Due to the rapidly expanding coronavirus pandemic in 2020, nations have chosen the online or virtual manner of holding any event. The stringent limitations, such as lockdowns and curfews imposed to prevent the spread of the virus and the transition to remote working in all nations, have dramatically expanded the use of online event platforms. Following the Covid 19 epidemic, corporations have developed online event platforms like Zoom, WebE, MS Teams, and others for internal daily meetings and industry events such as tech conferences, product launches, sustainability conferences, and mental wellness workers.
Segmentation Based on Organisation Type
The Media and entertainment category was the largest segment in 2019 and is predicted to stay dominant throughout the projection period. Virtula events provide wide range of entertainment options such as musical concerts, live entertainment, mass media entertainment, etc. As a result, one of the primary elements fuelling the entertainment industry's expansion is the increase in popularity of these entertainment events.
Segmentation Based on Organization Size
Small and medium-sized businesses are expected to have a larger market share. Because of their limited financial resources, small and medium-sized companies face more challenges than large enterprises, forcing them to adopt better techniques for resolving complexities and improving cost optimization for the organization. As a result, these groups are focusing on presenting more virtual events. The virtual event platform benefits small and medium-sized enterprises by lowering the overall cost of hosting an actual seminar, conference, or meeting. Furthermore, virtual events can be organized quickly and cheaply, and they can connect the target audience to meetings from anywhere in the world.
Segmentation Based on Region
North America held the largest market share of global virtual events market in 2020 and is expected to perform excellently in the forecast years. The key factors such as presence of prominent companies in the region, technology advancements, shift of businesses from traditional to modern approaches, and booming sectors like IT, telecomm, media are driving higher revenue for North America in global virtual events market.
A virtual event is a web-based event where people connect to each other through devices such as laptops, smartphones, PC, or tablet. Virtual events like conference, summits, trade shows, exhibitions are some common exmaples of virtual events. The participants in this type of setup are not physically present in one spot but are linked in a single environment via the internet. Owing to benefots such as customized experience, cost-saving, better audience reach, time saving, greener environment, virtual events are experiencing rapid adoption as opposed to traditional conferencing technologies. As a result, it is widely used in various industries including BFSI, healthcare, government, education, automotive, etc. It is thus fostering remarkable progress in global virtual events market.
The global virtual events market is expected to be worth USD 70.14 billion by 2028, growing at a CAGR of 12.6 percent between 2021 and 2028.
The factors such as rapid urbanization, infcraesed usage of smartphones, green enveionment approaches, rapid shift of businesses to virtual infrastructure, and advanced tools and technologies being adopted by organizations across the woreld are driving growth of global virtual events market. Virtual events have been widely adopted, particularly by small and large-scale businesses, for various objectives such as event marketing, content and social media creation, access management, event outsourcing, and analytics. To improve the efficiency of the events, several different interactive technologies, such as polls, chats, forums, and live questions and answers (Q&A), have been included. Furthermore, technical improvements, such as the rise of software-as-a-service (SaaS)-based virtual events, are favorable to the industry. Through instant messaging, podcasting, and virtual product experiences, these tools enable enterprises to provide a unique interactive experience to their users while improving the entire sales experience. Other reasons, such as the increasing digitalization trend and the extensive use of audio and video conferencing for recruiting purposes, are expected to propel the market further.
Segmentation By Type:
According to the Virtual Events Industry study by type, the entertainment category was the largest segment in 2019 and is predicted to stay dominant throughout the projection period. This is due to the fact that virtual entertainment events provide the general public with a wide range of entertainment options, such as musical entertainment, live entertainment, mass media entertainment, and technological entertainment. As a result, one of the primary elements fuelling the entertainment industry's expansion is the increase in popularity of these entertainment events.
- Touch Cast, a virtual event technology business located in New York, secured USD 55 million in investment in February 2021. The money will most likely expand the organization's services and hire more people to meet the rising demand for virtual events in most sectors.
- December 2020 - Since its 2019 IPO, Zoom has amassed at least USD 15 billion in value, a sizable sum for a video-networking tool. However, during the lockdown, that amount soared to over USD 160 billion, valuing the corporation higher than oil and gas behemoth Exxon.
Virtual Events Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 70.14 billion|
|Growth Rate||CAGR of 12.6% during 2021-2028|
|Segment Covered||Type, Organization Type, Organization, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Adobe Inc., Alcatel-Lucent, Atlassia, Avaya Holdings Corp., Broadsoft Inc., Cisco Systems Inc., Citrix Systems Inc., Huawe, International Business Machine, Microsoft Corporatio, Mitel Network, Toshiba Corporation, Zoom Video Communications Inc.|
Type Overview, 2018-2028 (USD Billion)
- Conferences & Summits
- Exhibitions/Trade Shows
- Other Events
Organization Type Overview, 2018-2028 (USD Billion)
- Webinars and Enterprise Streaming
- Media and Entertainment
- IT & Telecom
Organization Size Overview, 2018-2028 (USD Billion)
- Small and Medium Enterprises
- Large Enterprises
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa