Virtual Events Market Size (2024 – 2030)

The global virtual events market was valued at USD 160 billion and is projected to reach a market size of USD 611.12 billion by the end of 2030. Over the forecast period of 2024–2030, the market is projected to grow at a CAGR of 21.1%.

A virtual event is a web-based gathering of individuals who engage virtually instead of in person. The market for virtual events was relatively small in the past. This was because of limited access to infrastructure and awareness. The COVID-19 pandemic helped accelerate the growth rate. Presently, there has been an increase in adoption due to easier access and technological advancements. In the future, with a focus on personalization, innovations, data security, and cost-effectiveness, this market is set to see good growth. During the forecast period, a considerable expansion is anticipated.

Key Market Insights:

79% of event planners claim virtual technology gave them chances they never would have had, and 66% claim it offered a better return on investment than traditional methods.

Attendees of virtual events sign up for up to five events each month in 75% of cases.

The ability to attend virtual events is something that 84% of participants would always want to have.

Virtual events will undoubtedly be a component of their events plan for the following year, as confirmed by 95.5% of those polled.

When holding virtual events, 38% of marketers report that they encounter technological difficulties. To tackle this, education, upskilling, technical support, and user-friendly features are being implemented.

Virtual Events Market Drivers:

Technological advancements are contributing to market expansion.

Virtual reality, artificial intelligence, and video conferencing software in particular are driving the growth of virtual events. These technological advancements are opening up new avenues for interpersonal communication and making it simpler than ever to organize and participate in virtual gatherings. These events are being made interactive with the aid of various software that allows people to connect in a virtual space, creating a sense of togetherness. Secondly, recording of events has been giving a chance for people who missed the chance to participate. Besides, people who are in the meeting can access this anytime to get their clarifications. Apart from this, the live-streaming option has been a popular choice for any type of sports event or auction. Moreover, event organizers are increasingly using event diagramming software to produce full-scale, 3D drawings of their event venues. Event organizers may save time during setup by utilizing features like drag-and-drop capabilities, 3D walk-throughs, seating and stage design, booth and vendor mapping, and more. These features also provide organizers with a strong marketing tool to reach potential sponsors. Furthermore, Q&A, polling booths, and other such options are being facilitated for game events.

Changing consumer preferences has been fueling the growth.

The pandemic played a major role in the shift to various choices. Working from home was a flexible option, allowing people to recreate the lives of digital nomads. Various surveys have been conducted, which show that people tend to be more relaxed and stress-free while working amidst scenic views. Many of them took advantage of this opportunity and started traveling to various places where they could explore along with working. Few others preferred this option, as they had to travel long distances to reach their workplace. This cuts down on their daily expenses. Furthermore, easier accessibility and affordability have been accelerating the growth rate.

Virtual Events Market Restraints and Challenges:

Lack of infrastructure, incomplete knowledge, lesser interaction, data privacy, and content quality are the main issues that are being experienced by the market.

The availability of technologies is one of the biggest barriers to the market. There can be a lack of infrastructure, like electronic devices, and connectivity in rural areas. Secondly, people might not know how to use these platforms, creating confusion. Thirdly, since everything happens virtually, the engagement of the audience can hinder growth. People might just log in or not show active participation, demotivating the speaker and the host. Moreover, the security of data can be a concern. Sensitive data can be shared through various meetings. Leakage or any sort of misuse can cause huge losses for the country and the company. Furthermore, ensuring high-quality content can be challenging. It is necessary to make attractive presentations, talks, and other relevant factors to ensure an interested audience.

Virtual Events Market Opportunities:

Creativity concerning events has been providing the market with an ample number of opportunities. Smaller events throughout the year and other in-house meetings are being prioritized. This results in increased engagement and participation from the audience. Secondly, the healthcare sector has been making significant breakthroughs. Mental health is being given importance. Many events are being conducted to gain acceptance and awareness about these issues. Moreover, upskilling people through YouTube videos, LinkedIn, and other social media platforms has led to an upsurge in adoption. Furthermore, R&D activities are being conducted to find better software and technologies to enhance the customer experience.

VIRTUAL EVENTS MARKET REPORT COVERAGE:

Virtual Events Market Segmentation: By Event Type

• External

• Extended

• Internal

The external event type is the largest segment in the market, holding a share of around 41%. These events facilitate industry collaborations, providing a way for companies to increase their profits. With globalization and market expansion, this category has seen significant growth. Besides, advancements in the medical sector regarding the research of drugs and other sequencing technologies are aiding the market. The extended category is the fastest-growing. This usually includes the conduct of workshops and conferences. A lot of younger people are interested in pursuing a career related to research. These events become important so that human knowledge can be enhanced. Furthermore, the rise in global participation has been creating an elevation.

Virtual Events Market Segmentation: By Application

• Webinars

• Conferences

• Education Programs

• Exhibition/Trade Shows

• Others

Based on application, the exhibition/trade shows segment is the largest, holding a share of around 31%. Online platforms are a big opportunity for these businesses to showcase their products to a wider audience. Through this, they can promote, collaborate, and sell their products, resulting in revenue generation. Besides, technological advancements have been a boon in aiding with smooth event conduction. The webinar category is the fastest-growing owing to rising adoption, need, convenience, user-friendly features, demand, and population growth.

