The global Virtual Events market size is expected to be worth around US$ 404.44 billion by 2028, according to a new report by Vision Research Reports.
The global Virtual Events market size was valued at US$ 77.97 billion in 2020 and is anticipated to grow at a CAGR of 23.3% during forecast period 2021 to 2028.
Increasing number of business events, along with growing adoption of virtual infrastructure, tools, and services by enterprises for business meetings worldwide, is expected to fuel the growth of the market over the forecast period.
The new generation of Artificial Intelligence (AI)-enabled communication and collaboration solutions brings people together and allows more focused interactions between event participants irrespective of their location. Besides, the integration of AI with business communication platforms, such as Unified Communications (UC), improves employee productivity, saves time, and improves overall business flow. The innovation in Natural Language Processing (NLP) and computer vision to support the virtual environment is expected to impact the market growth positively. For instance, NLP facilitates the automated recordings of meetings, sharing documents, and even the translation of the conversations into different languages. Moreover, computer vision captures meeting participants and then mechanically alters the zoom feature to provide a better video experience for individuals on the far end.
The healthcare industry is increasingly adopting the virtual platform for remote patient monitoring. For instance, in March 2020, Cisco Systems Inc. declared that 17,000 healthcare organizations across 118 countries deployed the Cisco Webex platform for providing telehealth services. The COVID-19 pandemic and imposed lockdown have resulted in wider adoption of digitally simulated events solutions by end-use industries.
The communication segment accounted for the largest revenue share of over 35.01% in 2019 as the technologically advanced digitally simulated gatherings are rapidly transforming the communications landscape. The use of these platforms ranges from small team meetings to large gatherings for communication purposes. The surge in the number of online real-time corporate meetings, discussions, announcements, and declarations has paved the way for businesses and corporations to connect with employees and partners using digital platforms. Hence, the communication service segment is expected to maintain its lead from 2020 to 2027.
The sales and marketing service segment is anticipated to witness substantial growth, registering a CAGR of 23.4% over the forecast period. This growth is attributed to increasing market competition, and thus the yearning for sales and advertising of any businesses’ offerings to its clientele. Marketing is a vital function for any enterprise as it helps in increasing the awareness of the firm’s product or service. Similarly, in today’s competitive marketplace, there is a need for increasing sales spending. Growing number of product launches, product/service promotions, and advertising are contributing to the segment growth.
Large institutions accounted for the largest revenue share of over 50.01% in 2019 and the segment is expected to witness considerable growth over the forecast period. Business enterprises and organizations of all sizes in fact are benefitting from improved collaboration over digital platforms. Owing to the geographic spread of employees as well as clients, the need for a collaborative and digitally connected work environment is critical to the efficiency and growth of the large institutions. Some of the large enterprises are clients to the virtual events solutions providers, such as Cisco Systems, Inc., which are working in the direction of improving virtual collaboration and communication and enabling individuals to work as a team effectively, regardless of their device or location.
The small and medium-sized businesses accounted for a significant revenue share in 2019 and are expected to register the fastest CAGR of 24.2% from 2020 to 2027. Regardless of whether the company is a multinational conglomerate or a small business, effective communication and planning is important for ensuring positive outcomes. SMBs have restricted budgets for marketing, recruitment and sales activities, and hence leverage the benefits of virtual event solutions. With new advancements in cloud-based solutions and virtualized infrastructure, digitally virtual events are playing an increasingly important role in contributing to the SMBs’ agility in areas, including innovation, productivity, and decision making.
The market based on end use is fragmented in four segments, namely enterprises, organizations, educational institutions, and the others segment that includes informal groups of students, individuals, and teams sharing a common interest. The enterprises segment accounted for the largest revenue share of 56.7% in 2019 and is expected to maintain its lead over the forecast period. The businesses or corporates, including the private and public companies, deploy the digital event platforms for communicating with their target audiences, promoting their business, and several other business functions. Furthermore, growing adoption of these platforms by organizations is expected to fuel industry growth during the forecast period. For instance, Internet Corporation for Assigned Names and Numbers (ICANN), a U.S. based non-profit organization engaged in the maintenance of numerous databases, shifted from an in-person to a virtual event to ensure continuity of its business process during COVID-19 pandemic. The live gathering was organized by Pathable, Inc., a U.S. based provider of online and web apps for events.
The educational institutions segment is anticipated to register a CAGR of 24.4% from 2020 to 2027. Increasing adoption of digital platforms by educational institutes is expected to generate lucrative opportunities for industry players over the forecast period. Virtual event platforms provide excellent opportunities for effective online and distance education through the support of communities or groups, bringing together subject domain professionals, educators, and learners from various locations worldwide. Moreover, the development of new collaborative e-learning solutions embedded with state-of-the-art technologies is expected to boost segment growth.
The external event segment accounted for the largest revenue share of over 40.01% in 2019 and is expected to maintain its lead over the forecast period. This may be attributed to the continual efforts of the businesses and other organizations to communicate with the external entities. Growing need for digitally simulated purposeful functions conducted by the business for any press release, tradeshow, client conference, product launch, or any other communication with the external audience is expected to drive the segment. Growing trend of outsourcing makes it essential for businesses to communicate frequently with the distantly located service provider for data sharing, training, and discussion meetings, thereby driving the external virtual events segment.
The internal events segment is anticipated to expand at a CAGR of 23.4% from 2020 to 2027. The ongoing coronavirus pandemic has caused a rapid surge in the usage of virtual events platforms for internal communication purposes of any enterprise. The extended events segment is anticipated to witness substantial growth over the forecast period. This growth is attributed to increase in deployment of digitally simulated platforms for the remotely located audience to be a part of the physical occasion at a distant place in real-time.
Asia Pacific is anticipated to emerge as the fastest-growing regional market, registering a CAGR of 25.7% from 2020 to 2027. Within the region, China and Japan accounted for a greater market share owing to the vast consumer base and increased adoption of digital platforms for communication purposes. The region is expected to witness huge adoption of the technology, which is also aided by high-speed 5G network deployment, thus enhancing the forum for virtual events. Countries such as India and Australia are expected to observe significant growth in the number of SMBs, which is further anticipated to contribute to industry growth.
Cisco Systems, Inc.
Zoom Video Communications, Inc.
George P. Johnson
Event Type Outlook
Sales & Marketing
Establishment Size Outlook
Middle East & Africa
The Virtual Events market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Virtual Events market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Virtual Events market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Virtual Events market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Virtual Events market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Virtual Events capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Virtual Events by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Virtual Events market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Virtual Events market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Virtual Events market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Virtual Events industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Virtual Events market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Virtual Events market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Virtual Events market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Virtual Events market. These factors have benefited the growth of the global market for Virtual Events. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Virtual Events. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Virtual Events are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Telecom Services Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Cold Chain Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
5G Services Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Automotive Smart Display Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Simulation Software Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...