Virtual Event Market | Size and Value to Reach USD 1,066 Billion | Growing at CAGR of 18.8%

The virtual event market refers to the industry of organizing and hosting events that take place online rather than in person. The COVID-19 pandemic has had a significant impact on the virtual event market, with a surge in demand for virtual events as a way to continue to hold conferences, trade shows, and other events while minimizing the risk of infection.

The Global Virtual Event Market size is expected to be worth around USD 1,066 Billion by 2032 from USD 198.8 Billion in 2022, growing at a CAGR of 18.8% during the forecast period from 2022 to 2032.

North America is the largest market for virtual events, accounting for over 35% of the global market share. Asia Pacific is the fastest-growing region, with a CAGR of 25.3% from 2021 to 2028.

Top Key Trends:

• Hybrid events, which combine elements of in-person and virtual events, are becoming increasingly popular.
• Advancements in technology, such as virtual reality and artificial intelligence, are driving innovation and growth in the virtual event market.

Top Impacting Factors:

• The COVID-19 pandemic has led to a surge in demand for virtual events.
• Virtual events provide cost savings and increased reach compared to in-person events.

Source:

Key Benefits for Stakeholders:

• Increased reach and engagement with a wider audience.
• Cost savings compared to in-person events.
• Flexibility to attend events from any location.

Drivers:

• The COVID-19 pandemic has increased demand for virtual events.
• Cost savings and increased reach compared to in-person events.
• Advancements in technology are driving innovation and growth in the virtual event market.

Restraints:

• Technical challenges and limitations, such as internet connectivity and equipment requirements.
• Virtual events may not provide the same level of networking and personal interaction as in-person events.

Opportunities:

• The virtual event market is expected to continue growing as companies adapt to the post-pandemic world.
• Hybrid events offer new opportunities for engagement and innovation.

Challenges:

• Technical challenges and limitations may impact the quality and reliability of virtual events.
• Virtual events may not be able to fully replicate the networking and personal interaction of in-person events.

Key Market Segments:

By Type

• External
• Internal
• Extended

By Service

• Marketing
• Recruitment
• Communication
• Training

By End-User

• Healthcare
• Educational Institutes
• Enterprises

Top Key Players in the Virtual Events Market

• Zoom
• Microsoft
• 6Connex
• Cvent Inc
• vFairs
• On24
• Cisco Systems Inc
• Alcatel-Lucent
• Pace Digital
• TCJ Management
• Mitel
• Other Key Players

FAQs:

Q: What is the virtual event market?

A: The virtual event market refers to the industry of organizing and hosting events that take place online rather than in person.

Q: What are some of the key drivers of growth in the virtual event market?

A: The COVID-19 pandemic has increased demand for virtual events, and advancements in technology are driving innovation and growth in the virtual event market.

Q: What are some of the challenges associated with virtual events?

A: Technical challenges and limitations may impact the quality and reliability of virtual events, and virtual events may not be able to fully replicate the networking and personal interaction of in-person events.