Authored By: Sarah
03 Jul 2024

 Virtual Events Market Size to grow by USD 558.9 million between 2024-2028

According to a research report “ Virtual Events Market” by 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)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 558.9 million, at a CAGR of  30.25% during the forecast period. In today's business landscape, organizations frequently host corporate events to engage with their employees, business partners, and clients. These events serve various purposes, such as product launches, celebrations of success, and relationship building. Efficiency is a key consideration for attendees, who expect well-managed events. Virtual events offer a solution, enabling organizations to save on advertising costs, increase reach, and maintain efficiency. By leveraging virtual platforms, enterprises can effectively engage with a larger audience, fostering stronger relationships and showcasing offerings to a broader market.

Browse market data tables, figures, and in-depth TOC on “Virtual Events Market” by 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) Global Forecast to 2028. Download Free Sample

 

By Application, the UC and C and video conferencing segment is projected to dominate the market size in 2024

The virtual events market is experiencing significant growth due to the increasing demand for remote engagement solutions. Companies are leveraging virtual platforms to host conferences, product launches, and training sessions, enabling global participation and cost savings. This trend is expected to continue post-pandemic, as businesses recognize the benefits of increased accessibility and reduced travel expenses. Virtual events provide a flexible, efficient, and cost-effective alternative to traditional in-person gatherings.

By Type, Webinar  segment is expected to hold the largest market size for the year 2024

The virtual events market is experiencing significant growth due to the shift towards remote work and social distancing measures. Companies are increasingly turning to virtual platforms to host conferences, product launches, and training sessions. This trend is expected to continue post-pandemic as businesses recognize the cost savings and increased accessibility that virtual events offer. Virtual event solutions provide advanced features such as real-time engagement tools, customizable branding, and data analytics, making them an essential component of modern business strategy.

North America is forecasted to hold the largest market size by region in 2024

The virtual events market is experiencing significant growth due to the increasing demand for remote engagement solutions. Companies are turning to virtual events to connect with their audiences, conduct trainings, and host conferences, all while adhering to social distancing guidelines. This shift to virtual events offers numerous benefits, including cost savings, increased accessibility, and the ability to reach a global audience. Virtual event platforms provide advanced features such as live streaming, interactive sessions, and networking opportunities, making them an essential tool for businesses in today's digital landscape.

The Virtual Events Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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
  • Zoom Video Communications Inc.
.

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Research Analysis Overview

The Virtual Events Industry has experienced a significant surge due to modern technologies like Artificial Intelligence (AI) and advanced connectivity networks. Business proceedings have transformed, enabling resources and employees to participate in workflow from anywhere. With the Coronavirus pandemic and subsequent lockdowns, the need for Virtual Conferences, Trade shows, Exhibitions, Summits, Job fairs, Sales meetings, and even Academic institutions shifting to digitally simulated events has become imperative. Modern technologies have facilitated this transition with Networking solutions, allowing for seamless interaction and Hospitality services. AI-powered platforms like Morressier enhance the virtual event experience by providing personalized recommendations and insights. However, with this shift comes new challenges, such as Cyberattacks, which necessitate robust security measures. Industries like Construction, Manufacturing, Healthcare, Retail & e-commerce have embraced Virtual Events, ensuring business continuity. The Virtual Events Industry continues to evolve, offering innovative solutions to meet the needs of various sectors. As we navigate this new normal, the future of Virtual Events looks promising, with endless possibilities for growth and engagement.

Market Research Overview

The Virtual Events Market has seen a significant surge in demand due to the global pandemic and the resulting restrictions on physical gatherings. Event platforms have become the new norm for hosting events, enabling businesses, academic institutions, and organizations to continue engaging with their audiences in real time. The outcomes of virtual events can be just as impactful as physically organized ones, with event strategies focusing on lead generation, session popularity, attendee engagement, and data-driven decisions. Technological advances, such as video conferencing platforms, interactive virtual environments, and data analytics tools, have made virtual events accessible from anywhere, be it work, travel, or homes. Virtual simulation platforms, virtual reality (VR), augmented reality (AR), and artificial intelligence (AI) are modern technologies that enhance the virtual event experience. Major factors driving the success of virtual events include networking tools, collaboration tools, streaming platforms, stable internet connections, and compatibility issues. Regulations, connectivity networks, cyberattacks, hospitality, and networking solutions are also important considerations. Virtual events have become essential for various industries, including academia, construction, manufacturing, healthcare, retail & e-commerce, and more. Virtual conferences, summits, job fairs, sales meetings, and digitally simulated events have become the new normal for trade shows and exhibitions. The future of virtual events is promising, with continued technological advances and the ability to reach a global audience, breaking down geographical barriers and accommodating remote workforces.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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