Overview and Scope
A virtual event, also referred to as an online event, virtual conference, or live-streamed experience, is an occasion where individuals engage in interactions within a digital environment on the internet rather than convening at a physical venue. These events leverage digital platforms and technologies to enable participants to interact, engage, and collaborate remotely.
Sizing and Forecast
The virtual events market size has grown exponentially in recent years. It will grow from $156.84 billion in 2023 to $193.45 billion in 2024 at a compound annual growth rate (CAGR) of 22.3%. The growth in the historic period can be attributed to enhanced attendee experience, revenue generation, roi focus, competitive landscape, and global reach and accessibility.
The virtual events market size is expected to see exponential growth in the next few years. It will grow to $437.16 billion in 2028 at a compound annual growth rate (CAGR) of 22.6%. The growth in the forecast period can be attributed to hybrid events, global reach and accessibility, revenue generation, personalization, and competitive landscape. Major trends in the forecast period include platform diversity, hybrid events, enhanced attendee experience, innovative technologies, and sustainability.
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Segmentation & Regional Insights
The virtual events market covered in this report is segmented –
1) By Type: Internal Event, Extended Event, External Event
2) By Component: Platform, Services
3) By Application: Conferences And Conventions, Corporate Meetings And Training, Exhibitions And Trade Shows, Seminars And Workshops
4) By End User: Educational Institution, Corporate, Government
North America was the largest region in the virtual events market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual events market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increased frequency of business events is expected to propel the growth of the virtual events market going forward. Business events are large gatherings where professionals engage in business-related activities, such as selling services, networking, or holding meetings. Increasing the frequency of virtual business events enhances engagement, networking opportunities, and knowledge sharing within the online community. Business events provide valuable educational opportunities for attendees to learn about virtual events’ benefits, features, and best practices. This education and awareness-building contribute to expanding the virtual events market by addressing potential concerns, dispelling myths, and showcasing success stories. For instance, in August 2023, according to Equation Events, a US-based events company, the event industry’s job market is projected to grow at 11% and reach 5.9 million jobs, indicating healthy demand. Additionally, concert and event promotion businesses experienced 9.1% growth in 2022, with 73,414 such companies in the U.S. Therefore, the increased frequency of business events is expected to propel the growth of the virtual events market.
Key Industry Players
Major companies operating in the virtual events market are Microsoft Corporation, NTT Limited, Cisco Systems Inc., NTT Data Inc., Adobe Systems Inc., Zoom Video Communications Inc., Alcatel-Lucent S.A., Martiz Holdings Inc., Citrix Systems Inc., Avaya LLC, George P. Johnson, Cvent Inc., Kestone Integrated Marketing Services Pvt. Ltd., ALE International SAS, Hubilo Technologies Inc., 6Connex, Aventri Inc., CL Educate Ltd., vFairs, EventX Limited, Veritas Technologies LLC, EventX Limited, uBivent GmbH, Pathable Inc., Alive Events Agency
The virtual events market report table of contents includes:
1. Executive Summary
2. Virtual Events Market Characteristics
3. Virtual Events Market Trends And Strategies
4. Virtual Events Market – Macro Economic Scenario
5. Global Virtual Events Market Size and Growth
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32. Global Virtual Events Market Competitive Benchmarking
33. Global Virtual Events Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Virtual Events Market
35. Virtual Events Market Future Outlook and Potential Analysis
36. Appendix
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