), and robotics have been used by most Canadian businesses out of all the digital technologies (66 percent and 53 percent of businesses, respectively) (26 percent). Large enterprises nearly always reported larger proportions of adoption than did small or medium-sized firms, which is consistent with results in the literature and earlier data for Canada. From 2022 to 2028, it is anticipated that Latin America, the Middle East, and Africa will all experience considerable growth.
This is due, among other things, to variables including rising levels of disposable income, ongoing UCaaS application development, and an increase in the number of start-ups and conglomerates in these areas. For example, over the past six years, startups have dramatically increased in India. From just 733 in 2016–17, the number of newly recognized companies has surged to almost 14,000 in 2021–22. After the US and China, India now boasts the third-largest startup environment worldwide. In 2021, a record 44 Indian firms became unicorns, bringing the country's total to 83, with the majority operating in the services industry.
From 2022 to 2028, the Asia Pacific market is anticipated to develop at the quickest rate among all regions. Due to their substantial customer bases and the use of digital communication channels, China and Japan increased their revenue shares in the regional market. The continuing deployment of 5G high-speed networks and rising acceptance of new technologies are anticipated to drive regional market expansion. Due to the growing number of small and medium-sized firms and their continuous embrace of cutting-edge technology, Australia and India are also projected to account for sizable revenue shares.
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Virtual Events Market Driver
Virtual Events Market Restraint
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The global virtual events market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, in June 2022, by building on their existing connectivity between Zoom Phone and Genesys Cloud CX, Zoom Video Communications, Inc. and Genesys, a worldwide cloud leader in customer experience orchestration, have expanded their cooperation to support businesses in delivering easy customer experiences. Together, the products give businesses a feature-rich and simple-to-use cloud contact center and unified communications solution that helps teams work more effectively together to meet client demands. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Virtual Events Market
Virtual Events Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global virtual events market analysis, in terms of event type, the external sector held the largest share in the market. The increasing use of virtual event tools by enterprises to connect with third parties is responsible for the segment's growth. In order to take advantage of technological advancements and offer premium services to their clients, several corporations are working together with technology firms. Based on service, the communication segment held the largest share in the market. The expansion of this segment has been fueled by the increasing usage of online platforms for corporate dialogues, announcements, meetings, and pronouncements. And by region, North America held the largest share in the market as it is home to industrialized nations with excellent networking infrastructure, including the United States and Canada. A corporate hub, North America is well known for being an early user of cutting-edge technology.
|Market size value in 2021||USD 115.2 billion|
|Market size value in 2028||USD 432.43 billion|
|Growth Rate||more than 20.8%|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Virtual Events Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Virtual Events Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG45D2019