Virtual Events Market

Global Virtual Events Market:

The global virtual events market size reached US$ 171.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 889.0 Billion by 2032, exhibiting a growth rate (CAGR) of 19.5% during 2024-2032. The increasing number of smartphone users around the world, the emergence of various advanced technologies, and the rising focus among companies on building brand image and engaging more customers represent some of the key factors driving the market growth.

Virtual Events Market Analysis:

• Major Market Drivers: The rapid digitalization is supporting the growth of the market. Additionally, the increasing demand for flexible and remote workplaces to organize business procedures is also acting as another significant growth-inducing factor.
• Key Market Trends: The emergence of advanced technologies, such as artificial intelligence (AI), augmented reality (AR), virtual reality (VR), etc., that enable enhanced online communication is creating a positive outlook for the market. Besides this, the development of enhanced virtual conference and networking solutions is further strengthening the market.
• Competitive Landscape: Some of the prominent companies in the market 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., among many others.
• Geographical Trends: According to the virtual events market insights, North America currently dominates the overall market, owing to the continuous advancements of streaming capabilities. Additionally, the inflating popularity of digitally simulated platforms in the healthcare industry is bolstering the regional market.
• Challenges and Opportunities: The growing consumer data privacy and security concerns are among the key challenges hindering the market. However, organizers are emphasizing on differentiating their events, enhancing attendee engagement, and delivering memorable experiences, which is projected to catalyze the market in the coming years.
   

Virtual Events Market Trends:

Rising Number of Business Events

The growing number of businesses operating on a more global scale is increasing the need for networking, knowledge sharing, and collaborations, which is bolstering the overall market. For instance, the World Bank estimated there were about 332.99 million small and medium enterprises (SMEs) worldwide in 2021. They represent more than 90% of all business professionals worldwide. Additionally, they offer a convenient alternative to traditional in-person gatherings. With the increasing frequency of business events, professionals may need help to attend every event in person due to time constraints, travel costs, scheduling conflicts, etc. As a result, the increasing expenditure capacities on the conduction of in-person events are also shifting companies towards virtual events. According to an article published by Event Cube, nearly 65% of companies reported an increase in event spending in 2023. Virtual events allow attendees to participate from anywhere with an internet connection, thereby elevating accessibility and attendance rates. Moreover, according to a survey conducted by vFairs, titled "The Future of Virtual Events", roughly about 93.2% of respondents said their virtual event was a success in terms of attendance. Furthermore, 77.2% of those polled favored virtual events, as they are easier to attend. This, in turn, is contributing to the virtual events market share.

Popularity of Online Streaming

The rising popularity of online streaming as a replacement for in-person presentations is stimulating the market. According to an article published by Forbes in February 2024, streaming services are becoming common in households across the U.S. Moreover, Netflix, Amazon Prime Video, and Apple TV+ represent the most popular streaming services in the United States, with 99% of households having at least one subscription. These platforms offer features, such as live streaming, on-demand content access, interactive tools, audience engagement features, etc., catering to the needs of presenters and attendees alike. Apart from this, as more presenters and organizations embrace online streaming for presentations, the scope of virtual events has expanded beyond traditional conferences and seminars. They now encompass a wide range of formats, including webinars, virtual summits, product launches, training sessions, and workshops, according to diverse industries and audience preferences. This is stimulating the virtual events market revenue. For instance, in January 2024, Yamaha Motor India conducted an event, 'Yamaha Virtual Launch,' for its new product range. Additionally, in May 2024, Apple unveiled a virtual event called "Let Loose." The event aimed to showcase refreshed iPad Airs, including a larger 12.9-inch size.

Technological Advancements

Technological advancements in streaming play a crucial role in shaping the landscape of virtual events. They have enabled smoother and higher-quality live video streaming for virtual events. Moreover, dedicated virtual event platforms have emerged, offering comprehensive solutions for hosting and managing virtual events. These platforms provide features, such as customizable event spaces, attendee registration and management, interactive tools, including live chat, polls, and Q&A, integrations with other event management and marketing tools, etc. For instance, in August 2023, Chati, one of the virtual and hybrid event solutions providers, launched a virtual event platform that can alter how businesses, organizations, and communities interact with global audiences in virtual and hybrid environments. In addition, Chati incorporates breakout video chat sessions, enabling attendees to forge connections and engage in discussions. With seamless integration technology, Chati is also compatible with popular webinar solutions, social feeds, CRM systems, and more. Besides this, the widespread integration of AI algorithms helps in analyzing attendee data, such as registration information, browsing history, interactions during the event, etc. For instance, in January 2024, Splash, a worldwide event marketing technology firm that enables businesses to create large-scale live, hybrid, and virtual events, introduced Attendance Insights, the first predictive artificial intelligence tool across the event industry. It anticipates event attendance based on comparable events hosted on Splash. It also offers data-driven recommendations to increase projected attendance. These innovations mentioned above are expected to elevate the virtual events market scope in the coming years.

Global Virtual Events Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on the type, solution type, application, and end-use.

