Global Virtual Event Market By Type (External, Internal, Extended), By Service (Marketing, Recruitment, Communication, Training), By Application (Educational institutions, Trade shows, and Enterprises), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

The Global Virtual Event Market size is expected to be worth around USD 1,066 Billion by 2032 from USD 236 Billion in 2023, growing at a CAGR of 18.8% during the forecast period from 2022 to 2032.

A virtual event is an organized gathering that takes place online rather than in a physical location. These events can range from small webinars and video conferences to large-scale trade shows and conferences that utilize sophisticated virtual event platforms to simulate the experience of physical events. They often include features like live streaming, interactive sessions, virtual networking, and real-time communication.

The virtual event market encompasses the technologies, services, and platforms that enable the hosting and management of online events. This market has seen a significant surge in growth, particularly accelerated by the global shift towards remote interaction due to health concerns and travel restrictions. The market includes various services such as virtual event platform development, event planning and management services, attendee tracking, engagement tools, and analytics services.

The demand for virtual events has skyrocketed in recent years, primarily driven by the need for companies and organizations to continue operations amidst restrictions on physical gatherings. This demand is also fueled by the increasing globalization of business, where companies seek to engage with clients, employees, and partners worldwide. Additionally, industries such as education, healthcare, and technology extensively use virtual events for webinars, training sessions, and product launches, expanding the reach and impact of these sectors.

The growth of the virtual event market is propelled by several key factors. Technological advancements have significantly enhanced the accessibility and enjoyment of virtual events, with improvements in cloud technology, video streaming, and interactive tools playing a central role. These events are also more cost-effective compared to traditional in-person events, as they eliminate the need for physical space, travel, and accommodation, making them an attractive option for many organizations.

Furthermore, virtual events allow organizers to reach a global audience, effectively breaking down geographical limitations. This is particularly appealing in a globalized business environment where companies are looking to engage with international markets. Additionally, the increasing awareness of environmental sustainability supports the adoption of virtual events, which typically have a lower carbon footprint than their physical counterparts by reducing the need for travel and large-scale venue usage.

The virtual event market is ripe with opportunities for growth and innovation. There is a continuous demand for more engaging and interactive event experiences, which opens the door for advancements in AI and VR to make virtual interactions more immersive. Additionally, as businesses increasingly rely on data to make informed decisions, there is a growing need for sophisticated analytics tools that can track attendee engagement and generate insights from virtual events.

Key Takeaway

• The virtual event market is forecasted to grow significantly, with a projected worth of USD 1,066 billion by 2032, representing a remarkable compound annual growth rate (CAGR) of 18.8%.
• ~41% of event planners expect virtual and hybrid events to comprise the majority of their event program in 2023. This reflects a significant shift towards embracing digital platforms as a central component of event planning strategies.
• ~63% of event planners view virtual events as a crucial part of their long-term strategy, indicating a strong belief in the sustained relevance of virtual events beyond immediate needs or temporary trends.
• ~67% of marketers intend to increase their investment in virtual events in 2023, demonstrating confidence in the effectiveness and potential return on investment that virtual events offer.
• ~59% of event organizers are planning to offer both in-person and virtual attendance options in 2023, highlighting the growing trend towards flexibility and inclusivity in event participation.
• ~74% of virtual event attendees are likely to attend another virtual event in the future, suggesting high satisfaction rates and a positive reception towards virtual event experiences among participants.
• ~52% of event organizers plan to offer hybrid events in 2023, an increase from ~35% in 2022. This significant rise underscores the evolving event landscape and the increasing adoption of hybrid formats.
• ~59% of event professionals believe that hybrid events will be more common than in-person events in 2023, reflecting a pivot towards formats that combine the best aspects of both virtual and physical experiences.
• ~67% of event marketers believe that virtual events are more cost-effective than in-person events, pointing to the financial benefits and scalability that virtual formats offer.
• ~61% of event professionals view virtual events as a crucial component of their long-term strategy, underscoring the enduring importance of digital engagement in the evolving event industry landscape.
• North America covers the largest market share 38.4% of the global virtual event market.

Type Analysis

In 2022, the external segment held a dominant market position, capturing a larger share compared to the internal and extended segments. This leadership can be attributed to the growing preference among organizations to engage with customers, partners, and broader audiences through virtual events.

External virtual events, such as conferences, product launches, and webinars, allow businesses to reach a global audience, breaking down geographical barriers and enabling cost-effective communication at scale. The ability to engage with a diverse audience, including potential customers and industry influencers, has driven the widespread adoption of external virtual events.

The dominance of the external segment is also fueled by the increasing demand for brand visibility and lead generation. Companies are leveraging external virtual events to showcase their products and services to a broader audience, creating opportunities for direct interaction and real-time feedback.

This segment’s effectiveness in building brand awareness, generating leads, and driving business growth has made it a preferred choice for many organizations, particularly in industries such as technology, healthcare, and education, where reaching a wide and varied audience is crucial.

Moreover, the rise of hybrid event models, combining physical and virtual elements, has further strengthened the external segment’s position. As businesses seek to maximize their outreach while maintaining flexibility, external virtual events offer the perfect solution, providing attendees with the option to participate remotely or in person.

Service Analysis

In 2022, the Communication segment held a dominant market position, capturing a larger share compared to other segments. This leadership can be attributed to the growing demand for seamless, real-time communication in both corporate and personal settings.

Virtual events have become a vital tool for maintaining connectivity, particularly as businesses and individuals seek to overcome geographical barriers and foster more inclusive interactions. The widespread adoption of advanced communication technologies, such as video conferencing and live streaming, has further propelled this segment to the forefront.

