New York, March 21, 2023 (GLOBE NEWSWIRE) -- The global virtual event market size accounted for USD 198.8 billion in 2022. It is expected to reach USD 1,066 billion by 2032 with a compound annual growth rate (CAGR) of 18.8% in a forecast year between 2023-2032. Virtual events are referred to as an event that brings people together digitally at the same time. Virtual events can include anything, from small group conversations to panel discussions, fireside chats, direct video broadcast lectures, presentations, or lessons that take place over video. Virtual events fall into the category of services frequently requested by consumers. Therefore, the demand for such products among consumers remains constant.
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Key Takeaway:
- By Type, in 2022, the external segment is anticipated to dominate the market
- By Service, the communication category acquired the largest share of the market and is expected to grow at a significant CAGR.
- In 2022, North America dominated the market with the highest revenue share of 38.4%.
- Asia Pacific held a 26% revenue share in 2022.
Virtual event market growth is expected to be driven by the widespread adoption of communication tools across industries and verticals, including retail, e-commerce, and healthcare. Employees and other resources can participate in every business operation to improve efficiency by adopting Unified Communications as a Service, (UCaaS) based solutions. This allows for a more efficient and smart workflow.
Virtual events are seeing a higher market share with the adoption of the work-from-home policy by most firms. This is due to the lockdown implemented by COVID-19-affected nations to stop the spread of the disease in the community. The Internet of Things allows every industry and company to expand its business globally. Globalization is the process of transforming a business that was once associated with one country to become one that operates in many countries.
Factors affecting the growth of the virtual events market
There are several factors that can affect the growth of the virtual events market. Some of these factors include:
- Widespread use of communication platforms and collaboration tools: Growing use of collaboration tools and communication platforms in a variety of industries and areas, including education, healthcare, and the retail sector is boosting the virtual events industry.
- New regulations regarding work in various IT/BPO firms: The flexibility of IT/BPO companies to adopt work-from-home and work-anywhere policies will increase virtual event market growth.
- Virtual events can be used as a platform for global promotion: Globalization has increased the demand for global-level advertising and promotions. Virtual events can be used to promote your business worldwide.
- Increasing adoption of digital media marketing platforms: Global digitalization to increase the reach of corporate events, the cost-effectiveness of virtual events and hybrid platforms, and other technological advances are driving the market.
- Things are much easier with virtual conferences: Real-time user activity shows 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 the number of event app downloads too.
- COVID-19 impact: Organizations are embracing online platforms to manage their corporate functions due to the COVID-19 Pandemic's restrictions and lockdowns.
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Top Trends in Global Virtual Event Market
A significant amount of revenue comes from healthcare companies. Many conferences are being held online to reach international audiences. Market growth is expected to be driven by the increasing demand for telemedicine services from healthcare professionals.
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.
The number of platforms hosting virtual meetings and conferences has increased since the COVID-19 pandemic, and this trend is expected to continue in the post-pandemic era.
The market's growth is also boosted by the advancements in unified communications & collaboration, and content delivery technologies, which allow incumbents from different industries and verticals to move from in-person meetings to online events.
Market Growth
During the COVID-19 pandemic, various companies adopted the work-from-home, policy as a solution to restrictions imposed by different governments around the globe on movement and lockdowns. It has become a major driver of the virtual event market.
Virtual events play a significant role in allowing businesses to connect with the remote workforce and conduct their business procedures. Virtual events are extremely affordable. Virtual conferences offer great value for money, allowing people all over the globe to attend targeted video conferences. Their time management will allow for increased recognition among attendees and organizers of virtual gatherings. Virtual events can also be used to reduce the cost of hosting conferences or seminars. Planners can save money on venue costs, staff, and meals.
Regional Analysis
North America dominates the market with the largest market share, 38.4% of the global virtual event market. Developed countries of North America such as the United States and Canada, build 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.
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.
Competitive Landscape
The market is classified into various global and regional companies. Key players are pursuing mergers and acquisitions with strategic partnerships to uphold the increasing competition. They are also working on developing UCaaS-based solutions for automating the process. The use of artificial intelligence-based virtual event solutions is increasing as customer preferences are positively changing.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 198.8 Billion |
| Market Size (2032) | USD 1066 Billion |
| CAGR (from 2023 to 2032) | 18.8% |
| North America Revenue Share | 38.4% |
| APAC Revenue Share | 26% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Global digitalization to increase the reach of corporate events, the cost-effectiveness of virtual events and hybrid platforms, and other technological advances are driving the market. These events are very affordable, which is why the virtual events market has grown in size. This allows you to attract large numbers of people from around the world to your event.
The market is expected to grow due to the increasing popularity of digitally simulated gatherings by event organizers and attendees. The low cost of these events expanded the virtual events market. This allows you to bring large numbers of people across the world to your event. Due to the rising popularity of digitally simulated gatherings among event planners and attendees, the market is anticipated to expand.
Market Restraints
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.
Market Opportunities
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. things become much easier with virtual conferences.
Real-time user activity shows 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 the number of event app downloads too. With more data, it becomes much easier to actually measure the success of the event.
During the COVID-19 pandemic, various companies adopted the work-from-home, policy as a solution to restrictions imposed by different governments around the globe on movement and lockdowns. It has become a major driver of the virtual event market.
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Report Segmentation of the Virtual Event Market
Type Insight
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 segment's growth. 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.
Service Insight
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 rate, which aligns with employers' focus on conducting in-house training online.
During the forecast period, the sales and marketing segment is anticipated to grow massively, with promotional activities 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 and increasing sales & profitability.
End-User Insight
The enterprise segment dominated the market and is expected to grow at the highest CAGR 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.
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. Other consumer services like the educational institution segment are 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.
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Market Segmentation
By Type
- External
- Internal
- Extended
By Service
- Marketing
- Recruitment
- Communication
- Training
By End-User
- Healthcare
- Educational Institutes
- Enterprises
By Geography
- 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
Key Players
- Zoom
- Microsoft Corporation
- 6Connex
- Cvent Holding Corp.
- vFairs
- On24, Inc.
- Cisco Systems, Inc.
- Alcatel-Lucent Enterprise
- Pace Digital
- TCJ Management Co. Ltd
- Mitel Networks Corporation
- Other Key Players
Recent Development of the Virtual Event Market
- In February 2021, PACE Digital entered into a partnership with global virtual event leader Hubilo. PACE Digital has teamed up to support the South African meeting industry with its impeccable meeting skills.
- In May 2021, Zoom announced that it would enable businesses to host and monetize events large and small, such as sales summits and user conferences, with the goal of replicating the physical experience.
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