Global Virtual Events Market is valued at USD 75.21 Billion in 2020 and is expected to reach USD 366.5 Billion by 2027 with a CAGR of 21.89% over the forecast period.
Global Virtual Events Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Growing numbers of internet users and increasing prevalence of Covid-19 globally are some of the major factors driving the growth of the Global Virtual Events Market.
Any event that brings people together digitally at the same time is referred to as a virtual event. A virtual event can be anything from a small group conversation to a panel, fireside chat, or direct video broadcast lecture, presentation, or lesson that takes place live over video. Brand recognition, product launch, business networking, knowledge-sharing sessions, community building, and a variety of other objectives can all be accomplished through virtual events. Virtual tradeshows, virtual job fairs, virtual conferences, virtual sales meetings, virtual college open days, and virtual company-wide gatherings are all popular uses of virtual events. Organizations use virtual events for presentations, training, job fairs, expos, internal meetings, and sessions. Associations, professional conference organizers, company executives, marketing managers, product management, human resources, and other essential stakeholders lead virtual events. Alan Saperstein and Randy Selman of Visual Data Corporation (now known as Onstream Media) first publicly defined and presented the ""virtual tradeshow"" as ""ConventionView"" in a presentation to investors at the Waldorf Astoria hotel in New York City in April 1993. The global demand for virtual events is being strengthened by the development of increased use of the internet, innovative ways of virtual events and other factors.
Virtual events are the gathering of people from the same field and interacting through a web environment or virtually through various online platforms. This allows users to meet industry people in their comfort zone. These multi-session events provide various features online through webinars and webcasts like one-to-one chats and videoconferencing. The virtual events are beneficial for creating a similar experience to physical space. The first virtual show as “Convention View” was presented around 1993 and soon in the late 2000s virtual events got popular as they offer an 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 a wider audience and around 93% of events professionals are ready to invest in virtual events.
During the Covid-19 pandemic, careful precautions made by governments of many nations resulted in the temporary suspension of markets, offices, and organizations, as well as paused activities such as meetings, conferences, job fairs, and displays. This has shown a positive impact on the virtual event market growth owing to the increased number of internet users and the necessity for virtual platforms to avoid Covid-19 infections, as well as the necessity to keep social distances. People who work from home or learn from home need a way to connect with one another, which has raised the need for virtual events.
Some major key players for the Global Virtual Events Market report cover prominent players like
Global Virtual Events Market Segmentation Analysis:
Global Virtual Events Market is segmented on the basis of types, services, end-user, and region & country level. Based upon types, the global virtual events market is classified into internal, external, and extended. Based on services, the market is classified into communication, training, sales & marketing, recruitment, and entertainment. Based on end-user, the global virtual events market is classified into educational institutes, enterprises, healthcare, organizations, and others.
On May 21th, 2021; Zoom Events would allow businesses to hold and monetize both small and large events, such as sales summits and user conferences, with the goal of replicating the in-person experience. Zoom, a video-conferencing app, announced a subscription platform that allows users to stage large-scale virtual events. The decision comes as a number of events, including huge conferences and concerts, are still being hosted digitally throughout the world. The new product will take over from OnZoom, a paid platform that allows users to conduct small-scale events such as fitness classes and live shows, and was launched in October of last year. Zoom Events can hold multi-day conferences, whereas OnZoom catered to individuals, entrepreneurs, and small enterprises. Users can also use the platform to manage and share events by creating an event hub. Customizable tickets, attendee registration, and billing will all be available through the same platform. Event hosts can also keep track of revenue and attendance information. Last year, the video-conferencing app saw enormous growth, with over 200 million daily users. For several months last year, the app was also the most downloaded software on both the Android and iOS app stores.
The major factor driving the growth of the global virtual events market is the growing number of internet users globally. The growing numbers of internet users may require a stream of meet-ups, conferences, and entertainment, which can be brought by the virtual events and their many platforms. For instance, according to International Telecommunication Union, in 2019 internet usage topped 50%, with 75% of the global population having an active mobile broadband connection and fixed broadband subscribers reaching just over 15%. Today, more than 57% of homes have access to the Internet. A mobile broadband network is accessible to 93% of the world's population. In 2019, around 72 percent of urban households have access to the Internet at home, about twice as many as rural households (almost 38 percent).
