The global virtual event market size was valued at USD 94.01 billion in 2020 and is projected to reach USD 504.43 billion by 2028, expanding at a CAGR of 23.3% during the forecast period, 2021–2028. The growth of the market is attributed to rise in adaptation of communicative and collaborative tools along with wide applications of the events in different markets and industries.
Virtual event, as a digital platform, is an advanced technology that helps any individual to be a part of virtual event and connect them with anyone irrespective of their places. Different online-based technologies are used to connect people from various parts of the globe to show participation in events. Additionally, the introduction and integration of Artificial Intelligence, Virtual Reality, Augmented Reality, and online communication and collaborative activities are fulfilling all aspects of a physical event. The market penetration of Unified Communication as a Service (UCaaS) technology has provided the market benefit by allowing educational sectors, companies, and employees to virtually or digitally participate in all facet of activities. Hence, using the advanced technology help in channeling more concrete and operative flow of work. UCaaS tools are widely adopted by majority of corporate and educational sectors including Google LLC's hangouts, Microsoft Corporation's service, Microsoft Teams, and Zoom Video Communications Inc.’s online platform zoom.
The outbreak of the COVID-19 pandemic had forced to implement and rise the adoption of Work from Home (WFH) policy by majority of corporate and educational organizations from every sector. Moreover, emergency lockdown by governments that forced to restrict movement and shift toward digital connection platforms for source of entertainments has witnessed the expansion increase in the growth of the market.
Market Trends, Drivers, and Restraints
- Rising adoption of advanced technology and increasing access to Internet of Things (IoT) are key factors spurring the market.
- Wide adoption of virtual & digital technologies by small & medium-sized businesses especially in developing countries is projected to boost the market development in the coming years.
- Issues concerning to cyber-attacks on digital platforms and virtual events act as a major restraining factor. This is anticipated to hamper the market growth during the projected period.
- Availability of several option of different open-source and free event management solutions is likely to hinder the market growth during the forecast period.
- Massive R&D programs and rapid development of innovative technology are projected to create significant growth opportunities for the market in the near future.
Scope of the Report
The report on the global virtual events market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Virtual Events Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Establishment Sizes (Large Enterprises and Small & Medium Enterprises), Events (Extended, External, and Internal), Services (Sales & Marketing, Communication, Training, and Recruitment), Applications (Summits, Conferences, Exhibitions/Trade Shows, and Others), Industries (Healthcare, BFSI, Consumer Electronics, Manufacturing, Information Technology, Telecom, Media & Entertainment, and Others), Use-cases (Everyday Events and Large-scale Events), and End-users (Organizations, Educational Institutions, Enterprises, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
6Connex; Microsoft Corp.; ALIVE; Eventxtra; Avaya Inc.; ALE International; Arkadin Cloud Communications; Cvent Inc.; George P. Johnson; GES; Kestone; Martiz Holdings Inc.; Cisco Systems Inc.; Pathable, Inc.; uBivent GmbH; Veritas Events; vFairs; and Zoom Communications Inc.
Market Segment Insights
Large enterprises segment is expected to grow at a rapid pace
Based on enterprise sizes, the global virtual event market is bifurcated into large enterprises and small & medium enterprises. The large enterprise segment is expected to grow at a rapid pace during the forecast period owing to the rising demand for the deployment of digital platforms in large corporates. However, the small & medium enterprises segment is anticipated to hold a key share of the market in the coming years due to the lockdown restrictions in different regions that have led to the adoption of the remote work policy by market players.
Communication with external entities to drive external segment
On the basis of events, the market is segregated into extended, external, and internal. The external event segment is projected to expand at a considerable CAGR during the forecast period attributed to the increasing need for organizations to communicate with external entities for the growth of their businesses. On the other hand, the extended event segment is anticipated to account for a major market share during the forecast period due to the growing use of virtually simulated platforms to allow remote audiences to take part in any event or gathering at a distant location in real time
Communication segment is anticipated to hold significant market share
In terms of services, the global virtual event market is segmented into sales & marketing, communication, training, and recruitment. The communication segment is anticipated to hold significant market share in the coming years owing to the significant rise in digitally simulated gatherings, which is transforming the communication landscape. However, the training segment is expected to register a considerable CAGR during the forecast period due to the significant demand for in-house employee training.
