Virtual Events Market

Market Analysis and Insights:

The size of the world market for virtual events was projected to be USD 65.33 billion in 2022, and it is projected to increase at a compound annual growth rate (CAGR) of 18.10% between 2023 and 2030.

The virtual events market is being driven by several key factors. Firstly, the increasing digitization of various industries has led to a greater demand for online platforms to host events. This is especially true in the wake of the COVID-19 pandemic, which forced the cancellation or postponement of physical events and necessitated the adoption of virtual alternatives.

Additionally, the cost-effectiveness and convenience of virtual events are attracting businesses and organizations, as they eliminate the need for travel and venue expenses. Furthermore, virtual events offer greater flexibility in terms of attendance, as participants can join from anywhere in the world. The advancements in technology, such as video streaming, interactive features, and virtual reality, have also contributed to the growth of the market by providing engaging and immersive experiences for attendees. Lastly, the availability of data analytics outsourcing and measurement tools in virtual events enables organizers to gather valuable insights and improve future event strategies. Overall, these factors are fueling the growth of the virtual events market.

Virtual Events Market Scope :

Market Definition

Virtual events refer to gatherings or conferences that take place online, allowing participants to interact and engage with each other through digital platforms, eliminating the need for physical presence.

Virtual events have become increasingly important in today's digital age. With the advancement of technology, virtual events provide a convenient and cost-effective way for individuals and businesses to connect, collaborate, and engage with a global audience. From webinars and virtual conferences to online trade shows and networking events, these platforms offer flexibility and accessibility that traditional in-person events often lack. Moreover, virtual events allow for seamless integration of various interactive elements such as live chat, polls, and Q&A sessions, enhancing attendee engagement and participation. Additionally, virtual events eliminate geographical barriers, enabling individuals from different locations to join in and benefit from the shared knowledge and expertise. Overall, virtual events have transformed the way we network, learn, and showcase products and services, making them a crucial tool for businesses and individuals looking to expand their reach and create meaningful connections in the digital landscape.

Key Market Segmentation:

Insights On the Key type

Dominating Part: External Events

External events are expected to dominate the global virtual events market. These events refer to gatherings that are organized by companies or organizations for an external audience, such as customers, partners, or other stakeholders. With the increasing adoption of virtual platforms, external events have gained significant popularity as they allow companies to reach a wider audience and cost-effectively engage with them. The ability to provide a personalized and interactive experience to attendees, regardless of their location, fuels the growth of virtual external events. Moreover, the COVID-19 pandemic has further accelerated the demand for virtual external events as traditional in-person gatherings became limited or restricted.

Internal Events

Internal events are organized by companies or organizations for their employees or internal stakeholders. While they may not dominate the global virtual events market, internal events hold significant value for organizations. These events provide a platform for communication, collaboration, and team building within the company. Virtual internal events enable organizations to overcome geographical barriers and engage their employees, especially in remote work settings. The growing trend of remote work and distributed teams drives the adoption of virtual internal events as a means to foster employee engagement and enhance workplace culture.

Extended Events

Extended events represent a subsegment within the global virtual events market that includes events lasting longer than a traditional single-day conference or meeting. Although they may not dominate the overall market, extended events have their distinct value proposition. These events often include multi-day conferences, exhibitions, or trade shows that allow participants to access a wide range of content and networking opportunities over an extended period. Virtual extended events provide attendees with the flexibility to engage with sessions, exhibitors, and networking equipment activities at their convenience, spanning several days or even weeks. This format enables deeper knowledge sharing, increased participation, and enhanced networking opportunities, making extended events an appealing option for certain industries or niches.

Insights On Key service

Communication is expected to dominate the Global Virtual Events market, as it plays a crucial role in connecting individuals and facilitating seamless interactions. Virtual events provide a platform for organizations to communicate with their stakeholders, including employees, customers, partners, and investors, regardless of their geographical locations. By leveraging virtual event solutions, communication and collaboration can be enhanced through live streaming, video conferencing, webinars, chatbots, and other interactive tools. The ability to communicate effectively in virtual environments is crucial for engaging and maintaining relationships with key stakeholders.

Recruitment:

With the increasing adoption of virtual platforms, recruitment in the Global Virtual Events market is gaining momentum. Virtual events offer organizations the opportunity to conduct virtual job fairs, career development sessions, and recruitment drives, enabling companies to connect with potential candidates globally. These events provide a cost-effective and efficient way to attract talent, eliminating the need for travel and logistics. Virtual recruitment events also allow companies to interact with candidates through video interviews, chat sessions, and digital presentations, enabling them to assess candidates' qualifications and skills remotely.

