The global virtual events market was valued at US$ 78.05 Bn in 2019 and is projected to further cross US$ 100 Bn by 2028 expanding at a CAGR of 22.6% during the forecast period 2019-2028. Virtual events offer a cost effectiveness and proficiently brings the quantity of participants from everywhere throughout the globe to a deliberate social event. Digitally simulated events use digital platforms to associate many participants across the world and incorporate interactive sessions, for example, surveying, Question and Answer (Q&A) meetings, and chat boxes. In addition, by utilizing the cutting edge innovations, including Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR), the virtual congregations are packaging all parts of any physical events. Moreover, developing prominence of digitally recreated social events among event coordinators due to its time adequacy is anticipated to fuel the market development of global virtual event market.
The market is seeing more popularity as the vast majority of the organizations have embraced the Work-From-Home (WFH) strategy inferable from the lockdown forced by the COVID-19 impacted nations to stay away from the spread of the pandemic. The stay-at-home measures have expanded open doors for industry members. Corporates are broadly utilizing video conferencing and other correspondence stages for business and customer gatherings. For instance,in 2020, Hubilo, an India-based event management company, launched its new Virtual Event Platform to host events online, making it easy for event organizers to switch from physical to virtual platforms. Attendees can see a list of all event speakers and sessions, and register to their event itinerary. Users can also join a live session by just one click and interact with speakers during the live session. Hubilo’s, cloud-based, end-to-end event management platform is now used by Niti Aayog, Data Security Council of India (DSCI), Bill and Melinda Gates Foundation, Coca-Cola, and Mercedes, among others.
Based on service category, the global virtual events market is further categorized into communication, recruitment, sales & marketing, and training. Out of these, the communication segment accounted for the largest revenue share of moe than 30% of total revenue. This can be associated with the utilization of these platforms from small meetings to large social events. The flood in the quantity of continuous online corporate meetings, discussions, declarations, and presentations has made ready for organizations and enterprises which is boosting the segment growth of virtual events market. Organizations, for example, Oracle, Demandbase Inc., Adobe, Outreach.IO, and Inverta are embracing virtual platforms to launch new products or lead meetings with customers. Individuals can observe live demos and associate with product specialists from their far off areas which is bolstering the overall market growth.
The market research report on the global virtual events market offers a complete analysis on major event providers, geographic presence, revenue analysis, and future developments. Competitive developments of the market players working within the virtual events market, as well as expansion, new product launches, mergers, and agreements among the organizations have been offered within this report. A SWOT analysis has been accomplished on every player profiled within the global virtual events market report.