Virtual Events Market Forecasts to 2030 - Global Analysis By Platform (Web-Based Platforms and Extended Reality Solutions), Component (Software and Services), Deployment Type, Event Type, End User and By Geography

According to Stratistics MRC, the Global Virtual Events Market is accounted for $119.1 billion in 2024 and is expected to reach $383.3 billion by 2030 growing at a CAGR of 21.5% during the forecast period. Virtual events refer to online activities that enable individuals to participate in a virtual environment through an online platform. The events can resemble in-person ones, like conferences, trade shows, webinars, and meetings. Virtual events can host worldwide participation without one having to travel. With various technologies like live streaming, chat, and virtual reality, engagement, networking, and collaboration will be made relatively easy. Virtual events are cheaper, accessible, and friendly to the environment.

According to the EventMB study, 45% of professionals planned to attend more online conferences and webinars.

Market Dynamics:

Driver:

Increased adoption of digital platforms

The rising adoption of digital platforms is a significant driver for the virtual events market. Businesses, educational institutions, and entertainment providers increasingly rely on virtual platforms to host webinars, conferences, and live-streamed events. This shift is fueled by advancements in internet connectivity, video streaming technologies, and the growing preference for cost-effective, scalable solutions. The flexibility and global reach offered by digital platforms make them indispensable for organizations aiming to engage larger audiences and reduce operational costs.

Restraint:

Lack of personal interaction

The lack of personal interaction in virtual events remains a major restraint for the market. Unlike in-person gatherings, virtual events often fail to replicate the emotional connection and networking opportunities provided by physical events. This limitation can lead to lower engagement levels and reduced attendee satisfaction. Despite technological advancements like virtual reality (VR) and interactive features, the inability to fully mimic face-to-face interactions continues to challenge the widespread adoption of virtual events.

Opportunity:

Increased adoption in developing economies

Developing economies present significant growth opportunities for the virtual events market. With improving internet infrastructure and rising smartphone penetration, countries in Asia-Pacific, Latin America, and Africa are rapidly adopting digital platforms. Governments and businesses in these regions are leveraging virtual events for education, corporate training, and marketing initiatives. The cost-effectiveness and accessibility of virtual platforms make them highly appealing in resource-constrained environments, driving market expansion.

Threat:

Regulatory and compliance issues

Regulatory and compliance issues pose a threat to the virtual events market. Data privacy concerns, cybersecurity risks, and compliance with regional laws such as GDPR in Europe or CCPA in California are critical challenges for platform providers. Failure to address these issues can lead to legal penalties, reputational damage, and loss of customer trust. As the market grows, ensuring robust security measures and regulatory compliance will be essential for sustained success.

Covid-19 Impact:

The COVID-19 pandemic significantly accelerated the growth of the virtual events market as lockdowns and social distancing measures forced businesses to adopt online platforms. Virtual meetings, webinars, and conferences became essential tools for communication during this period. Even post-pandemic, the convenience, cost savings, and global reach offered by virtual events have ensured their continued popularity across industries.

The web-based platforms segment is expected to be the largest during the forecast period

The web-based platforms segment is expected to account for the largest market share during the forecast period due to its widespread availability and user-friendly nature. These platforms provide customizable features such as live streaming, chat options, and analytics tools that cater to diverse event types. Their compatibility with multiple devices makes them accessible to a broader audience. As businesses prioritize cost-effective solutions with global reach, web-based platforms remain a preferred choice for hosting virtual events.

The cloud-based segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the cloud-based segment is expected to witness the highest CAGR due to its scalability, flexibility, and enhanced security features. Cloud-based solutions allow real-time data access and seamless integration with other enterprise tools. Their ability to handle large-scale events with minimal latency makes them ideal for global conferences or hybrid formats. The rising demand for sustainable business practices further drives their adoption across industries.

Region with largest share:

The North America region is anticipated to account for the largest market share during the forecast period due to its advanced technological infrastructure and early adoption of digital solutions. The presence of major tech companies like Zoom Video Communications Inc., along with high internet penetration rates in countries like the U.S. and Canada, supports this dominance. Additionally, strong corporate demand for webinars and virtual conferences drives consistent growth in this region.

Region with highest CAGR:

The Asia Pacific region is anticipated to register the highest growth rate over the forecast period owing to rapid digital transformation in countries like China, India, and Japan. High smartphone penetration rates combined with increasing investments in cloud technologies make this region a hotspot for virtual event adoption. Growing awareness about cost-efficient marketing strategies among small- and medium-sized enterprises (SMEs) further propels market expansion in Asia Pacific.

Key players in the market

Some of the key players in Virtual Events Market include Zoom Video Communications, Inc., Microsoft Corporation, Google LLC, Cisco Systems, Inc., vFairs LLC, Livestorm, Inc., Hubilo Technologies Inc., Airmeet Inc., RingCentral, Inc., Cvent, Inc., BigMarker LLC, Whova, Inc., Kaltura, Inc., ON24, Inc., Hopin Ltd., Brella Oy, InEvent, Inc. and Bizzabo Ltd.

Key Developments:

In April 2024, Kaltura Events has won Best Virtual Event Platform in North America at the 2024 Innovation in Business MarTech Awards and Best Virtual and Hybrid Event Platform at the 2024 Event Technology Awards.

In November 2023, RingCentral, Inc., a leading provider of AI-first global enterprise cloud communications, video meetings, collaboration, and contact center solutions, today announced the global availability of RingCentral Events(TM), an all-in-one solution for virtual, onsite, and hybrid event needs. Formerly Hopin Events, RingCentral Events is designed to be immersive and personalized, enabling businesses to provide engaging experiences that take events to the next level.

In September 2022, Bizzabo has announced a 724% increase in in-person events hosted on its platform between January and September 2022, along with a 20% overall increase in events compared to the previous year.

Platforms Covered:

• Web-Based Platforms
• Extended Reality (XR) Solutions

Components Covered:

• Software
• Services

Deployment Types Covered:

• On-Premise
• Cloud-Based

Event Types Covered:

• Internal Events
• External Events

End Users Covered:

• Corporate Sector
• Educational Institutions
• Healthcare Organizations
• Government & Public Sector
• Non-Profit Organizations

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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