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
- Published date: March 2024
- Report ID: 51237
- Number of Pages: 306
- Format:
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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.
The virtual event market encompasses a broad array of digital platforms and solutions that enable organizations to host events online. These events range from webinars and virtual conferences to online trade shows and exhibitions, catering to audiences worldwide without the constraints of physical venues. This market has witnessed significant expansion, primarily driven by the increasing demand for remote engagement solutions, technological advancements in communication and networking, and the growing need for cost-effective event management solutions.
From an analyst’s viewpoint, several key factors are propelling the growth of the virtual event market. The shift towards remote work and digital interaction, accelerated by global circumstances such as the COVID-19 pandemic, has fundamentally altered how professional gatherings and conferences are conducted. Additionally, virtual events offer distinct advantages over their in-person counterparts, including broader reach, scalability, and reduced logistical costs. These benefits not only enhance attendee accessibility but also provide a more inclusive and flexible platform for knowledge sharing and networking.
Opportunities within the virtual event market are vast and varied. There is a growing demand for sophisticated, user-friendly platforms that offer immersive and interactive experiences, mirroring the engagement levels of physical events. The integration of advanced technologies like virtual reality (VR), augmented reality (AR), and artificial intelligence (AI) presents a frontier for innovation, enabling more engaging and personalized event experiences.
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.
By Type Analysis
The external segment is anticipated to dominate the market over the forecast period.
Increased adoption of virtual event tools for businesses to communicate with external entities helps the extended segment to grow. Many organizations partner with tech companies to take advantage of technological advancements and give high-end services to their customers. Widespread adoption of digital simulation tools by companies to conduct or participate in trade shows, product launch events, press releases, customer conferences, and other communication events is anticipated to drive the growth of this segment.
The growing preference for outsourcing makes it imperative for businesses to regularly connect with remote service providers for meetings, data sharing, and training, thereby driving the growth of the segment. The extended segment is expected to register the fastest CAGR from 2023 to 2032.
The cumulative use of virtual simulation platforms that enable remote audiences to effectively participate in events and gatherings held in different geographical locations is expected to drive the growth of the segment. Internal events and events convened within the organization will also be held virtually as part of his WFH policy, which has been adopted by various organizations due to the pandemic.
By Service Analysis
The Communication Category Acquired the Largest Share of the Market and is Expected to Grow at a Significant Growth Rate.
The massive development of digitally simulated meetings is changing the communications landscape. Communication solutions and technologies are used for a variety of purposes, from small conferences to large commercial events supporting segment growth by leveraging the online platform for real-time deals, briefings, Internal meetings, and announcements.
In online recruitment processes to ensure convenience and flexibility while saving time and resources for both applicants and employers, the training segment is projected to grow at a high growth rate, which is in line with employers’ focus on conducting in-house training online. By conducting training online employees can learn and develop a range of skills regardless of location. The outbreak of the COVID-19 pandemic has significantly increased the acceptance of virtual platforms for conducting employee training.
Note: Actual Numbers Might Vary In Final Report
During the forecast period, the sales and marketing segment is anticipated to grow massively, by aggressive promotional activities being undertaken by companies to stand out in the market amid increasing competition. Communication and collaboration solutions play a vital role in sales and marketing departments, helping to increase awareness of a company’s products and services among potential customers, which in turn increases sales and profitability.
By End-User Analysis
The Enterprise Segment is Expected to Continue to Dominate the Market During the Forecast Period.
The growth of the enterprise segment is due to the increasing adoption of digital simulation platforms by private and public institutions. Businesses use online platforms to advertise their products, collaborate with customers, and for a variety of other purposes. The use of Internet communication channels in the healthcare industry has increased significantly. Healthcare professionals are making extensive use of virtual events to interact with allied professionals and share knowledge and experience in the wake of the pandemic.
The educational institutions’ segment is also expected to grow significantly in line with the worldwide adoption of virtual platforms for academics. With the emphasis on students and professionals taking online courses to hone their skills, the need for digitally simulated platforms is expected to grow. The increasing acceptance of virtual event tools and for training purposes is driving market participants to adopt purpose-built training courses on digital platforms.
Key Market Segments
By Type
- External
- Internal
- Extended
By Service
- Marketing
- Recruitment
- Communication
- Training
By End-User
- Healthcare
- Educational Institutes
- Enterprises
Driving Factors
Low Cost of Event Management Drives the Virtual Event Market.
The market surge is due to the fact that virtual events are incredibly cheap. Value for money allows many people from all over the world to attend targeted video conferences. Due to their time management, the recognition of digitally simulated gatherings among organizers and attendees is anticipated to increase over the planned period.
