Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Virtual Events market.
Trusted Business Insights presents an updated and Latest Study on Virtual Events Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market.
The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Virtual Events market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Report Overview: Global Virtual Events Market
The global virtual events market size was valued at USD 66.87 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 23.1% from 2021 to 2027. The growing popularity of Unified Communication as a Service (UCaaS) amongst corporates, education institutes, and various other organizations across industries is expected to drive the market during the forecast period. Virtual events cover a wide range of activities, from video and audio conferencing to live streaming and broadcasting. The most common type of digitally simulated events includes job fairs, trade shows, company conferences, sales-meetings, and summits. UCaaS combines communications into a single platform for these events to allow collaboration and increase productivity.
Virtual events offer a cost-effective means to efficiently bring the number of attendees from all over the globe to a purposeful gathering. Digitally simulated proceedings use web-based platforms to connect several attendees from across the world and include interactive engagement features, such as polling, Question & Answer (Q&A) sessions, and chat boxes. Moreover, by leveraging the advanced technologies, including Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR), the virtual assemblies are casing all aspects of any physical event. Furthermore, growing popularity of digitally simulated gatherings amongst event organizers as well as participants due to its time efficacy is anticipated to fuel the market growth over the forecast period 2021-2027.
The market is witnessing higher demand as most of the companies have adopted the Work-From-Home (WFH) policy owing to the lockdown imposed by the COVID-19 affected countries to avoid the community spread of the disease. The stay-at-home measures have resulted in increased opportunities for industry participants. Corporates are extensively using video conferencing and other communication platforms for business and client meetings. For instance, Microsoft proclaimed that Microsoft Team surpassed 44.00 million daily active users in March 2020 as organizations are increasingly using the digital platform to continue their business processes during the coronavirus pandemic.
Software as a Service (SaaS) based models and UCaaS-based models are gaining eminence in the industry, particularly from the Small and Medium-sized Businesses (SMBs), which, in turn, encompass a large number of the global businesses and fuel the market growth. The digitally simulated platforms are being extensively used across numerous sectors, including healthcare, education, hospitality, and finance and banking. Companies are constantly striving to gain an edge over their competitors by launching state-of-the-art products or solutions. Businesses adopt digitally simulated platforms for product launches to communicate and promote their offerings to the masses. The industry is anticipated to grow significantly owing to the continual attempt of companies to expand their worldwide footmark, which increases the demand for a communication platform that reaches a mass population without physical boundaries.
The convergence of information plays a critical role in refining business prospects, subsequently generating an amplified demand for intercontinental communication services for information sharing. This makes the service providers vulnerable to the increasing threat of cyber-attacks while operating in the virtual environment. Several regulations and standard policies are being put in place to safeguard the users data and boost the virtual events market growth. However, the availability of several open-source and free solutions for event management in the market is expected to deter growth over the forecast period. These solutions are integrated with essential virtual event management functions, such as client management, invoicing, email marketing, group task management, and mobile event management, which may prove to be a challenge for the industry.
Service Insights: Global Virtual Events Market
The communication segment accounted for the largest revenue share of over 35.0% in 2019 as the technologically advanced digitally simulated gatherings are rapidly transforming the communications landscape. The use of these platforms ranges from small team meetings to large gatherings for communication purposes. The surge in the number of online real-time corporate meetings, discussions, announcements, and declarations has paved the way for businesses and corporations to connect with employees and partners using digital platforms. Hence, the communication service segment is expected to maintain its lead from 2020 to 2027.
The sales and marketing service segment is anticipated to witness substantial growth, registering a CAGR of 23.8% over the forecast period. This growth is attributed to increasing market competition, and thus the yearning for sales and advertising of any businesses offerings to its clientele. Marketing is a integral function for any enterprise as it helps in increasing the awareness of the firms product or service. Similarly, in todays competitive marketplace, there is a need for increasing sales spending. Growing number of product launches, product/service promotions, and advertising are contributing to the segment growth.
