PUBLISHER: Grand View Research | PRODUCT CODE: 1633782
PUBLISHER: Grand View Research | PRODUCT CODE: 1633782
The global virtual events market size is estimated to reach USD 297.16 billion by 2030, registering a CAGR of 20.0% from 2025 to 2030, according to a new report by Grand View Research, Inc. The development of the market can be attributed to the growing preference for convening virtual events, such as video calls, live chats, video conferences, and online meetings, as part of the day-to-day business activities to share data in real time. The growing trend of remote working, especially after the pandemic and subsequent lockdown restrictions has led to a considerable rise in the demand for virtual events and collaborative tools across the organizations. Various businesses have deployed collaborative solutions to facilitate effective virtual engagement among employees.
For instance, in June 2023, Zoom Video Communications, Inc. introduced the meeting summary feature to its AI-powered smart companion- Zoom IQ. The company also added the Team Chat compose feature to the video conferencing platform, which will allow users to summarize Zoom Meetings quickly without recording and drafting content in Zoom Team Chat. Advances in unified communication, collaboration, and content delivery techniques, which have allowed incumbents of various industries and industry verticals to migrate from in-person meetings to online events, also bode well for market growth. Enterprises find virtual events platforms highly dynamic and engaging when improving communication and encouraging collaboration between employees, clients, partners, and stakeholders.
Building brands and serving clients efficiently is paramount amid the intensifying competition for enterprises. While large enterprises have adequate financial resources for brand building and efficient client servicing, it is different for small and medium enterprises (SMEs). At this juncture, SMEs are particularly adopting virtual events platforms to host virtual events, which can be convened at significantly lower costs than those incurred for hosting actual seminars, conferences, and meetings. Cloud-based virtual events platforms are particularly preferred to engage the target audience irrespective of geographical location while saving costs. The companies operating in the market are focusing on raising capital and pursuing strategic mergers & acquisitions to develop their respective technologies in the wake of the rising demand for virtual events.
For instance, in August 2023, RingCentral, Inc. a renowned AI-powered cloud communications, and contact center solutions provider acquired select assets, including the flagship Events platform and Session product from Hopin, an online audience engagement technology provider. Hopin Events is an all-in-one event management platform that enables planning and producing virtual and hybrid events. Hopin Session is a highly personalized engagement solution. The growing preference for Unified Communication as a Service (UCaaS) among businesses, corporations, educational institutions, and other organizations across various industries and industry verticals also plays a decisive role in driving market growth.
For instance, the Internet Corporation for Assigned Names and Numbers (ICANN), a non-profit organization based in the U.S. that manages several databases, switched from in-person interactions to virtual events to maintain continuity of operations in the wake of the operational disruptions stemming from the pandemic. The healthcare industry incumbents typically adopt virtual events platforms to convene seminars and training sessions. Seminars and conferences convened by government officials, public health bodies, and healthcare companies in the wake of the pandemic have created a significant demand for virtual event tools.