PUBLISHER: Acute Market Reports | PRODUCT CODE: 1561002
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1561002
The virtual events market can be succinctly defined as a digital platform where events, traditionally hosted in a physical venue, are replicated virtually to facilitate real-time hosting and attendance from any global location. These events may encompass webinars, virtual expos, online workshops, and even digital versions of conferences and product launches. The virtual events market is estimated to grow at a CAGR of 18.2% from 2024 to 2032. In recent years, the adoption of virtual events has grown exponentially, transcending geographical boundaries, reducing operational costs, and offering a more flexible alternative to traditional events. This surge has been particularly apparent in the corporate sector, the educational realm, and even within personal celebratory occasions.
Driver: Pandemic-Induced Necessity
Global Health Crisis Dictates the Terms: The emergence of COVID-19 compelled businesses, institutions, and even social communities to rethink their strategies. Physical events, given their nature of congregation, became potential hotspots for virus transmission. This posed not only a health risk but also a reputational risk for businesses. With lockdowns and travel restrictions in place, virtual events emerged as the sole viable option to maintain business continuity, sustain educational programs, and even commemorate personal milestones. Evidence of this can be gleaned from the sharp increase in subscriptions and user base of platforms like Zoom, Microsoft Teams, and Cisco Webex during the early months of the pandemic.
Opportunity: Global Reach and Inclusivity
Dissolving Geographical Constraints: The digital nature of virtual events effectively eliminated geographical barriers. Businesses could now target a global audience without incurring the logistical nightmares or the steep costs associated with international events. An example that stands testament to this is Apple's WWDC 2020, which, for the first time, was hosted virtually and garnered a global viewership that previously was limited to those who could physically attend the event in California.
Restraint: Technology Dependency and Internet Inequality
A Digital Divide: While the virtual model presents numerous advantages, it also assumes that attendees have access to reliable internet and compatible devices. However, vast swathes of populations, especially in developing regions, still grapple with internet connectivity issues or lack the necessary hardware. The "Digital 9" initiative, a collaboration of digital nations aiming to share best practices, has repeatedly highlighted the disparities in global digital access, emphasizing that nearly half the global population still lacks basic internet access.
Challenge: Virtual Fatigue and Engagement Concerns
The Screen Burnout Syndrome: As businesses and institutions scrambled to migrate everything online, from meetings to workshops, people found themselves spending inordinate amounts of time staring at screens. This led to a phenomenon commonly termed as 'Zoom Fatigue'. Such extended screen time not only impacts physical health, manifesting as eye strain and postural issues, but also takes a toll on mental well-being. The "Remote Work Burnout" study, conducted in mid-2020, showcased that over 50% of the participants felt considerable fatigue and stress due to prolonged virtual engagements.
Market Segmentation by End-Use
For end-use segmentation, Educational Institutions remained the frontrunners. The transition to e-learning and remote teaching methods necessitated virtual events for orientations, open houses, and graduation ceremonies. Revenue statistics from 2023 confirm this, with educational institutions contributing the highest revenue to the Virtual events market. On the growth curve, however, Enterprises recorded the highest Compound Annual Growth Rate (CAGR). Enterprises, ranging from tech giants to startups, adopted virtual events for product launches, team meetings, and even recruitment. The very essence of corporate adaptability amidst pandemic-induced changes is evident from their switch to virtual platforms, signaling a robust growth trajectory for the coming decade. Organizations, mainly non-profits, and other groups, leveraged these platforms for fundraisers, awareness campaigns, and stakeholder meetings. The segment tagged "Others" primarily encompasses individual users and influencers, marking their territory in the digital space through personalized events, webinars, and workshops.
Market Segmentation by Application
Diving into application-based segmentation, Conferences topped the revenue charts in 2023. The convenience of attending global conferences from the comfort of one's home or office, minus the travel expenses and logistics, is an allure hard to resist for most professionals and academics. Meanwhile, Exhibitions/Trade Shows are expected to record the highest CAGR from 2024 to 2032. The virtual representation of stalls, interactive product demos, and the ability to cater to a global audience without physical constraints provides a fresh perspective and ample growth opportunities for businesses. Summits, especially those with international attendees, found their virtual counterpart to be a more feasible and eco-friendly option. The "Others" in this segment are an amalgamation of workshops, product launches, and virtual team-building events, each of which contributes its share to the market dynamics.
Market Segmentation by Region
Geographically, North America, with its tech-savvy population and the presence of major market players, contributed the most substantial revenue chunk in 2023. The region's adaptability to technology and its investments in digital infrastructure account for its dominant stance. Yet, it's the Asia-Pacific region that's anticipated to have the steepest CAGR from 2024 to 2032. With emerging economies, increasing internet penetration, and a massive user base, countries like India and China are on the brink of a virtual revolution. As businesses and institutions in these regions recognize the potential of virtual events, their growth is expected to skyrocket in the forecasted period.
Competitive Trends
In the competitive arena, platforms like 6Connex, Alive, Avaya LLC, ALE International, NTT Limited, Cisco Systems Inc., Cvent Inc., EventX Limited, George P.Johnson, GES, Kestone, Martiz Holdings Inc., Microsoft Corporation, Pathable, uBivent GmbH, Veritas Events, vFairs, and Zoom Communications Inc. were ubiquitous in 2023. Their strategies centered on user-friendliness, scalability, and integration capabilities. However, niche players like Hopin and Run the World, specializing exclusively in virtual events, began gaining traction. Their unique selling points included interactive event spaces, networking lounges, and engagement tools that recreated the essence of physical events. From 2024 to 2032, the market is expected to witness a surge in innovations, strategic collaborations, and a focus on enhancing user experience as the pivotal strategy.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Virtual Events market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Virtual Events market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Type
Service
Establishment Size
End-Use
Application
Industry Vertical
Use-Case
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Virtual Events market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Virtual Events market?
Which is the largest regional market for Virtual Events market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Virtual Events market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Virtual Events market worldwide?
FIG. 14Market Positioning of Key Virtual Events Market Players, 2023
FIG. 15Global Virtual Events Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032