Virtual Events Market: Current Analysis and Forecast (2024-2032)

Virtual events are online gatherings that enable people to interact in a virtual environment on the web rather than meeting in a physical location. These events can include conferences, webinars, trade shows, product launches, training sessions, and more. They are facilitated by platforms that offer video streaming, chat functionalities, interactive features, and sometimes virtual reality experiences to mimic in-person interactions. Due to the COVID-19 pandemic, virtual events became popular since there were restrictions on social interactions that forced event organizers to adapt to online delivering of events. The reduced cost of hosting virtual events, since some affiliated expenses, such as transportation, accommodation, and rental of facilities are not required, has also played a significant role in making virtual events popular.

The Virtual Events Market is expected to grow with a significant CAGR of 18.78 % during the forecast period (2024-2032). This can be attributed to the rising collaboration amongst technology companies that makes it easier to integrate platforms and tools required for virtual events. This has tendencies towards VR, AR, and other immersive technologies that increase learner and audience involvement. For instance, on April 4, 2024, Cloud Software Group Inc. and Microsoft Corp. announced they are deepening their collaboration through an eight-year strategic partnership agreement. The agreement will strengthen the go-to-market collaboration for the Citrix virtual application and desktop platform and support the development of new cloud and AI solutions with an integrated product roadmap. Additionally, Cloud Software Group will make a USD 1.65 billion commitment to the Microsoft cloud and its generative AI capabilities.

Based on the service type, the market has been divided into communication, recruitment, marketing, and training. The communication held a dominant share of the market in 2023. This mainly facilitates engagement, interaction, and seamless content delivery to participants. Moreover, clear and efficient communication of event details, schedules, and speaker information ensures participants can navigate the virtual environment effortlessly, driving the virtual events market.

Based on the application, the market is segmented into conferences, exhibitions/trade shows, summits, and others. The conferences held a dominant share of the market in 2023. This is mainly due to eliminating geographical barriers and reducing costs associated with travel and accommodation. Advanced features such as live streaming, interactive Q&A sessions, virtual networking lounges, and on-demand content have enhanced the experience, making virtual conferences more engaging and accessible. The ability to record and archive sessions for later viewing also adds value, allowing attendees to revisit content and catch up on missed presentations.

Based on the end-user, the market is segmented into educational institutions, corporate, government, and others. Educational institutions are expected to grow with a significant CAGR in the forecast period (2024-2032). The shift to online learning environments brought about by the pandemic has underscored the need to utilize virtual platforms to offer lectures, seminars, and workshops. Furthermore, virtual events have enabled opportunities for international partnerships, guest speakers, and virtual campus visits, which have great potential for students and teachers. According to the National Center for Education Statistics (NCES), 2024 stats reveal that over 10 million college students enrolled in at least one distance education class in the fall of 2022. Slightly less than half of those students took all of their courses online. Most of these online learners are undergraduates (8.4 million) attending four-year public institutions (7.4 million).

For a better understanding of the market adoption of Virtual Events, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, France, U.K., Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific is expected to grow with a significant CAGR in the forecast period (2024-2032) because of virtual conferences, webinars, and online expos due to their robust digital infrastructure and tech-savvy populations. The booming e-commerce industry and the rise of digital marketing strategies have further fueled the need for virtual events as effective tools for engagement and brand promotion. According to the International Trade Administration, in 2023, China is the largest e-commerce market globally, generating almost 50 percent of the world's transactions. According to eMarketer, China's online retail transactions reached more than 710 million digital buyers, and transactions reached $2.29 trillion in 2020, with forecasts to reach USD 3.56 trillion by 2024. In 2021, China became the largest market for e-commerce, with a revenue of USD 1.5 trillion, placing it ahead of the United States.

Some of the major players operating in the market include Microsoft; Adobe; Zoom Video Communications Inc.; Cisco (Webex); Huawei Technologies Co., Ltd.; ON24, Inc.; Cvent Inc.; Whova; ALE International, ALE USA Inc.; Hopin.