One of the key drivers behind the dominance of the Communication segment is its ability to offer cost-effective and flexible solutions for a wide range of purposes. Organizations have increasingly turned to virtual events as a means to facilitate everything from large-scale corporate meetings to intimate one-on-one discussions.

The versatility of these platforms allows for personalized communication experiences, enhancing engagement and participation among attendees. Moreover, the COVID-19 pandemic accelerated the shift towards virtual communication, reinforcing its importance as an essential service in both professional and social spheres.

Furthermore, the Communication segment’s leadership is supported by ongoing technological advancements that enhance the quality and reliability of virtual interactions. Features such as real-time translation, interactive Q&A sessions, and integration with social media platforms have made virtual communication more dynamic and accessible.

As companies continue to prioritize remote work and hybrid event models, the Communication segment is expected to maintain its leading position, driven by its ability to meet the evolving needs of a digitally connected world.

End-User Analysis

In 2022, the Enterprises segment held a dominant market position, capturing a larger share than other application areas. This segment’s leadership is primarily driven by the increasing reliance on virtual events by businesses to conduct a wide range of activities, including conferences, product launches, and employee training.

The need for continuous engagement with customers, partners, and employees, especially in a globalized business environment, has made virtual events an essential tool for enterprises to maintain operational efficiency and competitive advantage.

One of the key factors contributing to the dominance of the Enterprises segment is the cost-effectiveness and scalability that virtual events offer. Enterprises, particularly large corporations, have recognized the significant savings in travel, venue costs, and logistics that virtual events provide.

Additionally, the ability to reach a global audience without the constraints of physical locations has allowed companies to expand their market reach and enhance their brand presence. These benefits have made virtual events a preferred choice for enterprises looking to optimize their operations while maximizing their impact.

Furthermore, the Enterprises segment’s leadership is bolstered by the rapid adoption of advanced technologies that enhance the quality and effectiveness of virtual events. Features such as data analytics, personalized content delivery, and interactive elements like polls and Q&A sessions have made virtual events more engaging and valuable for enterprises.

As businesses continue to navigate the complexities of a hybrid work environment and the ongoing digital transformation, the Enterprises segment is expected to maintain its leading position, driven by its ability to deliver measurable results and support strategic objectives.

Key Market Segments

By Type

• External
• Internal
• Extended

By Service

• Marketing
• Recruitment
• Communication
• Training

By End-User

• Healthcare
• Educational Institutes
• Enterprises

Regional Analysis

North America covers the largest market share 38.4% of the global virtual event market. North America is home to developed countries such as the United States and Canada, which builds advanced network infrastructures. The region is widely regarded as an early adopter of the latest technologies and is therefore considered an economic hub. A rapid increase in the application of digital simulation platforms, especially in the healthcare industry, is expected to drive the growth of the Canadian market over the forecast period.

Rising disposable income, advancement of UCaaS applications, and rising number of start-ups and conglomerates in these regions are among the factors driving the growth of the market studied. Security concerns were cited by most respondents as the primary reason for holding virtual events. But the ability for many to enjoy the convenience and attend events held far from home, he acknowledges, is one of the key driving trends for virtual events.

Asia Pacific is expected to be the fastest-growing market. Due to their large consumer bases, Regional Markets like China and Japan have gained a large revenue share in the deployment of digital communication systems. Growth in the region is expected to be driven by the increasing adoption of new technologies supported by the implementation of high-speed 5G networks. India and Australia have the potential to grow their market share significantly due to the increasing number of SMEs and the widespread adoption of technology. The adoption of virtual platforms for businesses is changing significantly in Europe which helps the region in steady growth.

Latin America, the Middle East, and Africa, on the other hand, are expected to grow significantly from 2023 to 2032 due to rising disposable incomes, the development of UCaaS applications, and more start-ups and conglomerates in these countries.

Note: Actual Numbers Might Vary In Final Report

Key Regions and Countries Covered in this Report

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share and Key Player Analysis

Zoom and Microsoft Grab the Major Market Share During the COVID-19 and Rise as Prominent Players in the Market.

The market is classified into various global and regional companies. To uphold the increasing competition. Key players are pursuing mergers and acquisitions with strategic partnerships. The marketers are also working on developing a UCaaS-based solution for automating the process. The use of artificial intelligence-based virtual event solutions is increasing, as customer preferences are positively changing. Companies are eager to integrate AR-VR and artificial intelligence into advanced platforms to increase audience participation in online events. The Key Market players in the global virtual events market are Zoom, Microsoft, 6Connex, Cvent Inc, vFairs, On24Cisco Systems, Inc., and others

Zoom has declared a subscription platform that permits users to host major virtual events, as many events, including major conferences and concerts, are still held digitally around the world. The new product, a paid platform that permits users to host small events like fitness classes and live shows, replaces OnZoom, which launched last October. Zoom Events could host multi-day conferences, and OnZoom offered services for individuals, entrepreneurs, and small businesses. Users can also manage and share events using the platform by creating event hubs. Customizable tickets, attendee registration, and billing are all available from the same platform. Event organizers can also track earnings and attendance information.

Top Key Players in the Virtual Events Market

• Zoom
• Microsoft
• 6Connex
• Cvent Inc
• vFairs
• On24
• Cisco Systems Inc
• Alcatel-Lucent
• Pace Digital
• TCJ Management
• Mitel
• Other Key Players

Recent Developments

• Cvent Inc. (September 2023): Launched Cvent Engage Mobile, a mobile app designed to enhance attendee engagement during virtual events.
• Cisco Systems, Inc. (News about Cisco is from 2022): Acquired Slido, a polling and audience interaction platform, in July 2022 to strengthen its virtual event capabilities.
• Mitel Networks (February 2023): Partnered with Avaya to offer integrated cloud communication solutions that could potentially improve virtual event experiences.

Report Scope