Global Virtual Events Market Size To Grow At 21.1% CAGR From 2024 to 2030.

GLOBAL VIRTUAL EVENTS MARKET (2024 - 2030)

As per our research report, the global virtual events market is estimated to be growing at a CAGR of 21.1% from 2024 to 2030.

A virtual event is an online event in which participants engage in a virtual setting on the internet rather than meeting in person. Over the years, there have been significant milestones concerning the adoption of this technology. In the past, this market was known to have a smaller share. Currently, with technological advancements and changes in the standard of living, this market has grown tremendously. In the future, with population growth and sustainability goals, this market will witness a good expansion.

One significant market driver is technological advancements. Fields like data analytics, artificial intelligence, machine learning, and others have been boons. With the aid of these fields, several features have been improvised. This includes better audio and video quality, facilitating a smoother interaction. Additionally, user-friendly features are being added. Apart from this, other options enabling recording, live streaming, group chat, one-on-one chat, polls, and others have been implemented. This helps in the active engagement of a broader audience.

Another major driver in this market is the changing options of the public. The pandemic played a huge role in setting this trend. People realized the potential of working from home. They were able to work from anywhere at their convenience. Besides, this option saved unnecessary expenses. Moreover, this option became a huge advantage for homemakers who wanted to earn various courses and careers, like digital and affiliate marketing, gained prominence. Besides, people were able to travel to their bucket-list destinations while working.

The outbreak of the virus had a profound impact on the market. Due to the enforcement of various rules and regulations, lockdowns, social isolation, and movement restrictions became the new normal. People had to plan and carry out all sorts of activities from their respective houses. Online platforms like Google Meet, Zoom, and Microsoft Teams saw an upsurge in user registration. Besides, remote consultations gained prominence as there was a shortage of beds, ventilators, oxygen tanks, and other healthcare applications due to the increasing number of patients who were admitted. After the upliftment of guidelines and protocols, this market continued to expand.

Various creative techniques are being implemented to engage the audience. This includes breakout rooms, puzzles, quizzes, interaction, and Q&A features. The frequency of event conduct is being increased so that people get more comfortable with their colleagues and peers. The older generation and other youngsters who are not aware of the usage of these platforms are educating themselves to interact with their loved ones. Furthermore, emphasis is being placed on collaborations, investments, and extensive research and developmental activities to improve existing technologies as well as create new ones.

The market's key concerns include a lack of technological facilities, inadequate understanding, limited engagement, data security, and content quality.

KEY MARKET INSIGHTS: 

• Based on event type, the external segment is the largest segment in the global virtual events market. These are events hosted for people outside of the organization; often, attendees with a shared interest or industry gather to discuss ideas, promote goods, make significant announcements, or share information. External events can include user conferences, summits, and industry conferences. The extended segment is the fastest-growing owing to rising interest in research activities leading to the exchange of information, broadening of understanding, and community building.

• Based on application, exhibitions, and trade shows are the largest. They help with marketing, buying, and selling artisanal crafts, products, collectibles, and other necessities. With the trend toward digitalization, this category is anticipated to generate good amounts of profit. Webinars are the fastest-growing category. Webinars are online presentations that generally focus on a single topic or theme. They are interactive and include elements such as polls, Q&A, and screen sharing, thereby increasing their demand.
• Based on service, communication is the largest segment. This is because virtual modes of interaction are flexible, versatile, and affordable. They have become the new norm and are increasingly being adopted to communicate globally. The recruitment category is the fastest-growing, mainly because of the rising population. Online channels help with testing the skills of candidates from a wide range of regions and employing the best ones.
• Based on organization size, large-scale enterprises are the largest. This is because of the budget, need, and worldwide operations. Small and medium-scale enterprises are the fastest-growing owing to increasing investments, collaborations with multinational corporations, and governmental support.

• Based on end users, the IT sector is the largest. Online events in this industry help with knowledge, networking, flexibility, and branding. Additionally, it benefits the environment. The healthcare sector is the fastest-growing. The fact that attendees of online events do not have to spend time or money traveling to the medical conference as they typically would is one of their biggest advantages. Because they simply have to pay for registration, this frequently makes events more enticing to some attendees.
• Based on region, North America is the largest, with the leading countries being the United States and Canada. Reasons like strategic plans, governmental initiatives, and population density contribute to the success. Asia-Pacific is the fastest-growing owing to sustainability initiatives, urbanization, research institutions, startups, and the facilitation of internet connectivity in remote as well as rural areas.

MARKET SEGMENTATION:

By Event Type:

• External
• Extended
• Internal

By Application:

• Webinars
• Conferences
• Education Programs
• Exhibition/Trade Shows
• Others

By Service:

• Communication
• Recruitment
• Sales and Marketing
• Training

By Organization Size:

• Large-scale Enterprises
• Small and medium-scale Enterprises

By End User:

• IT
• Education
• Healthcare
• BFSI
• Government
• Others

By Region:

• North America
• Asia-Pacific
• Europe
• South America
• Middle East and Africa

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