The training service is likely to witness the fastest growth from 2020 to 2027 owing to surging need for in-house employee training. Companies are significantly investing in their resources to prove to be an asset, and thus incorporating induction modules for new employees, developmental training, and transitional training of the employees. Training facilitates consistency, improved employee performance and satisfaction, and adherence to quality norms or standards.
The nearshoring and offshoring trend has made it necessary for the business to utilize virtual platforms for knowledge transfer and training purposes. Recruiters are also widely using digital platforms to conduct interviews of the remotely located candidate. Virtual events not only offer convenience but help organizations to save on cost and time.
Large institutions accounted for the largest revenue share of over 50.0% in 2019 and the segment is expected to witness considerable growth over the forecast period. Business enterprises and organizations of all sizes in fact are benefitting from improved collaboration over digital platforms. Owing to the geographic spread of employees as well as clients, the need for a collaborative and digitally connected work environment is critical to the efficiency and growth of the large institutions. Some of the large enterprises are clients to the virtual events solutions providers, such as Cisco Systems, Inc., which are working in the direction of improving virtual collaboration and communication and enabling individuals to work as a team effectively, regardless of their device or location.
The small and medium-sized businesses accounted for a significant revenue share in 2019 and are expected to register the highest CAGR of 24.5% from 2021 to 2027. Regardless of whether the company is a multinational conglomerate or a small business, effective communication and planning is important for ensuring positive outcomes. SMBs have restricted budgets for marketing, recruitment and sales activities, and hence leverage the benefits of virtual event solutions. With new advancements in cloud-based solutions and virtualized infrastructure, digitally virtual events are playing an increasingly critical role in contributing to the SMBs agility in areas, including innovation, productivity, and decision making.
Virtual events also help enterprises to reduce the overall cost associated with organizing a physical seminar, conference or meeting as planners may save on venue, staff, meals, attendees accommodation, and travel costs. Hence, organizations of all sizes are adopting virtual events in place of physical ones as they are quick to arrange, inexpensive, and bring the relevant people into the meeting irrespective of wherever they are based.
End-use Insights: Global Virtual Events Market
The market based on end use is fragmented in four segments, namely enterprises, organizations, educational institutions, and the others segment that includes informal groups of students, individuals, and teams sharing a common interest. The enterprises segment accounted for the largest revenue share of 56.8% in 2019 and is expected to maintain its lead over the forecast period. The businesses or corporates, including the private and public companies, deploy the digital event platforms for communicating with their target audiences, promoting their business, and several other business functions. Furthermore, growing adoption of these platforms by organizations is expected to fuel industry growth during the forecast period. For instance, Internet Corporation for Assigned Names and Numbers (ICANN), a U.S. based non-profit organization engaged in the maintenance of numerous databases, shifted from an in-person to a virtual event to ensure continuity of its business process during COVID-19 pandemic. The live gathering was organized by Pathable, Inc., a U.S. based provider of online and web apps for events.
Medical conferences and seminars play a integral role in the evolution of the healthcare industry. Practitioners use these events as an opportunity for networking with fellow professionals and exchanging knowledge and experiences. Technologies such as AR and VR are boosting the demand for digital events as they allow 3D live streaming. Furthermore, the healthcare industry has witnessed the highest ever peak in webinars and digital meetings during the Covid-19 pandemic and suggests a growing adoption of such platforms by the healthcare industry in the coming years.
The educational institutions segment is anticipated to register a CAGR of 24.5% from 2021 to 2027. Increasing adoption of digital platforms by educational institutes is expected to generate lucrative opportunities for industry players over the forecast period. Virtual event platforms provide excellent opportunities for effective online and distance education through the support of communities or groups, bringing together subject domain professionals, educators, and learners from various locations worldwide. Moreover, the development of new collaborative e-learning solutions embedded with state-of-the-art technologies is expected to boost segment growth.
