15 Jun 2021
Global Virtual Events Market is valued at USD 75.21 Billion in 2020 and expected to reach USD 366.5 Billion by 2027 CAGR of 21.89%
Virtual Events Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027. Rise in digitalization and cost effective gatherings are key driving factors for the growth of Virtual Events Market.
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Scope of Virtual Events Market Report:
Virtual eventss are the gathering of people from same field and interacting through web environment or virtually through various online platforms. This allow users to meet industry people in their comfort zone. These multi-session eventss provide various features online through webinars and webcasts like one-to-one chats and videoconferencing. The virtual eventss are beneficial for creating similar experience to physical space. The first virtual show as “Convention View” was presented around 1993 and soon in late 2000s virtual eventss got popular as they offer economically effective way to bring attendees from around the globe. As per the report of 2020 by Bizzabo, an events technology company states that 80.2% of events organizers were successful to reach wider audience and around 93% of events professionals are ready to invest in virtual eventss.
During the COVID-19 pandemic, some industries have positive impact and some are struggling. Awareness about social distancing among different groups of citizens gave rise to virtual eventss. From governments, organizations, industries to colleges, schools and institutes, wide variety of eventss likes webinars, meetings, educational classes and more gave significant growth to virtual eventss platforms. These virtual meetings prove to be an efficient way during planning stages as report by Bizzabo, 2019 stated that 89% businesses saved around 200 hours per year by using digital meetings.
Global Virtual Events Market report is segmented on the basis of Events Type, Business Models, End-User and Region & country level. Based upon events type, Global Virtual Events market is classified into Webinars, Online Summit, Conference and Virtual Expo or Fairs. On the basis of Business Models the market is classified into Paid attendance, Subscription/Membership, Sponsored Eventss and Marketing Eventss. On the basis of End-user, the market is classified as Education, Healthcare, Banking, Corporate and Government.
Global Virtual Events Market Segmentation:
By Events Type:
Virtual Expo or Fairs
By Business Model:
By End-User Type:
The regions covered in this Global Virtual Events Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Virtual Events is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.
Key Players for Global Virtual Events Market Report:
Some major key players for Global Virtual Events Market are Cisco Systems, Zoom Video Communications, Microsoft Corp, VFairs, Cvent Inc., Cadence, Google meet and others.
News: New Plug and Play Virtual Events Product launched by Meet Virtually
February 3, 2021; A new “Plug & Play” events product launched for easy virtual gatherings by digital experiential agency company, Meet Virtually. Through this product, company aims to offer strategic planning services and virtual engagement options to enhance the virtual meeting features. Michael Friedman, Managing Director said that they delivered company’s client demands to create key virtual experiences.
Greenroom Feature introduced by Perigon’s Virtual Events Platform
February 2, 2021; Along with existing features, new backstage feature has been added by a virtual events service provider, Perigon Live. This feature will allow changing curtain image from events space itself by the B2B events organizers. Countdown audio as a backstage curtain can be used by Events Planners if required. Other features available in the platform are advanced events positioning, polling, audience segmentation and flexible system integration.
Rise in digitization and cost effective gatherings followed by technological advancements are key driving factors for the growth of Virtual Events Market
The major factors driving the growth of global Virtual Events market is rise in digitization and technological advancement is likely to augment the market growth. After the pandemic hit, governments and industries around the globe positively adapted to the changes by going virtual. Rise in engagements and interactions with large variety of audiences boost the Virtual Events market significantly. The other factors such as cost-effectiveness, time effective schedulable, data insights and high productivity have significantly contributed to the market. On the other hand increasing adoption of unified communication services on a large scale is also expected to enhance the market growth in a long run. However, technical issues like connectivity, audio or video as well as availability of various free solutions may hamper the growth of virtual events market. Moreover, Expansion of audiences, valuable content and sustainable practices can create new opportunities in Virtual Events Market.
North America is dominating the Global Virtual Events Market
North America is expected to dominate the Global Virtual Events Market within the forecast period attributed to technological advancement and high adoption rate of unified communication as a service in various organizations. During the pandemic large number of eventss took place virtually in the U.S. alone. According to the U.S. marketing professionals, virtual eventss will occur on the regular basis post-pandemic. Asia Pacific is expected to significant growth over the forecast period owing to the growth in digitization which in turn increases the consumer base. Moreover, development in telecommunication sector to improve the connectivity services in the region is also expected to fuel the growth of virtual events market in the near future.
Key Benefits for Global Virtual Events Market Report:
Global Virtual Events Market report covers in-depth historical and forecast analysis.
Global Virtual Events Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
Global Virtual Events Market report helps to identify opportunities in marketplace.
Global Virtual Events Market report covers extensive analysis of emerging trends and competitive landscape.
Virtual Events Market Market By Regional & Country Level:
North America (USA, Canada, Mexico), Europe (UK, France, Germany, Russia, Rest of Europe), Asia-Pacific (China, South Korea, India, Japan, Rest of Asia-Pacific), LAMEA, Latin America, Middle East, Africa
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