The global virtual events market reached a value of US$ 114.1 Billion in 2021. Virtual events refer to online events wherein individuals interact in a virtual space via smartphones, laptops, desktop computers, and tablets. They involve various activities, including breakout sessions, audio and video conferencing, broadcasting, live streaming, virtual collaboration, and social networking. Some common virtual events include company conferences, sales meetings, summits, job fairs, and trade shows. Since they are highly cost effective and offer a personalized experience, virtual events have gained immense traction across the banking, financial services and insurance (BFSI), healthcare, education, hospitality, and corporate sectors.
As per the analysis by IMARC Group, the top companies in the virtual events industry are integrating higher bandwidths with their platforms to ensure smooth workflow. They are also offering new, interactive tools, including polling, chats, forums, and live questions and answers (Q&A), that aid in streamlining the overall virtual experience of corporate employees. Additionally, the leading players are leveraging innovative technologies, such as artificial intelligence (AI), virtual reality (VR), and augmented reality (AR), to provide unparalleled efficiency and improved user experience. They are also undertaking extensive research and development (R&D) activities to launch novel products with sophisticated features to increase audience participation in virtual events. Furthermore, various companies and vendors are focusing on developing unified communication as a service (UCaaS)-based solutions to automate their processes. Other factors, including the emergence of software-as-a-service (SaaS)-based virtual events, easy availability of high-speed internet, rapid digitization, and technological advancements, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 385.1 Billion by 2027, expanding at a CAGR of 22.8% during 2022-2027.
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Best Virtual Events Companies in the World:
Headquarters: California, the United States
Adobe Inc. is a multinational computer software company that offers solutions to help customers create, distribute, and manage digital video content from the cloud. Its business is mainly organized into three segments: digital media, digital experience, and publishing. The digital media business accounts for about 70% of revenue, comprising Photoshop and Illustrator, under the umbrella of Adobe Creative Cloud, a subscription service. On the other hand, its digital experience unit consists of tools, such as Adobe Analytics Cloud and Adobe Advertising Cloud, for creating, managing, and measuring digital advertising and marketing initiatives. Its publishing segment includes legacy products and services that address diverse market opportunities, such as web conferencing, eLearning solutions, document and forms platforms, technical document publishing, and high-end printing. Currently, it employs more than 26,000 people worldwide and has a presence in various countries across North America, Asia, Europe, the Middle East and Africa, Australia and New Zealand, and South America.
ALE International (Nokia Corporation)
Headquarters: Paris, France
ALE International is one of the leading networking, communications, and cloud solutions providers around the world. It offers various collaboration and connected solutions and devices to improve company-wide collaboration. It mainly serves small and medium businesses and the education, hospitality, transport operator, government, and healthcare sectors. The company has 50+ ALE representative offices and over 3,400 business partners and distribution networks worldwide.
Atlassian Pty Ltd
Headquarters: Sydney, Australia
Atlassian Pty Ltd develops products for software developers, project managers, and other teams. Its team collaboration software, such as Jira, Confluence, Bitbucket, and Trello, helps individuals organize, discuss, and complete shared work and become more agile, creative, and aligned. Currently, Atlassian employs 7,000+ people in 13 countries, supporting an international group of over 250,000 customers across the globe.
Avaya Holdings Corp.
Headquarters: North Carolina, the United States
Avaya Holdings Corp. is a global leader in business communication and cloud solutions. It offers a range of products and solutions to power personalized, intelligent, and effortless customer and employee experiences and helps achieve strategic ambitions and desired outcomes. It enables the mission-critical, real-time communication applications of the world’s most crucial operations. The company provides the most comprehensive portfolio of software and services for contact centers and unified communications offered on premises, on the cloud, or in a hybrid model. Its communications solutions include voice, e-mail, chat, social media, video, performance management, and ease of third-party integration. Avaya also offers a range of business devices in the industry, including handsets, video conferencing units, and headsets.
Cisco Systems, Inc.