Virtual Events Market Segmentation: By Service

• Communication

• Recruitment

• Sales & Marketing

• Training

The communication segment is the largest category in the market, holding a share of around 35%. This is vital for any organization to carry out its end-to-end operations, planning, functioning, strategies, announcements, meetings, conferences, presenting, and other such services. With the growing adoption of these platforms, this market is predicted to generate more profits. The recruitment segment is the fastest-growing owing to population growth, ease, and affordability. Besides, through this, people from remote and geographical areas may connect.

Virtual Events Market Segmentation: By Organization Size

• Large-scale Enterprises

• Small and medium-scale Enterprises

Based on organization size, large-scale enterprises are the largest in the market. This is because of a greater workforce, the need for investments, global operations, and communication with a larger client base. Small and medium-scale organizations are the fastest-growing owing to rising investments, governmental support, affordability, and economic improvements.

Virtual Events Market Segmentation: By End User

• IT

• Education

• Healthcare

• BFSI

• Government

• Others

Based on end users, the IT industry is the largest segment, accounting for more than 20%. This is mainly because of a greater workforce and demand. This industry is very crucial for any region to progress. Therefore, to connect with people globally, various online platforms are used. The pandemic played a huge role in the adoption of this industry. Currently, many people are given the flexible option to work from home, thereby increasing their usage for various meetings and discussions. The BFSI segment is also among the dominant categories owing to the increasing need for immediate assistance, updates, and other services. The healthcare sector is the fastest-growing, owing to an increase in labor. Remote care gained prominence due to its cost-effectiveness. Besides, there has been an upsurge in the number of research activities, increasing collaborations and connections worldwide, thereby fueling the growth.

Virtual Events Market Segmentation: Regional Analysis

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

Based on region, North America is considered to be the largest region in this market, holding a rough share of 35%. Reasons like technological advancements, the economy, investments, demand, usage, the number of working populations, expertise, the presence of key players, and collaborations drive growth. Asia-Pacific is the fastest-growing region, with countries like China, India, Japan, South Korea, and Singapore at the top. Urbanization, work-from-home norms, increasing adoption, R&D activities, emerging startups, technological improvements, economic stability, governmental involvement, and rising funds are contributing to the success. This region holds an approximate share of 25%.

COVID-19 Impact Analysis on the Global Virtual Events Market:

The pandemic had a positive impact on the market. The new norm was lockdown, movement restriction, and social isolation. This caused people to stay at home and continue their activities from within their house unless their profession was characterized as that of an essential worker. Work from home gained immense prominence during the pandemic. Digitalization has become a new trend. People were able to connect with individuals all over the world. Most of the factories and other manufacturing units were closed owing to guidelines and protocols. Due to this, corporate events, meetings, and training shifted to online mode. Besides, this reduced transportation and fuel charges. In the education sector, distance learning was emphasized. Governmental bodies took measures to ensure that remote and underdeveloped areas have access to electronic equipment. Apart from this, telehealth services gained attention. To prevent contamination, people were connecting to doctors and other medical staff virtually for consultation, prescription, and other purposes. Furthermore, people showed a positive adoption of these changes as they were very convenient. As per a report by Influencer MarketingHub, Zoom was the most popular video conferencing program when the epidemic struck, and businesses had to use video conferences to connect. They increased licenses by 470%, for a total of 385,200 in 2020. Post-pandemic, the market has continued to grow due to demand and other initiatives.

Latest Trends/ Developments:

Companies are also spending heavily to improve existing creations while maintaining competitive pricing. Prominent corporations such as Apple and Meta are engaged in metaverse experiments. It will soon arise in the event business, although for now, it is primarily important to VR experiences and video games. Fairs have demonstrated advancement in this area by providing virtual participants with highly interactive experiences and personalized, inclusive avatars.

Key Players:

1. Zoom Video Communications

2. Cisco Systems

3. Hopin

4. Microsoft

5. INXPO

6. Whova

7. Bizzabo

8. ON24

9. Vfairs

10. 6Connex

In August 2023, Toronto, Canada-based EventMobi, a supplier of event management software, announced that it had reached an agreement to purchase Run The World, an online event platform financed by Andreessen Horowitz (a16z). Through the acquisition, EventMobi will be able to broaden its clientele, double down on providing a variety of event formats, and solidify its position as an industry leader.

In July 2021, Zoom announced its plan to buy Five9 and create a customer engagement platform. By gaining access to the $24 billion contact center industry, this purchase will boost Zoom's customer presence and accelerate our long-term growth opportunities.

In January 2021, leading virtual events platform Hopin acquired StreamYard, a studio for live video streaming that enables content producers to create high-caliber video streaming experiences. With this acquisition, Hopin will be able to offer cutting-edge video creation tools to Hopin event planners. StreamYard will continue to provide its live streaming studio tools to independent content makers, in addition to ultimately incorporating its capabilities into the Hopin platform.