Virtual Events Market Executive Summary, Variables, and Forecasts 2030

Virtual Events Market Growth & Trends

The global virtual events market size is estimated to reach USD 657.64 billion by 2030, growing at a CAGR of 21.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The development of the market can be attributed to the growing preference for convening virtual events, such as video calls, live chats, video conferences, and online meetings, as part of the day-to-day business activities to share data in real-time. The outbreak of the COVID-19 pandemic, the resultant lockdowns & restrictions on the movement of people imposed by various governments to arrest the spread of the coronavirus, and the subsequent need to facilitate remote working are some of the significant factors that are anticipated to drive the market growth over the forecast period.

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:

Based on the Type Insights, the market is segmented into Internal, External and Extended.

• The external segment accounted for the largest revenue share of 41.8% in 2021 and is likely to dominate the market over the forecast period. The growth of the segment can be attributed to the growing adoption of virtual event tools by businesses to communicate with external entities. Many organizations are collaborating with technology companies to leverage the advances in technology and provide high-end services to their customers. The widespread adoption of digitally simulated tools by organizations to conduct or attend tradeshows, product launch events, press releases, client conferences, and other communication events is expected to propel the growth of the segment.
• The growing preference for outsourcing is making it essential for businesses to engage with their remote service providers regularly for meetings, data exchange, and training, thereby driving segment growth. The extended segment is anticipated to register the fastest CAGR from 2022 to 2030. The cumulative usage of virtually simulated platforms that allow remote audiences to effectively participate in an event or gathering convened at some other geographical location is expected to drive the growth of the segment. Internal events or the events convened within an organization are also being organized virtually as part of the WFH policy being adopted by various organizations due to the pandemic.

Based on the Service Insights, the market is segmented into Communication, Recruitment, Sales & Marketing, Training.

• The communication segment accounted for the largest revenue share of 35.7% in 2021 due to the significant increase in the number of digitally simulated gatherings being convened. Communication solutions and tools are being used for events, from smaller meetings to larger conferences. The growing use of internet platforms for business discussions, announcements, meetings, and declarations has been driving the segment growth. The recruitment segment also gained significant traction as employers aggressively utilized virtual event solutions to conduct interviews of candidates remotely.
• Online recruitment processes typically help in ensuring convenience and flexibility while saving time and resources for both candidates and employers. The training segment is projected to grow at the fastest CAGR from 2022 to 2030, in line with employers’ vital emphasis on conducting in-house training sessions online. Conducting training sessions online allows employers to nurture in-house talent and employees to learn & develop different skillsets regardless of their location. The outbreak of the COVID-19 pandemic has notably increased the adoption of virtual platforms for conducting employee training sessions.
• The sales & marketing segment is also expected to have significant growth over the forecast period in line with the aggressive promotional activities companies are carrying out to stand out in the market amid the intensifying competition. Communication and collaboration solutions can play a vital role in the sales and marketing department by aiding in building awareness about the company’s products and services among potential customers and subsequently, augmenting sales and profitability.

Based on the Establishment Size Insights, the market is segmented into SMBs and Large Enterprises.

• The large institution segment accounted for the maximum revenue share of 50.3% in 2021 as large organizations took the lead in adopting digital platforms. Large corporations are adopting virtual event management platforms as part of the ‘glocal’ strategy they are pursuing while negotiating with employees, clients, and other stakeholders spread across different geographies. Virtual communication and collaborative platforms also remain critical for large corporations to maintain a smooth workflow across multiple geographical locations. Virtual platforms have allowed large corporations to continue working efficiently despite the outbreak of the pandemic and the ensuing restrictions on the movement of people imposed by various governments.
• Small- and medium-sized companies typically find virtual event solutions convenient for effective communication as they have limited resources for training, marketing, sales, and operations. Virtual events can potentially allow small- and medium-sized businesses to focus on their core competencies. Advances in technology, the introduction of innovative cloud-based solutions, and aggressive adoption of virtualized infrastructure are encouraging small- and medium-sized businesses to adopt virtual event management platforms, thereby driving the growth of the segment.

Based on the End-user Insights, the market is segmented into Educational Institutions, Enterprises, Organizations, Others.