Need for conducting business to drive exhibitions/trade shows segment
Based on applications, the market is segregated into summits, conferences, exhibitions/trade shows, and others. The exhibitions/trade shows segment is expected to hold account for major market share during the projected timeline attributed to the rise in need for conducting business by demonstrating or showcasing the products, selling their product & service offerings, studying the competition, and observing the recent trends of the industry and prospects. On the other hand, the conferences segment is expected to grow at a significant rate due to the numerous advantages offered by virtual platforms, such as global reach, easy data collection & measuring of results, instant scalability & control, and reduced costs
IT segment is estimated to account for significant market share
Based on industry verticals, the market is divided into healthcare, BFSI, consumer electronics, manufacturing, information technology (IT), telecom, media & entertainment, and others. The IT segment is estimated to account for a significant market share during the forecast period attributed to the early adoption of technology platforms for communication and globalization. However, the BFSI segment is anticipated to grow at a high CAGR during the projected period attributed to evolving importance of internal communication within the BFSI sector to improved customer interaction.
Large scale events segment is estimated to expand at robust growth rate
On the basis of use-cases, the global virtual event market is bifurcated into everyday events and large-scale events. The large-scale events segment is estimated to expand at robust growth rate during the forecast period owing to rising demand from companies to host a large-scale event on the digital platform. On the other hand, the everyday events segment is projected to expand at a considerable CAGR during the forecast period attributed to the increasing use of digital platforms for everyday events, such as regular team meetings, family meetings, discussions, target/sales meetings, and recruitment processes.
Enterprise segment is expected to grow at a rapid pace
Based on end-users, the market is fragmented into, organizations, educational institutions, enterprises, and others. The enterprises segment is expected to grow at a rapid pace during the forecast period attributed to increased adoption of digitally simulated platforms by various public and private corporates. However, the healthcare segment is anticipated to expand at a substantial CAGR in the coming years due to use of virtual events platform during COVID-19 pandemic for exchanging knowledge and experience by healthcare professionals also these platforms are used by doctors for remote communication with patients.
North America is anticipated to constitute a key market share
In terms of region, the global virtual event market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to advanced networking infrastructure in the emerging economies of the region, technological advancements, and firm economy. However, the Asia Pacific market is anticipated to grow at a rapid pace during the forecast period due to boost in technological advances driven by the deployment of a high-speed 5G network in the region.
The global virtual event market has been segmented on the basis of
- Large Enterprises
- Small & Medium Enterprises
- Sales & Marketing
- Exhibitions/Trade shows
- Consumer Electronics
- Information Technology
- Media & Entertainment
- Everyday Events
- Large-scale Events
- Educational Institutions
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Microsoft Corp.
- Avaya Inc.
- ALE International
- Arkadin Cloud Communications
- Cvent Inc.
- George P. Johnson
- Martiz Holdings Inc.
- Cisco Systems Inc.
- Pathable, Inc.
- uBivent GmbH
- Veritas Events
- Zoom Communications Inc
Key players competing in the global virtual event market are 6Connex; Microsoft Corp.; ALIVE; Eventxtra; Avaya Inc.; ALE International; Arkadin Cloud Communications; Cvent Inc.; George P. Johnson; GES; Kestone; Martiz Holdings Inc.; Cisco Systems Inc.; Pathable, Inc.; uBivent GmbH; Veritas Events; vFairs; and Zoom Communications Inc. As part of their efforts to grow their client base and acquire a competitive advantage over competitors, manufacturers operating in the market are adopting various strategic initiatives, such as partnerships, collaborations, mergers & acquisitions, and new product development.
For instance, in October 2020, Zoom Communications, Inc. introduced technological enhancements in the Core UC Platform, OnZoom, Zapps, and End-to-End Encryption. The incorporation of advanced technology helps an organization to save money as well as time, while increasing the effectiveness and efficiency of their businesses.