In addition, virtual events are a great way for organizations to host physical seminars, conferences, or conferences by permitting planners to save money on venues, staff, meals, attendee accommodations, and transportation costs are the key factors to help reduce costs. As a result, various organizations are choosing virtual events over physical ones. Because it’s easy to plan, inexpensive, and you can get the right people for your event. As a result, the above-mentioned major factors are the main driving forces in the virtual event industry.
It is very difficult to track the activity of each participant in an In-person event. However, things are much easier with virtual conferences. Real-time user activity showing details such as when individuals attended live sessions, attendee locations, how many people used live chat and networking options, who interacted with specific exhibitors or sponsors, and how many event app downloads You can keep logs. With more data, it becomes much easier to actually measure the success of your event.
When the important task of choosing a virtual event platform is completed, it becomes clear how these online events can really reduce the time spent by event planners. Since everything is done digitally, less time and money is spent on marketing and advertising. Registration and virtual check-in are quick, as opposed to an on-site check-in procedure. Of course, you don’t have to plan travel time. Instead, organizers can focus directly on making their events more structured and adding value.
Restraints Factors
Tech Failure Can Interrupt the Well-Going Virtual Event.
Bad connections, Wi-Fi dropouts, Security issues, muted mic glitches. As with any event, the technical challenges at virtual events can be a bit daunting. But unlike other events, these technical obstacles can take their toll if viewers are down for too long. Despite the fact that the entire event is powered by technology, technical failures can result in the loss of users of the virtual event.
There are many opportunities for attendees to participate in speakers and content, but few opportunities to interact with each other. This can be mitigated with attendee live chats and social media events, but there really isn’t a way to interact with other attendees offline.
During a virtual event, participants can connect with each other, but only through their screens. While physical events also allow participants to interact face-to-face if they wish to interact with other participants who share the same ideas and thoughts. As a result, the easing of pandemic restrictions has led many to prefer in-person events to virtual events, something that has limited the growth of the virtual event market.
Growth Opportunity
COVID-19 Increased the Growth Rate of the Virtual Events Market
During the COVID-19 pandemic, the demand for virtual platforms has increased exponentially around the world to replace face-to-face meetings with virtual ones. Virtual events allow users to avoid face-to-face meetings that can spread infection. Virtual events such as meetings, conferences, and calls allow users to share conversations in real-time. This created the opportunity for the virtual events companies to generate huge revenue.
Virtual event companies offer their users video recordings of their events. This helps virtual event companies attract more users and increase revenue sharing.
Latest Trends
- Healthcare companies account for a significant portion of revenue, with numerous healthcare conferences being held via digital platforms to reach global audiences and growing demand for telemedicine services by healthcare professionals. is expected to grow. In addition to the obvious time and low cost that virtual events offer, such events offer the most convincing ideas and proven solutions to address challenges such as shrinking volumes.
- Large companies are using virtual platforms to host large-scale events for a variety of reasons, including increased return on investment, increased cost efficiency, and extended reach. UCaas and SaaS-based solutions are being actively adopted by industries and industries such as manufacturing, healthcare, IT and telecom, media, and entertainment to host large-scale virtual events.
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
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
Report Features Description Market Value (2023) US$ 236 Bn Forecast Revenue (2032) US$ 1,066 Bn CAGR (2023-2032) 18.8% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Type – External, Internal, and Extended; By Service – Marketing, Recruitment, Communication, and Training; By End-User – Healthcare, Educational Institutes, and Enterprises. Regional Analysis 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 Competitive Landscape Zoom, Microsoft, 6Connex , Cvent Inc, vFairs, On24, Cisco Systems,Inc Alcatel-Lucent , Pace Digital , TCJ Management, Mitel , Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three license to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the projected CAGR at which the Virtual Events Market is expected to grow at?The Probiotics Market is expected to grow at a CAGR of 18.8% (2023-2032).
What is the size of the Virtual Events Market in 2023?The Virtual Events Market size is USD 198.5 Billion in 2023.
Which region is more appealing for vendors employed in the Virtual Events Market?North America covers the largest market share 38.4% of the global virtual event market.
Name the key business areas for the Virtual Events Market.The US, Canada, China, India, Brazil, South Africa, Singapore, Indonesia, Portugal, etc., are leading key areas of operation for the Virtual Events Market.
List the segments encompassed in this report on the Virtual Events Market?Market.US has segmented the Virtual Events Market by geography (North America, Europe, APAC, South America, And Middle East and South Africa). The market has been segmented By Type External, Internal, and Extended. By Service Marketing, Recruitment, Communication, and Training. By End-User Healthcare, Educational Institutes and Enterprises.
- Zoom
- Microsoft Corporation Company Profile
- 6Connex
- Cvent Inc
- vFairs
- On24
- Cisco Systems Inc
- Alcatel-Lucent
- Pace Digital
- TCJ Management
- Mitel
- Other Key Players
- Nestlé S.A Company Profile
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