• The enterprise segment accounted for the largest market share of 55.9% in 2021 and is projected to continue dominating the market over the forecast period. The growth of the segment can be attributed to the growing adoption of digitally simulated platforms by both private and public organizations. Businesses are using online platforms to promote their products, collaborate with their clients, and for various other purposes. The use of internet communication channels in the healthcare industry has significantly increased. Healthcare professionals are widely using virtual events to interact with allied professionals and share their knowledge and experiences in the wake of the pandemic outbreak.
• Online meetings and webinars being convened by the incumbents of the healthcare industry have also gained significant traction in the wake of the pandemic outbreak. Advances in Virtual Reality (VR) and Augmented Reality (AR) also stimulate the demand for virtual events as medical institutions use VR and AR technologies to stream 3D videos during seminars and conferences. The others segment covers individuals, informal groups of students, and collaborative groups sharing common interests. The segment is anticipated to grow at the fastest CAGR from 2022 to 2030.
• The educational institutions segment is also poised for significant growth over the forecast period in line with the widespread use of virtual platforms for academic purposes. The strong emphasis students and professionals are putting on taking online courses to develop their skillsets is expected to drive the demand for digitally simulated platforms. The growing adoption of virtual event tools and solutions for training purposes is prompting market players to introduce dedicated training courses on digitally simulated platforms.

Based on the Application Insights, the market is segmented into Conferences, Exhibitions/Trade Shows, Summits, Others.

• The exhibitions/trade shows segment accounted for the largest market share of 31.6% in 2021 and is expected to continue dominating the market over the forecast period. The growth of the segment can be attributed to the growing need of businesses to exhibit or demonstrate their products, evaluate the competition, market their products & services, and keep track of the latest trends & prospects within the industry. Using digital spaces can potentially allow exhibitors to save money on travel, promotional items, accommodation, and other expenses associated with convening trade shows and exhibitions.
• The conferences segment is poised for significant growth as convening conferences virtually can lead to tremendous benefits, such as reduced costs, global reach, easy data collection and measurement of results, and quick scalability and control. Marketing teams are increasingly reallocating marketing expenditure to virtual events as a result of the cancellations and postponements of several in-person events following the outbreak of the pandemic.

Based on the Industry Vertical Insights, the market is segmented into Banking, Financial Services, and Insurance (BFSI), Consumer Electronics, Healthcare, Information Technology (IT), Manufacturing, Media & Entertainment, Telecom, Others.

• The Information Technology (IT) segment accounted for the largest market share of 21.0% in 2021 due to the continued globalization and early adoption of communication technology platforms. The manufacturing segment is anticipated to witness significant growth over the forecast period, mainly due to the innovations and expansions underway in the automotive and aerospace industry verticals.
• The healthcare segment accounted for a significant revenue share in 2021 and is expected to grow at a considerable CAGR from 2022 to 2030 due to the variety of health conferences being convened using digital platforms to address audiences from all over the world and the growing demand for telehealth services being provided by medical professionals.
• The telecom segment will register significant growth due to the high adoption of advanced platforms for external & internal communications to allow companies to provide fast, high-quality services.
• The Banking, Financial Services, and Insurance (BFSI) segment is estimated to grow at the fastest CAGR from 2022 to 2030. Internal communication would be vital for the incumbents of the banking and financial industry verticals if they were to incorporate the latest advances and ease client interaction. Several leading companies are developing virtual platform tools for the BFSI sector to secure transactions and provide convenient banking services.

Based on the Use Case Insights, the market is segmented into Everyday Events and Large-scale Events.

• The large-scale events segment accounted for the largest revenue share of 72.3% in 2021 and is expected to continue dominating the market over the forecast period. Businesses are increasingly using online platforms to plan and host massive marketing events, including certain industry events and new product introductions, to reach a broad audience at a lower cost. Companies use virtual platforms to convene large-scale events for various reasons, including higher return on investment, cost-effectiveness, and better reach. Solutions based on UCaas and SaaS are aggressively being adopted by the incumbents of manufacturing, healthcare, IT & telecommunications, and media & entertainment, among other industries and industry verticals for hosting large-scale virtual events.
• The benefits associated with the advances in the latest technologies, such as AI, AR, and VR, are also driving the use of virtual platforms for large-scale events. The everyday events segment is expected to witness the fastest CAGR from 2022 to 2030. Virtual platforms are being used for regular events, including recruitment, discussions, meetings, informal sessions, and target/sales meetings. The lockdowns and restrictions on the movement of people due to the COVID-19 pandemic are prompting organizations to aggressively adopt online platforms for their regular corporate functions. Digitally simulated platforms are prominently used across all industries, including education, media & entertainment, healthcare, aerospace, logistics, automation, and manufacturing. The rising demand for virtual platforms from the education industry to conduct daily learning and training programs is expected to drive the growth of the segment.

Virtual Events Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Market Share Insights

• January 2022: LinkedIn announced that the company had been testing a new events platform that would be launched later during the month to allow businesses and creators to host virtual events and improve interaction.
• April 2021: Microsoft reported that daily active users on Microsoft Teams topped 145 million.

Key Companies Profile & Market Share Insights

The market is highly fragmented and is characterized by multiple global and regional competitors. To strengthen their foothold and thrive in an increasingly competitive business environment, prominent players pursue mergers & acquisitions and strategic partnerships.

Some of the prominent players operating in the global virtual events market include,

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

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