According to the latest report by IMARC Group, titled "Virtual Events Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global virtual events market size reached US$ 114.1 Billion in 2021. A virtual event is a web-based event that includes a vast range of activities, such as broadcasting, live streaming and audio/video conferencing. They require individuals to interact in a virtual space via tablets, laptops, desktops and smartphones using the internet. Some of the most common types of virtual events include company conferences, sales meetings, summits, job fairs and trade shows. They provide a cost-effective solution that brings together a large number of attendees from across the globe for a purposeful gathering. Numerous vendors are now providing various sophisticated tools that assist in streamlining the overall virtual experience. As a result, they are widely utilized as a key tool in numerous industry verticals, such as the education, corporate, healthcare, hospitality and banking, financial services and insurance (BFSI) sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Virtual Events Market Trends:
The global market is primarily driven by rapid digitization and the growing preference towards the utilization of virtual infrastructures and services by numerous organizations. Additionally, there has been a considerable increase in the number of virtual events being held across the globe due to the mandatory lockdowns imposed by the governments of numerous countries to curb the spread of the coronavirus disease (COVID-19). This has also prompted numerous small and large-scale organizations to adopt Work-From-Home (WFH) policy, which has led to the rising need for video conferencing and communication platforms across the corporate segment to ensure seamless business and client meetings. Moreover, key players are now incorporating higher bandwidths with their platforms to ensure smooth workflow and offer innovative and sophisticated tools that assist in enhancing the overall virtual experience of corporate employees. Apart from this, they are also leveraging advanced technologies, such as artificial intelligence (AI), virtual reality (VR), and augmented reality (AR), to provide unparalleled efficacy and improved user experience, thereby providing an impetus to the market growth. Some of the other factors contributing to the market growth include the easy availability of high-speed internet connection, the advent of software-as-a-service (SaaS)-based virtual events and the increasing demand for audio and video conferencing from the education sector. On account of the aforementioned factors, the market is expected to grow at a CAGR of 22.8% during the forecast period (2022-2027).
- On the basis of the type, the market has been bifurcated into video conferencing and unified communications and collaborations, and web conferencing.
- Based on the solution type, the market has been classified into webinars and enterprise streaming, networking and collaborations, content sharing and media development, event marketing, and others.
- On the basis of the application, the market has been categorized into virtual conferences, virtual tradeshows, online education programs, virtual reality exhibitions, and others.
- Based on the end use, the market has been segmented into corporate, education, healthcare, finance and banking, government, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Adobe Inc., Alcatel-Lucent, Atlassian, Avaya Holdings Corp., Broadsoft Inc., Cisco Systems Inc., Citrix Systems Inc., Huawei, International Business Machines, Microsoft Corporation, Mitel Networks, Toshiba Corporation, and Zoom Video Communications Inc.
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