The Global Virtual Events Industry Market was at US$ 315.5 Bn in 2022 and is growing to approx US$ 1035.5 Bn by 2032, with a CAGR growth of 14%, 2023 and 2032.

AUSTIN, TEXAS, UNITED STATES, November 22, 2023 /EINPresswire.com/ -- According to the study, The Global Virtual Events Industry Market was estimated at USD 315.5 Billion in 2022 and is anticipated to reach around USD 1035.5 Billion by 2032, growing at a CAGR of roughly 14% between 2023 and 2032.

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Global Virtual Events Industry Market: Overview

A virtual event refers to an online gathering where participants engage in a virtual environment instead of meeting in person. It has gained significant popularity among small and medium businesses, that utilize virtual event platforms for various purposes such as outsourcing and analytics, access management, content creation, social media development, and event marketing.

When multiple individuals or a specific organization hosts a virtual event with a large audience, it resembles a large-scale social gathering. On the other hand, video conferences are primarily employed for internal meetings, discussions, or routine decision-making processes. The event market is experiencing a transformative phase as various industries harness innovative technologies that intersect with one another. Traditional conferences and trade shows are slowly transitioning towards virtual events.

These virtual platforms are being adopted to replace physical events with low attendance or to supplement in-person gatherings. While virtual event technology has been widely embraced by the private sector for corporate power events, virtual events in the public sector are gradually gaining momentum. The increasing implementation of Unified Communication as a Service (UCaaS) in organizations, educational institutions, and enterprises has significantly contributed to the growing demand for digital proceedings.

Global Virtual Events Industry Market: Growth Drivers

Virtual Events Industry Market: Growth Factors and Dynamics

Technological Advancements: Continuous advancements in technology, such as high-speed internet connectivity, streaming capabilities, and virtual reality, drive innovation and improve the virtual event experience. Emerging technologies like augmented reality and artificial intelligence are also being integrated into virtual events, enhancing engagement and interactivity.

Changing Consumer Behavior: Shifts in consumer behavior, particularly in the wake of the COVID-19 pandemic, have accelerated the adoption of virtual events. Consumers are increasingly comfortable with online platforms and prefer the convenience and accessibility offered by virtual events. This change in consumer behavior has propelled the market’s growth.

Hybrid Event Models: Hybrid event models, combining both virtual and in-person elements, have gained traction in the industry. This approach allows organizers to cater to diverse attendee preferences, reach a wider audience, and provide flexibility in event delivery. The integration of virtual and physical components offers new opportunities for event organizers and enhances attendee engagement.

Demand for Personalization: Attendees now expect personalized experiences in virtual events. Customizable agendas, interactive features, networking opportunities, and tailored content are essential to creating engaging and memorable experiences. Event organizers need to leverage data and analytics to understand attendee preferences and deliver personalized experiences.

Marketing and Branding Opportunities: Virtual events offer unique marketing and branding opportunities for businesses. Sponsors and exhibitors can showcase their products and services through virtual booths, presentations, and targeted advertisements. Virtual events also provide opportunities for brand collaborations, content marketing, and lead generation.

Evolving Event Formats: Virtual events are not limited to traditional conference formats. Various event formats, such as webinars, virtual trade shows, product launches, networking events, and training sessions, are gaining popularity. Event organizers are experimenting with innovative formats to create engaging and immersive virtual experiences.

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Key Insights:

A) As per the analysis shared by our research analyst, the Global Virtual Events Industry Market is estimated to grow annually at a CAGR of around 14% over the forecast period (2023-2032).
B) In terms of revenue, the Global Virtual Events Industry Market size was valued at around USD 315.5 Billion in 2023 and is projected to reach USD 1035.5 Billion by 2032. Due to a variety of driving factors, the Market is predicted to rise at a significant rate.
C) Hopin and StreamYard: In 2021, Hopin, a prominent virtual events platform, acquired StreamYard, a live video streaming platform. This acquisition enabled Hopin to enhance its video streaming capabilities, providing users with seamless and interactive live-streaming experiences.
D) Intrado and Pigeonhole Live: In 2020, Intrado Corporation, a global provider of technology-enabled services, acquired Pigeonhole Live, an audience engagement platform for virtual and live events. This acquisition allowed Intrado to enhance its virtual event solutions by integrating Pigeonhole Live’s audience interaction features.
E) Shift from In-person to Virtual Events: The pandemic necessitated social distancing measures and restrictions on large gatherings, leading to the cancellation or postponement of in-person events. In response, organizations quickly pivoted to virtual events as a means to continue engaging with their audiences. This shift from physical to virtual events became a necessity during the pandemic and significantly boosted the adoption of virtual event platforms.
F) The Surge in Demand for Virtual Event Solutions: The pandemic-induced restrictions created a surge in demand for virtual event solutions. Businesses, educational institutions, and organizations across various sectors turned to virtual events to connect with employees, customers, students, and other stakeholders. The need for remote collaboration, online education, and virtual communication drove the demand for virtual event platforms and services.

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Regional Landscape

North America: North America holds a significant share in the virtual events industry market. The region is characterized by advanced technological infrastructure, high internet penetration rates, and a strong presence of key industry players. The United States, in particular, is a major contributor to the market growth, driven by its robust business landscape, widespread adoption of virtual event solutions, and a tech-savvy population.

Europe: Europe is another prominent market for virtual events, witnessing substantial growth. Countries like the United Kingdom, Germany, and France are at the forefront of virtual event adoption. The region benefits from a mature digital landscape, well-established corporate sector, and a growing emphasis on remote work and digital connectivity.

Asia Pacific: The Asia Pacific region is experiencing rapid growth in the virtual events industry market. Countries such as China, India, Japan, and Australia are driving this growth, buoyed by expanding internet infrastructure, increasing smartphone penetration, and a growing tech-savvy population. The region’s large consumer base and emerging economies present significant opportunities for virtual event providers.

Latin America: Latin America is emerging as a promising market for virtual events. Countries like Brazil, Mexico, and Argentina are witnessing increased adoption of virtual event platforms. The region’s growing e-commerce sector, rising digital literacy rates, and the need for cost-effective event solutions are driving market growth.

Middle East and Africa: The Middle East and Africa region are gradually embracing virtual events. Countries like the United Arab Emirates, South Africa, and Saudi Arabia are witnessing a rise in virtual event adoption, driven by the need for remote connectivity, global collaboration, and cost savings. The region’s digital transformation initiatives and increasing investments in technology infrastructure contribute to the market’s expansion.

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Key Players

Filmed
American Program Bureau INC.
Pace Digital
Revolution CMES
Showcase Events
Target Exhibitions
TCJ Management Co. Ltd
The Collaborative Exchange
Vietapps Co. Ltd.
Morph Digital Solutions Private Limited
Others

The Global Virtual Events Industry Market is segmented as follows:

By Type

Conference
Webinar
Virtual expo fairs and festivals
Entertainment
Others

By Source

Ticket Sale
Sponsorship
Others

By Age Group

Below 20 years
21 to 40 years
Above 40 years

By Platform

Web based software
XR Platform

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
Global India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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