Breakup by Type:

• Video Conferencing and Unified Communications & Collaborations
• Web Conferencing
   

Video conferencing and unified communications & collaborations represented the largest segment

The report has provided a detailed breakup and analysis of the market based on the type. This includes video conferencing and unified communications & collaborations and web conferencing. According to the report, video conferencing and unified communications and collaborations represented the largest market segmentation.

According to the virtual events market overview, video conferencing, and unified communications and collaborations provide audio and video-sharing communication facilities in real-time with enhanced connectivity and productivity. In addition, they assist in streamlining interaction methods between employees and customers while reducing travel and information technology (IT) costs. With the rise of remote work and globalized teams, these tools have become essential for maintaining communication, coordination, and productivity across dispersed workforces. For instance, in January 2024, Integrated Systems Europe, Cisco, Microsoft Corp., and Samsung Electronics Co. Ltd. launched new meeting room solutions to improve collaborative experiences for hybrid meetings. With a shared objective of facilitating seamless and inclusive meetings, the businesses revealed integrated video collaboration solutions for the Cisco Room Series.

Breakup by Solution Type: 

• Webinars and Enterprise Streaming
• Networking and Collaborations
• Content Sharing and Media Development
• Event Marketing
• Others
   

A detailed breakup and analysis of the market based on the solution type has also been provided in the report. This includes webinars and enterprise streaming, networking and collaborations, content sharing and media development, event marketing, and others.

Webinars and enterprise streaming assist in generating leads and converting audiences into paying customers. In line with this, it provides real-time engagement to customers and employees without any requirement for a suitable physical place and reduces the operational costs of a business. Additionally, networking and collaborations in virtual events encourage interaction and idea-sharing among attendees. Besides this, technological advancements, such as artificial intelligence (AI) and machine learning (ML), in virtual event networking platforms connect audiences with similar interests quickly without wasting time. Moreover, content sharing and media development in virtual events can benefit in generating more revenues for a business. Apart from this, creating sharable online content leads to the growth of a business, thereby increasing the virtual events market dynamics.

Breakup by Application:

• Virtual Conferences 
• Virtual Tradeshows
• Online Education Programs
• Virtual Reality Exhibitions
• Others
   

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes virtual conferences, virtual tradeshows, online education programs, virtual reality exhibitions, and others.

Virtual conferences allow participants to access live onsite meetings and events from internet devices remotely. It aids in eliminating logistics involved with in-person events and can include many people in the meetings without any hassle. Moreover, virtual tradeshows are events in which goods and services are exhibited in online mode conveniently. Various organizations display their products and services and provide information that can assist in increasing sales. In addition, they reduce costs, maximize reach, and create enhanced engagement among audiences across the globe. On the other hand, online education programs in virtual mode provide enhanced learning experiences to students around the world. They offer one-on-one training and consulting sessions for those who don’t want to share their details.

Breakup by End-Use:

• Corporate
• Education
• Healthcare
• Finance and Banking
• Government
• Others
   

Corporate accounted for the largest market share

A detailed breakup and analysis of the market based on the end-use has also been provided in the report. This includes corporate, education, healthcare, finance and banking, government, and others. According to the report, corporate represented the largest market segmentation.

According to the virtual events industry overview, the increasing number of client meetings for promoting new products is driving the segment's growth. In line with this, the rising demand for interactive virtual meeting platforms to coordinate and work efficiently in a company is also contributing to the growth of the market. Moreover, virtual events offer cost-saving benefits for corporate organizations. By eliminating expenses associated with venue rentals, travel, accommodation, catering, and logistics, virtual events provide a more budget-friendly option for hosting corporate gatherings. This cost efficiency appeals to organizations looking to optimize their resources and achieve a higher ROI from their events. For example, in January 2024, Microsoft introduced Mesh 3D meetings to enable workers to connect with their colleagues in a variety of three-dimensional situations.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

Some of the factors driving the North America virtual events market include the growing adoption of digitally simulated platforms in the healthcare industry, the rising number of multinational companies, and the increasing demand for business meetings in the government sector. In addition, the region is a hub for technological innovation and advancements in streaming technology, virtual reality (VR), augmented reality (AR), and artificial intelligence (AI). These technologies also enable more interactive, immersive, and engaging virtual experiences for individuals, which is acting as another significant growth-inducing factor. For instance, in June 2023, Remo USA Inc., one of the virtual events platform providers, released two novel AI-powered event planning tools called the Event Idea Generator and the Event Name Generator for free.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market 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
• Zoom Video Communications Inc.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Virtual Events Market Recent Developments:

• May 2024: Apple unveiled a virtual event called "Let Loose" to showcase its new range of iPads.
• January 2024: Yamaha Motor India conducted an event, 'Yamaha Virtual Launch,' for its novel product offerings.
• January 2024: Splash, one of the worldwide event marketing technology firms that enables businesses to create large-scale live, hybrid, and virtual events, launched Attendance Insights, the first predictive artificial intelligence tool.

Virtual Events Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the virtual events market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global virtual events market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the virtual events industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.