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.
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