Virtual Events Market To Accomplish Growth at 21.4% CAGR by 2030

Posted on 2022-05-10 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, May 10, 2022 — /EPR Network/ —

Virtual Events Industry Overview

The global virtual events market size was valued at USD 114.12 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 21.4% from 2022 to 2030.

The widespread use of collaboration and communication tools in various industries and industry verticals, including retail & e-commerce, healthcare, manufacturing, construction, and education, among others, is anticipated to boost the market growth during the forecast period. The growing adoption of Unified Communication as a Service (UCaaS)-based solutions by various organizations and enterprises, including academic institutions, allows the employees and other resources to virtually engage with all the business proceedings and help in realizing a more efficient and effective workflow, which bodes well for the market growth.

Google LLC’s Hangouts, Microsoft Corporation’s Microsoft Teams, and Zoom Video Communications, Inc.’s Zoom are some of the UCaaS-based solutions most preferred by corporations. Digital platforms allow users to participate in any event remotely regardless of their location. Several web-based systems can be used to connect attendees from all over the world. The convergence of Artificial Intelligence (AI), Augmented Reality (AR), and Virtual Reality (VR) is particularly allowing online communication and collaborative activities to cover all the aspects of a physical event. Furthermore, companies are rapidly adopting virtual simulated platforms to effectively manage time and resources, thereby driving the growth of the market.

Gather more insights about the market drivers, restrains and growth of the Global Virtual Events Market

Digitally simulated events can potentially cover various events, including sales meetings, job fairs, summits, audio/video conferences, exhibitions, and trade shows. The Work-From-Home (WFH) policy that was adopted by several companies, in response to the lockdowns and restrictions on the movement of people imposed by various governments across the world, as part of the efforts to arrest the spread of the coronavirus, has emerged as one of the major factors driving the market. At this juncture, virtual events play a decisive role in allowing businesses to connect with the remote workforce and conduct their business procedures.

On the other hand, the changing needs of the end-users are prompting market players to introduce innovative solutions in the market. For instance, in November 2021, Morressier, a virtual and hybrid conference provider, launched enhanced virtual conference and networking solutions designed to enhance customer experience. The company is looking forward to building out its network and community capabilities to help learners worldwide make essential connections and engage with conference content. The company’s pricing model is also being updated to increase accessibility to a broader range of conference budgets.

Software as a Service (SaaS) and UCaaS delivery models gradually emerged as mainstream delivery models. Small- & Medium-sized Enterprises (SMEs) mainly prefer SaaS and UCaaS-based solutions owing to the flexibility these solutions can offer. On the other hand, incumbents of the BFSI, hospitality, healthcare, and education industries typically adopt digitally simulated platforms. Several other businesses also use simulated channels to engage with customers and advertise their products, especially during product debuts. As such, market players are strongly emphasizing introducing innovative solutions and services to cater to the changing requirements while augmenting profitability.

The efforts being pursued by the market players are eventually leading to the development of a connectivity network that can potentially surpass all geographical boundaries and reach the masses. However, all sorts of online activities, including those associated with the virtual world, are always prone to cyberattacks. While information convergence remains vital for rolling out intercontinental connectivity services and subsequently creating new growth opportunities, service providers are equally concerned about data security and privacy protection. Virtual event management platforms are often integrated with various communication and collaboration solutions to facilitate invoicing, group work management, mobile event management, client administration, and email marketing, among other features, potentially leading to security issues.

These growing concerns over data security and privacy protection are projected to restrain the market growth over the forecast period. The continued launch of free, open-source event management solutions is also emerging as one of the major factors impeding the growth of the market. Nevertheless, several governments are drafting norms, standards, and regulations aimed at ensuring data security and privacy protection as part of their efforts to annul security concerns.

Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.

Artificial Intelligence Market – The global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030.
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Virtual Events Market Segmentation

Grand View Research has segmented the global virtual events market on the basis of event type, service, establishment size, end user, application, industry vertical, use case, and region:

Virtual Events Type Outlook (Revenue, USD Billion, 2018 – 2030)
- Invasive Internal
- External
- Extended
Virtual Events Service Outlook (Revenue, USD Billion, 2018 – 2030)
- Communication
- Recruitment
- Sales & Marketing
- Training
Virtual Events Establishment Size Outlook (Revenue, USD Billion, 2018 – 2030)
- SMBs
- Large Enterprises
Virtual Events End-user Outlook (Revenue, USD Billion, 2018 – 2030)
- Educational Institutions
- Enterprises
- Organizations
- Others
Virtual Events Application Outlook (Revenue, USD Billion, 2018 – 2030)
- Conferences
- Exhibitions/Trade Shows
- Summits
- Others
Virtual Events Industry Vertical Outlook (Revenue, USD Billion, 2018 – 2030)
- Banking, Financial Services, and Insurance (BFSI)
- Consumer Electronics
- Healthcare
- Information Technology (IT)
- Manufacturing
- Media & Entertainment
- Telecom
- Others
Virtual Events Use Case Outlook (Revenue, USD Billion, 2018 – 2030)
- Everyday Events
- Large-scale Events
Virtual Events Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA

Market Share Insights

November 2021: Morressier, a virtual and hybrid conference provider, launched enhanced virtual conference and networking solutions designed to enhance customer experience.
November 2021: 6Connex, a provider of virtual event solutions, and UgoVirtual, a provider of virtual and hybrid event solutions & services, announced an expanded partnership agreement to drive growth and continued innovation in the global virtual & hybrid event market.

Key Companies profiled:

Some prominent players in the virtual events market include

6Connex
Cisco Systems, Inc.
Cvent Inc.
Microsoft Corporation
On24, Inc.
vFairs
Zoom Communications, Inc.

Order a free sample PDF of the Virtual Events Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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