Event Type Insights: Global Virtual Events Market
The external event segment accounted for the largest revenue share of over 40.0% in 2019 and is expected to maintain its lead over the forecast period. This may be attributed to the continual efforts of the businesses and other organizations to communicate with the external entities. Growing need for digitally simulated purposeful functions conducted by the business for any press release, tradeshow, client conference, product launch, or any other communication with the external audience is expected to drive the segment. Growing trend of outsourcing makes it essential for businesses to communicate frequently with the distantly located service provider for data sharing, training, and discussion meetings, thereby driving the external virtual events segment.
The internal events segment is anticipated to expand at a CAGR of 23.5% from 2021 to 2027. The ongoing coronavirus pandemic has caused a rapid surge in the usage of virtual events platforms for internal communication purposes of any enterprise. The extended events segment is anticipated to witness substantial growth over the forecast period. This growth is attributed to increase in deployment of digitally simulated platforms for the remotely located audience to be a part of the physical occasion at a distant place in real-time.
Regional Insights: Global Virtual Events Market
In 2019, North America accounted for the largest revenue share of more than 40.0%, and the region is expected to maintain its lead over the forecast period. The U.S. accounted for a significant share in 2019 as the region is the corporate hub and observes higher deployment due to the early adoption of new technologies. Canada is expected to witness substantial growth over the forecast period owing to its widescale adoption of digitally simulated platforms in the healthcare sector. European regions are anticipated to witness sluggish growth owing to the shift of business strategies and economic drifts.
Asia Pacific is anticipated to emerge as the fastest-growing regional market, registering a CAGR of 25.8% from 2021 to 2027. Within the region, China and Japan accounted for a greater market share owing to the vast consumer base and increased adoption of digital platforms for communication purposes. The region is expected to witness huge adoption of the technology, which is also aided by high-speed 5G network deployment, thus enhancing the forum for virtual events. Countries such as India and Australia are expected to observe significant growth in the number of SMBs, which is further anticipated to contribute to industry growth.
Latin America and MEA are likely to witness substantial growth over the forecast period. Increasing number of conglomerates and start-ups, rising disposable income, and increasing applications of Unified Communications and Collaboration (UC&C) make the regions lucrative markets virtual events. The industry is beholding Saudi Arabia, U.A.E., Brazil, and Mexico as the upcoming hubs for virtual event management firms as well as platform providers.
Key Companies & Market Share Insights: Global Virtual Events Market
The market is fragmented due to the presence of numerous global as well as regional players. Key participants are entering into mergers and acquisitions and strategic partnerships, intending to expand their business presence to sustain in the extremely competitive business environment. For instance, in November 2019, GES entered in a partnership with Gravel Experiential, LLC, U.S.-based event production and experimental marketing company, for expanding its events product portfolio for strategy, production, and client engagement.
Event management companies and software solution providers are investing significantly in R&D activities to integrate new technologies and develop products with distinguishing features to gain a competitive edge over others. For Instance, in January 2020, vFairs launched a new chat platform for virtual career fairs. This platform enables attendees and exhibitors to interact and engage with each other in real-time. Features of the platform include advanced video and audio experience on mobile devices and improved scalability to add advanced features to the chat platform. Some of the prominent players in the virtual events market include:
Key companies Profiled: Global Virtual Events Market Report
- Microsoft Corporation
- Cisco Systems, Inc.
- ALE International
- Cvent Inc.
- George P. Johnson
- ALIVE Events
- Avaya Inc.
- uBivent GmBH
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global virtual events market report on the basis of event type, service, establishment size, end use, and region:
Event Type Outlook (Revenue, USD Billion, 2016 – 2027)
- Internal Event
- External Event
- Extended Event
Service Outlook (Revenue, USD Billion, 2016 – 2027)
- Sales & Marketing
Establishment Size Outlook (Revenue, USD Billion, 2016 – 2027)
End-use Outlook (Revenue, USD Billion, 2016 – 2027)
- Educational Institutions