Virtual Events Market size is set to grow by USD 558.9 million from 2024-2028, Rise in number of corporate events boost the market, Technavio

NEW YORK, June 25, 2024 /PRNewswire/ -- The global virtual events market size is estimated to grow by USD 558.9 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  30.25%  during the forecast period. Rise in number of corporate events is driving market growth, with a trend towards growing popularity of virtual events in education. However, emerging threat from open-source virtual events solutions  poses a challenge. Key market players include 8x8 Inc., Active Network LLC, Adobe Inc., ALE International, Atlassian Corp. Plc, Avaya LLC, Aventri Inc., Bizzabo, Cadence Design Systems Inc., Cisco Systems Inc., Cvent Holding Corp., EventX Ltd., Huawei Technologies Co. Ltd., Hubb, International Business Machines Corp., Microsoft Corp., Mitel Networks Corp., Toshiba Corp., Ungerboeck, and Zoom Video Communications Inc..

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Market Driver

Virtual events are gaining popularity in traditional educational institutions, offering students flexible learning opportunities. These events provide access to qualified instructors, reducing expenses and enhancing knowledge. Virtual events employ game dynamics to boost student engagement and develop time management skills. Conferencing facilitates real-time interactions between students and faculty, while social media integration fosters connections. Online classes, such as those offered by Cisco WebEx Training Center, offer high-definition video for face-to-face interaction and collaborative learning experiences. These factors are expected to fuel the growth of the global virtual events market. 

The virtual events market is experiencing significant growth with the adoption of technology for conferencing and networking. Advanced video conferencing platforms enable interactive sessions, live polls, and virtual exhibitions. The trend towards remote work and social distancing measures have accelerated this shift. Companies are investing in customizable event solutions, providing engaging experiences for attendees. Decision-making tools and analytics help event organizers measure success and optimize future events. The convenience and cost savings of virtual events make them an attractive alternative to traditional in-person events. The future of events is digital, with continued innovation and improvement in technology driving the market forward. 

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Market Challenges

• Open-source virtual events pose a significant challenge to the commercial virtual events market. Micro and small-scale enterprises and individual users prefer these freely available solutions due to their cost-effectiveness. Basic features of proprietary virtual events are replicated in most open-source alternatives. This trend is hindering the growth of the global virtual events market, particularly for small-scale events. Open-source software's accessibility across all platforms further intensifies the competition.
• The virtual events market has seen significant growth due to the ongoing pandemic. However, it presents unique challenges. Real-time interaction and engagement are crucial for success. Augmented reality and virtual reality technologies can enhance the experience but require considerable investment. Technical issues, such as connectivity and bandwidth, can disrupt events. The lack of physical presence limits networking opportunities. Sponsorships and advertising revenues are also uncertain. Collaboration and innovation are essential to overcome these challenges and provide valuable experiences for attendees.

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Segment Overview 

This virtual events market report extensively covers market segmentation by  

1. Application 
• 1.1 UC and C and video conferencing
• 1.2 Web conferencing
2. Type 
• 2.1 Webinar
• 2.2 Conference
• 2.3 Virtual expo fairs and festivals
• 2.4 Entertainment
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 UC and C and video conferencing-  The virtual events market is experiencing significant growth as businesses adapt to the new normal. Companies are turning to virtual platforms to host conferences, product launches, and training sessions. This shift offers cost savings, increased accessibility, and the ability to reach a global audience. Virtual events provide a professional and engaging experience, allowing attendees to network and interact with each other in real-time. Companies can measure attendance, engagement, and ROI through analytics tools, making virtual events an effective marketing strategy.

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Research Analysis

The Virtual Events Market has experienced significant growth in various sectors, including Retail & e-commerce, Healthcare, Manufacturing, Construction, Academic institutions, and the Virtual events industry itself. With the implementation of Work-From-Home (WFH) policies and lockdowns due to Coronavirus, digitally simulated events have become the new norm for Sales meetings, Job fairs, Summits, Exhibitions, and Trade shows. Modern technologies, such as artificial intelligence (AI) and networking solutions, have played a crucial role in facilitating seamless business proceedings and maintaining connectivity networks for employees and resources. However, the shift to virtual events has also brought new challenges, including cyberattacks and ensuring secure and reliable workflows. Despite these hurdles, the adoption of virtual events is here to stay, transforming the way we conduct business in the post-pandemic world.

Market Research Overview

The Virtual Events Market has experienced significant growth due to the ongoing global health crisis. This shift towards virtual events is driven by the need for social distancing and the convenience they offer. Virtual events encompass a wide range of activities, including conferences, seminars, product launches, and networking events. They offer various features such as live streaming, on-demand access, interactive sessions, and virtual exhibitions. The market is expected to continue growing as technology advances and businesses recognize the benefits of virtual events. Virtual events provide cost savings, increased accessibility, and the ability to reach a global audience. They also offer valuable data and analytics, enabling organizations to measure engagement and ROI. The market is segmented based on type, application, and region. Types include webinars, virtual conferences, and hybrid events. Applications include corporate training, product launches, and educational events. Regions include North America, Europe, Asia-Pacific, and the Middle East and Africa.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• UC And C And Video Conferencing
• Web Conferencing
• Type
• Webinar
• Conference
• Virtual Expo Fairs And Festivals
• Entertainment
• Geography
• North America
• APAC
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Website: www.technavio.com/

SOURCE Technavio