Sales and Marketing:

In the Global Virtual Events market, sales and marketing have emerged as significant subsegments. Virtual events enable organizations to showcase their products and services on a global scale, allowing for interactive product demonstrations, virtual exhibitions, and targeted marketing campaigns. These events provide companies with the opportunity to reach a larger audience, generate leads, and attract potential customers. By leveraging virtual event technology, businesses can conduct webinars, product launches, and online sales promotions, enhancing brand visibility and increasing sales opportunities.

Training:

Training is an essential subsegment in the Global Virtual Events market, as organizations increasingly seek online learning and development solutions. Virtual events offer a cost-effective and flexible alternative to traditional training methods, allowing companies to conduct virtual conferences, workshops, and seminars. These events provide interactive platforms for skills development, knowledge-sharing, and employee training, irrespective of the participants' locations. Virtual training events leverage features like live streaming video, on-demand content, and interactive tools to enhance the learning experience, ensuring widespread employee engagement and knowledge retention.

In conclusion, while communication dominates the Global Virtual Events market due to its integral role in connecting stakeholders, subsegments like recruitment, sales and marketing, and training also play significant roles in driving its growth. These subsegments cater to the specific needs of organizations, enabling them to efficiently conduct recruitment drives, promote products and services, and deliver effective training programs in a virtual environment.

Insights On Key Establishment Size

Dominating Subsegment: 

Large Institutions 

Large institutions are expected to dominate the global virtual events market. These institutions, such as multinational corporations, government organizations, and large educational institutions, have the resources and infrastructure to host and manage large-scale virtual events. With the ongoing advancements in technology and the increased adoption of online communication tools, large institutions have embraced virtual events as an efficient and cost-effective way to engage with their global audience. They can invest in robust virtual event platforms, employ professional event management teams, and deliver high-quality interactive experiences to their attendees.

SMBs 

Small and medium-sized businesses (SMBs) represent a significant portion of the global virtual events market. While large institutions may dominate the market, SMBs are catching up as they realize the benefits of hosting virtual events. SMBs often have limited budgets and resources compared to larger entities, but virtual events provide them with an opportunity to reach a wider audience without incurring substantial costs related to travel, venue rental, and logistics. With the increasing availability of user-friendly virtual event platforms and the growing demand for remote collaboration, SMBs are embracing virtual events as a means to showcase their products, connect with customers, and expand their market reach.

Other parts of the By establishment size (SMBs, large institutions) in the Global Virtual Events market are not specified in the query and thus cannot be described.

Insights On Key end-use

Educational Institutions: 

Educational institutions are expected to dominate the global virtual events market due to the increasing adoption of online learning platforms and the need for remote education during the COVID-19 pandemic. Virtual events offer educational institutions a convenient and interactive way to deliver classes, training sessions, webinars, and conferences. These events enable students, teachers, and researchers from different locations to participate, collaborate, and share knowledge, overcoming geographical barriers. The growing emphasis on e-learning and the benefits of virtual events, such as flexibility, cost-effectiveness, and scalability, will drive the dominance of educational institutions in the market.

Enterprises: 

Enterprises, including businesses of all sizes across various industries, will be an important subsegment in the global virtual events market. Virtual events provide enterprises with a powerful platform to host conferences, trade shows, product launches, and corporate meetings remotely. They enable companies to reach a larger audience, improve engagement, reduce travel and infrastructure costs, and enhance brand visibility. With the increasing adoption of remote work and the need for digital communication, enterprises are likely to leverage virtual events extensively to connect with clients, partners, and employees globally.

Organizations: 

Organizations, such as non-profits, associations, government agencies, and community groups, will also play a significant role in the global virtual events market. These entities often organize meetings, seminars, fundraisers, and networking events to connect with their target audience, raise awareness, and drive engagement. Virtual events offer organizations a convenient and cost-effective alternative to in-person gatherings, allowing them to reach a broader audience, expand their reach geographically, and facilitate networking and knowledge-sharing. The flexibility and interactivity offered by virtual events will drive their adoption among various organizations, contributing to the growth of this subsegment.

Others: 

The "others" subsegment in the global virtual events market includes various segments beyond educational institutions, enterprises, and organizations. This category encompasses smaller niche groups, personal events, and informal gatherings that leverage virtual event platforms. Examples of the "others" subsegment could include personal celebrations like birthdays, weddings, and family reunions conducted virtually, as well as specialized interest groups or communities organizing virtual meetups and networking events. While this subsegment may not dominate the market, it represents a diverse range of users who can benefit from the convenience, accessibility, and cost-effectiveness of virtual events.

