Virtual Events Market size is estimated to reach USD 657.64 billion by 2030

 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.

 

Browse through Grand View Research's Next Generation Technologies Industry Research Reports

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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: Indian Bank launched a video KYC facility that allows users to open an account from anywhere using a video-based customer identification process technology that was implemented over the bank’s digital platforms.

 

Key Companies Profile

Some of the major players in the global virtual events market are:

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

 

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

 

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