What Has Been the Growth of the Virtual Events Market So Far?
The virtual events market has seen considerable growth due to a variety of factors.
• The size of the virtual events market has seen considerable growth over the past few years. It is set to expand from $193.45 billion in 2024 to $236.69 billion in 2025, manifesting a compound annual growth rate (CAGR) of 22.4%.
The historical growth is ascribed to factors such as improved participant experience, revenue generation, emphasis on return on investment, the competitive context of the market, and its global accessibility and outreach.
What Is the Forecasted Market Size and Growth Rate for The Virtual Events Market Size In The Coming Years?
The virtual events market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to surge significantly in the coming years, the market size for virtual events is expected to attain a value of $537.18 billion in 2029. This denotes a compound annual growth rate (CAGR) of 22.7%.
The predicted upturn during this forecast period is attributed to factors like the blend of physical and virtual events, worldwide accessibility, revenue creation potentials, customization features, and the emerging competitive environment. The forecast period is likely to witness crucial trends like variety in platforms, hybrid events, improved experiences for attendees, breakthrough technologies, and sustainable practices.
What Factors Are Driving Growth In The Virtual Events Market?
The projected growth of the virtual events market is anticipated to be driven by the rising number of business gatherings. These business gatherings refer to substantial assemblies where professionals undertake business-related activities, such as providing services, forming networks, or conducting meetings. The increment in the number of these virtual business gatherings augments engagement, networking prospects, and the exchange of knowledge within the digital community. Business meetings present significant educational opportunities for the participants to understand the advantages, features, and efficient practices of virtual events. This learning process and awareness enhancement contribute to the enlargement of the virtual events market by addressing potential apprehensions, demolishing misconceptions, and highlighting successful models. For instance, as per the data provided by Equation Events, an events organization based in the United States, the market for job opportunities in the event industry is predicted to grow by 11% and reach 5.9 million jobs by August 2023, which implies a robust demand. On top of that, businesses promoting concerts and events saw a growth rate of 9.1% in 2022, with 73,414 such firms in the U.S, thereby implying that the rise in the number of business events is likely to fuel the growth of the virtual events market.
What Are The Main Segments Of The Global Virtual Events Market?
The virtual events market covered in this report is segmented –
1) By Type: Internal Event, Extended Event, External Event
2) By Component: Platform, Services
3) By Application: Conferences And Conventions, Corporate Meetings And Training, Exhibitions And Trade Shows, Seminars And Workshops
4) By End User: Educational Institution, Corporate, Government
Subsegments:
1) By Internal Event: Corporate Meetings, Training Sessions, Team-Building Activities
2) By Extended Event: Hybrid Events, Multi-Session Conferences, Webinars With Networking Opportunities
3) By External Event: Trade Shows, Product Launches, Public Conferences And Seminars
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What Emerging Trends Are Influencing The Growth Of The Virtual Events Market?
Leading firms in the virtual events market are spearheading the development of innovative technologies, particularly the promotion of virtual events to provide audiences with enjoyable experiences. Boost virtual events pertain to digital assemblies, conventions, or meetings that are organized and executed completely in a virtual setting. Enhancing virtual events necessitates the use of diverse strategies and technologies to bolster attendee participation, stimulate sales, and amplify brand engagement. For example, Zoom Video Communications Inc., an American communications technology firm, unveiled boost virtual events in October 2022, a feature that allows for virtual booths or exhibition areas where sponsors and exhibitors can display their products, services, and resources. Participants can peruse these areas, engage with exhibitors, procure materials, and arrange meetings.
Who Are the Key Players In The Virtual Events Market?
Major companies operating in the virtual events market are:
• Microsoft Corporation
• NTT Limited
• Cisco Systems Inc.
• NTT Data Inc.
• Adobe Systems Inc.
• Zoom Video Communications Inc.
• Alcatel-Lucent S.A.
• Martiz Holdings Inc.
• Citrix Systems Inc.
• Avaya LLC
• George P. Johnson
• Cvent Inc.
• Kestone Integrated Marketing Services Pvt. Ltd.
• ALE International SAS
• Hubilo Technologies Inc.
• 6Connex
• Aventri Inc.
• CL Educate Ltd.
• vFairs
• EventX Limited
• Veritas Technologies LLC
• EventX Limited
• uBivent GmbH
• Pathable Inc.
• Alive Events Agency
What Is The Most Dominant Region In The Virtual Events Market?
North America was the largest region in the virtual events market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual events market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