Insights On Key application

Exhibitions/Trade Shows

With a market share of around 30.92% in 2022, the exhibitions/trade shows segment is anticipated to maintain its dominant position in the virtual events industry during the projected period. The segment's expansion can be ascribed to the increased need on businesses to showcase or present their goods, assess the competition, advertise their goods and services, and stay up to date with emerging trends and opportunities in the sector. Exhibitors may be able to reduce costs on travel, giveaways, lodging, and other costs related to holding trade shows and exhibitions by utilizing digital platforms. However, the high-quality leads and attendees these events draw also assist businesses in networking and increasing engagement.

Conferences 

Virtual conferences provide a cost-effective solution for organizing large-scale events, eliminating the need for physical venues and reducing travel expenses. Additionally, virtual conferences offer greater flexibility in terms of attendance, allowing participants from all over the world to join remotely. The convenience and accessibility provided by virtual conferences are driving their popularity across various industries.

Summits 

Although conferences and exhibitions/trade shows are expected to have a larger market share, the summits segment holds its significance in the global virtual events market. Virtual summits are highly focused events that bring together industry experts and thought leaders to discuss specific topics or challenges. By leveraging virtual platforms, summits enable seamless networking and knowledge-sharing opportunities for participants. The flexibility to attend from anywhere and the ability to access replays of sessions enhance the overall value of virtual summits for participants.

Others 

The "others" category encompasses a diverse range of virtual events, including webinars, workshops, training sessions, and virtual job fairs. While this segment may not dominate the global virtual events market, it plays an essential role in catering to various industry-specific needs. Webinars and workshops enable organizations to provide educational content and engage with their target audience effectively. Virtual job fairs offer employers a convenient platform to connect with job seekers, streamlining the recruitment process. Overall, the "others" subsegment contributes to the overall growth and versatility of the virtual events market.

Insights On Key Industry Vertical

Global Virtual Events Market By industry vertical (BFSI, consumer electronics, healthcare, information technology, manufacturing, media and entertainment, telecom, others):

Dominating Part: Information Technology

Information Technology is expected to dominate the Global Virtual Events market. With the rapid digital transformation taking place globally, the IT sector has become increasingly reliant on virtual events to facilitate networking, collaboration, and knowledge sharing. The industry's inherent familiarity with technology and digital platforms gives it a significant advantage in adopting virtual event solutions. Moreover, the IT sector encompasses a wide range of subsegments, such as software development, cybersecurity, and cloud computing, which regularly require virtual events to engage with customers, showcase products, and enhance training programs.

BFSI (Banking, Financial Services, and Insurance)

The BFSI subsegment within the Global Virtual Events market holds substantial potential. As the financial industry becomes more fast-paced and globally connected, virtual events serve as an efficient platform for conducting conferences, webinars, and training sessions. Virtual events enable banks, insurance firms, and other financial institutions to engage with customers and employees across geographical boundaries, facilitating seamless communication, and knowledge sharing. Additionally, virtual events offer flexibility in delivering tailored content, securing transactions, and showcasing new financial products and services.

Consumer Electronics

The consumer electronics sub-segment of the Global Virtual Events market is poised for growth. As technology advances, consumer electronics companies are increasingly leveraging virtual events to launch new products, connect with customers, and drive sales. Virtual events allow manufacturers to showcase their latest innovations, highlight key features, and provide interactive experiences to potential buyers. Through virtual product demonstrations, live Q&A sessions, and interactive virtual showrooms, consumer electronics companies can engage a global audience, gather valuable feedback, and generate brand loyalty.

Healthcare

Within the Global Virtual Events market, the healthcare subsegment holds significant potential. Virtual events offer healthcare professionals and organizations a platform to share research findings, educate practitioners, and facilitate networking opportunities. With the ongoing digital transformation within the healthcare industry, virtual events enable seamless knowledge exchange and collaboration among medical experts worldwide. By hosting virtual conferences, medical webinars, and training programs, the healthcare industry can overcome geographical barriers and enhance access to specialized knowledge and expertise.

Manufacturing

The manufacturing subsegment in the Global Virtual Events market is expected to witness growth. Virtual events provide manufacturers with opportunities to showcase their products, collaborate with suppliers, and engage with potential buyers globally. By hosting virtual trade shows, product launch events, and virtual factory tours, manufacturers can overcome logistical constraints and reach a wider audience. Virtual events also enable manufacturers to offer virtual product demos, conduct training sessions, and provide after-sales support, enhancing customer satisfaction and driving business growth.