Headquarters: California, the United States
Cisco Systems, Inc. is a global leader in IT and networking that provides a wide variety of products and solutions, ranging from networking and data centers to collaboration and security. It offers a complete portfolio of industry-leading products and solutions in its core development areas of routing and switching and advanced technologies, such as home networking, IP telephony, optical networking, security, storage area networking, and wireless technology. The company also provides a broad range of services, including technical support and advanced services. In 2018, Cisco acquired BroadSoft Inc. to accelerate its cloud strategy and collaboration portfolio by adding BroadSoft’s industry-leading cloud calling and contact center solutions to Cisco’s existing calling, meetings, messaging, customer care, hardware endpoints, and services portfolio. The company sells its products and services directly through its sales force and channel partners to large enterprises, commercial businesses, service providers, and customers.
Citrix Systems Inc.
Headquarters: Florida, the United States
Citrix Systems Inc. is a cloud computing and virtualization technology company. It develops server, application, and desktop virtualization, networking, software as a service (SaaS), cloud computing, analytics, zero-trust network access (ZTNA), and digital workspace solutions. It also offers various products in the areas of desktop as a service (DaaS), virtual desktop infrastructure (VDI), app delivery and security, content collaboration and work management, and others. Currently, the company operates 60 offices in 40 countries across the globe.
Huawei Technologies Co., Ltd.
Headquarters: Shenzhen, China
Huawei Technologies Co., Ltd. is a multinational technology corporation and a leading global provider of information and communications technology (ICT) infrastructure and smart devices. The company mainly operates through three business segments: Consumer, Carrier, and Enterprise. Under its Enterprise business unit, it offers enterprise networks, optical networking, data storage, enterprise wireless, intelligent collaboration, intelligent video & data analytics, and computing solutions. It also provides telecommunication solutions and networking products along with network integration, business consulting, and global delivery services. Besides this, the company researches and develops servers, internet access, transmission network, security, storage, and other networking products. Currently, Huawei has around 195,000 employees and operates in over 170 countries and regions, serving more than three billion people worldwide.
International Business Machines Corporation
Headquarters: New York, the United States
International Business Machines (IBM) Corporation is an American multinational technology corporation that develops and sells software, hardware, and middleware. It is also engaged in providing consultation services to numerous industries regarding computers and technologies. The company has an extensive portfolio of products and services, including cloud solutions, cybersecurity, blockchain, artificial intelligence (AI), the Internet of Things (IoT), automation, and data and analytics. IBM also offers Watson Media, a cloud-based virtual events platform that provides video hosting, corporate communications, and live streaming solutions focused on privacy, reliability, and scale.
Headquarters: Washington, the United States
Microsoft Corporation is a multinational technology corporation that develops computer software, consumer electronics, personal computers, and related services. The company also produces a wide range of other consumer and enterprise software for desktops, tablets, laptops, gadgets, and servers, such as internet search, cloud computing, and software development software. Besides this, it offers Microsoft Teams, a business communication platform for virtual events, video conferencing, calling, meetings, screen sharing, webinars, and instant messaging.
Mitel Networks Corp.
Headquarters: Ontario, Canada
Mitel Networks Corp. is a global leader in business communications, powering over two billion business connections with its cloud, enterprise, and next-gen collaboration applications. Its diversified product portfolio comprises contact center applications, collaboration software, business phone systems, and phones and accessories. It offers MiTeam Meetings, a cloud video conferencing tool to improve workplace communications with seamless transitions between voice, video, and chat features for an authentic collaboration experience.
Headquarters: Tokyo, Japan
Toshiba Corporation, along with its subsidiaries, offers a wide range of energy systems & solutions, infrastructure systems & solutions, building solutions, retail & printing solutions, electronic devices and storage solutions, battery business, and digital solutions. Its subsidiary Toshiba Tec Corporation is a leading provider of industry-targeted products and services, including workplace, retail, ODM, and inkjet solutions. The company provides various video conferencing tools and collaboration solutions, such as Huddly IQ, Polycom Studio X Series, NEC Collaborative Sound Bar, and HuddleSHOT.
Zoom Video Communications Inc.
Headquarters: California, the United States
Zoom Video Communications Inc. is a leading communications technology company that offers an array of unified business communication and collaboration tools, including video meetings, virtual events, team chat, VoIP phone systems, webinars, conference room systems, and whiteboards. The company is renowned for its products like Zoom Contact Center, Zoom Phone, Zoom Events, Zoom Apps, Zoom Rooms, and Zoom Webinar. It aims to bring innovation to a wide variety of customers, from the conference room to the classroom, from financial institutions to government agencies, and from global brands to small businesses.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the virtual events industry, which has enabled clients to set up and expand their businesses successfully.
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