Global Virtual Events Market

Virtual Events Market Size, Share, Growth Analysis, By Event Type(Internal, External, Extended), By Service(Communication, Recruitment, Sales & Marketing, Training), By Establishment Size(SMBS, Large Enterprises), By End-User(Educational Institutions, Enterprises, Organizations, Other), By Application(Conferences, Exhibitions/Trade Shows, Summits, Others), By Industry(Banking, Financial Services, Insurance (BFSI), Consumer Electronics), By Region - Industry Forecast 2024-2031

Report ID: SQSG45D2019 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 180 | Figures: 79

Virtual Events Market Insights

Global Virtual Events Market size was valued at USD 114.12 billion in 2019 and is poised to grow from USD 138.54 billion in 2023 to USD 793.5 billion by 2031, growing at a CAGR of 21.4% in the forecast period (2024-2031).

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.

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Virtual Events Market size was valued at USD 114.12 billion in 2019 and is poised to grow from USD 138.54 billion in 2023 to USD 793.5 billion by 2031, growing at a CAGR of 21.4% in the forecast period (2024-2031).

The 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. 'Adobe Systems', 'Cisco Systems', 'Zoom Video Communications, Inc.', 'Cvent Inc.', 'Microsoft Corporation', 'Google LLC', 'Hopin Inc.', 'VFairs LLC', 'Intrado Corporation', '6Connex Inc.', 'ON24 Inc.', 'Social27 Inc.', 'vFairs', 'SpotMe', 'Bizzabo Ltd.', 'Whova Inc.', 'Airmeet Inc.', 'Attendify', 'WorkCast Corporation', 'Swapcard SAS'

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.

Businesses must constantly interact with their distant service providers for meetings, data sharing, and training in order to drive virtual event market growth as a result of the rising popularity of outsourcing. It 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.

Over 40% of revenue in 2021 came from North America, which is expected to have the largest share of the 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.

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Global Virtual Events Market

Report ID: SQSG45D2019