According to the Journal of Humanities and Social Sciences Research; during the Covid-19, there was an increase in internet consumption. Because people are locked up in their homes and conduct both personal and official activities on social media, daily average consumption has grown to 13% from 9%. With a broadband connection or a mobile connection, remote education, work-from-home, and entertainment are being transferred to the house. The internet in New Delhi is extremely important for connecting followers to their sacred sites and performing holy rites. They can communicate online and take part in religious rites. For their followers, the “Golden Temple” in Punjab, and other temples in India are now employing a digital worship strategy. According to the International Journal of Innovative Research in Computer and Communication Engineering, with over a trillion impressions given to over one billion users every month, Google display advertising reaches over 90% of internet users globally.
The rising risks of the Covid-19 Outbreak are also driving the market growth of virtual events. Only by maintaining social distance may Covid-19 outbreaks be prevented. The increased number of infections and risks of the Covid-19 outbreak in the world can be attributed to crowding at conferences, meetings, entertainment events, lectures, and school classrooms. Virtual events can be held to avoid such physical gatherings. Unnecessary travel, direct meetings, infection risks, and health risks can all be avoided. According to WHO, to limit the risk of infection when others cough, sneeze, or speak, keep at least a 1-meter gap between yourself and others. Restaurants, choir practices, fitness classes, nightclubs, businesses, and places of worship have all recorded outbreaks when individuals have gathered, frequently in packed indoor settings where they talk loudly, shout, breathe deeply, or sing. There have been 166,346,635 confirmed cases of COVID-19 reported to WHO as of May 23rd, 2021, with 3,449,117 deaths. Covid-19 is more likely to spread in crowded, poorly ventilated places where infected persons spend lengthy periods of time together in close proximity such as events and conferences. Hence, such events could be held over virtual events to avoid infections and health hazards.
However, the need for adaptation towards increased screen timing and the requirement of good connectivity devices may hamper the market growth of virtual events. In spite of that, virtual events reduce the stress of traveling, and increasing the development of good technologies and new sources of connectivity with fewer costs can offer more opportunities for the further growth of the market.
The Global Virtual Events Market is segmented into North America, Europe, Asia-Pacific Latin America, and Middle East & Africa. North America is expected to dominate the global virtual events market within the forecast period. The expansion of virtual platforms could be fueled by increased use of the internet of things in this region. The virtual event business has benefited from school lectures, conferences, and the demand for healthcare meetings during the Covid-19 crisis. For instance, according to Internet World Stats, the United States is the third most populous country on the internet, with 292 million users. According to The Condition of Education 2020, in 2018, 94% aged 3 to 18 had access to the internet at home, with 88% using a PC and only 6% using a smartphone. According to U.S. Census Bureau, the percentage of rural and urban households with a broadband Internet subscription was 85.1 percent, with urban households accounting for 86.1 percent and rural households accounting for 80.8 percent. Increasing Covid-19 cases is also supplementing the demand for virtual events in this region. The increasing cases may reduce the meetups and use the virtual platforms for it.
The Asia Pacific is expected to witness the fastest growth in the global virtual events market. Virtual event platforms are becoming more popular as a result of factors such as working from home and studying from home in this region. In addition, due to Covid-19 outbreaks, there is a significant increase observed in the virtual events in this region. For instance, at the end of 2019, little over half of the world's population was online, but among the young, this figure rises to over 69 percent (aged 15-24 years). According to the International Journal of Information Management, when compared to pre-lockdown levels, utilization of internet services has increased from 40% to 100%. Zoom, a video conferencing service, has seen a tenfold rise in usage, while Akamai, a content delivery provider, has experienced a 30% rise in content utilization. In India, cities such as Bangalore have seen a 100 percent rise in internet traffic.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2020:||USD 75.21 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 366.5 Billion|
|Tables, Charts & Figures:||175|
|Virtual Events Companies||Zoom Video Communications Inc., Adobe Systems, Microsoft Corporation, VFairs, Toshiba, Citrix Systems, ALIVE Events, IBM, Alcatel-Lucent, Cisco Systems Inc., Cvent Inc., Mitel Networks, BroadSoft, ALE International, George P Johnson, COREX, Eventxtra, MEETYOO and others|
|Segments Covered||By Type, By Services, By End-user|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Middle East and Africa