Media and Entertainment

The media and entertainment subsegment within the Global Virtual Events market is anticipated to flourish. As the entertainment industry transforms in response to digitalization, virtual events have become an integral part of engaging audiences. Virtual concerts, live streaming of sporting events, and virtual film festivals offer immersive experiences to audiences worldwide. By embracing virtual events, the media and entertainment sector can expand its reach, monetize digital content, and create interactive platforms for artists and performers to connect with their fan base.

Telecom

The telecom subsegment of the Global Virtual Events market is expected to experience growth. As the telecommunications industry drives innovation in connectivity and digital infrastructure, virtual events play a pivotal role in engaging stakeholders. Telecom companies can leverage virtual events to announce new services, discuss industry trends, and strengthen customer relationships. Virtual conferences, webinars, and networking events within the telecom sector enable knowledge sharing, collaboration, and customer engagement across diverse geographical locations.

Others

The "others" subsegment within the Global Virtual Events market encompasses various industry verticals that may benefit from virtual events. This includes sectors such as retail, education, travel, real estate, and more. Virtual events allow these sectors to conduct product launches, training webinars, virtual campus tours, and interactive property showings. By adopting virtual events, these industries can overcome physical barriers, reach wider audiences, and enhance customer experiences. The versatility of virtual events makes them applicable to various industries, offering opportunities for innovation and business growth.

Insights On Key use-case

Dominating Subsegment: Large-Scale Events

Large-scale events are expected to dominate the global virtual events market. These events include conferences, trade shows, and exhibitions that cater to a vast audience and require extensive planning and coordination. The COVID-19 pandemic has accelerated the adoption of virtual platforms for hosting such events, as they offer convenience, cost-effectiveness, and the ability to reach a global audience. The virtual format also allows organizers to provide interactive features, such as virtual booths, live chats, and networking opportunities, enhancing the overall attendee experience. As a result, large-scale virtual events are projected to witness significant growth in the coming years.

Everyday Events

While large-scale events may dominate the market, the subsegment of everyday events also holds considerable potential. Everyday events encompass activities like webinars, workshops, product launches, and team meetings, which are conducted regularly by organizations across various industries. Virtual platforms offer flexibility in terms of scheduling, accessibility, and cost savings for these smaller-scale events. This subsegment is expected to experience growth as businesses increasingly embrace virtual solutions for their day-to-day operational needs.

In conclusion, while large-scale events are set to dominate the global virtual events market, there is also significant growth potential in the subsegment of everyday events. Both types of events benefit from the convenience, cost-effectiveness, and expanded reach that virtual platforms offer. As the adoption of virtual event technologies continues to rise, organizations of all sizes will increasingly leverage these solutions to enhance their event experiences and achieve their business objectives.

Insights on Regional Analysis:

North America

North America is projected to dominate the global virtual events market, driven by technological advancements, widespread adoption of virtual event platforms, and the presence of major market players. With a well-established digital infrastructure and high internet penetration, North America is well-positioned to lead the market. Additionally, the region's strong economy, coupled with the increasing demand for remote collaboration solutions, further fuels the growth of virtual events in North America.

Europe

Europe is poised to witness significant growth in the virtual events market owing to the increasing adoption of digitalization and remote working solutions. The region's robust internet penetration, especially in countries like the United Kingdom, Germany, and France, creates a favourable environment for virtual events. Moreover, the proliferation of smartphones and the availability of affordable high-speed internet further contribute to the market's expansion in Europe.

Asia Pacific

The Asia Pacific region presents immense growth opportunities in the virtual events market due to the rapid digitization and advancements in cloud computing technologies. With a large population and increasing disposable income, countries like China, India, and Japan are embracing virtual event platforms for remote collaboration. Additionally, the widespread adoption of smartphones and the rising internet penetration act as catalysts for the growth of virtual events in the Asia Pacific region.

South America

South America is expected to experience steady growth in the virtual events market. The region's increasing digital connectivity and investments in technology infrastructure provide a solid foundation for the adoption of virtual event platforms. Brazil, being the largest economy in the region, holds significant potential for virtual events due to its sizeable population and growing internet penetration. Furthermore, the need for cost-effective and efficient communication solutions enhances the demand for virtual events in South America.

Middle East & Africa

The virtual events market in the Middle East & Africa region is anticipated to witness notable growth in the coming years. The region's growing IT industry, rising digitalization, and improving internet infrastructure contribute to the adoption of virtual event platforms. Countries like the United Arab Emirates, South Africa, and Nigeria show potential as emerging markets for virtual events, fueled by increasing investments in information technology and the growing demand for remote collaboration solutions.