Virtual Events Market Size - By Services (Communication, Recruitment, Sales & Marketing, Training), By Application (Conferences, Exhibitions/Trade Shows, Summits), By Industry Vertical (BFSI, Media & Entertainment, IT & Telecom), Enterprise Size & Forecast 2023 - 2032
Published Date: March - 2025 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationVirtual Events Market Size
Virtual Events Market was worth USD 118.9 billion in 2022 and is likely to experience over 19.5% CAGR from 2023 to 2032. Virtual events provide an access level that events in the physical world cannot match. Attendees can participate from anywhere globally, removing the costs of travel. This access not only increases the possible audience for events but also facilitates easier international attendance.
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To obtain the most important market trends
In addition, the COVID-19 pandemic caused a quick transition from in-person to virtual events as a way of sustaining business continuity and protecting the public. Numerous organizations, companies, and individuals resorted to virtual events to take the place of canceled or postponed in-person events. This unexpected transition accelerated the usage and embracing of virtual event technologies, further fueling the growth of the virtual events industry.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Virtual Events Market Size in 2022 | USD 118.9 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 19.5% |
| 2032 Value Projection | USD 701.6 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 250 |
| Tables, Charts & Figures | 345 |
| Segments covered | Services, application, enterprise size, and industry vertical |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
The ongoing wave of technological breakthroughs is poised to enhance and favor the adoption of virtual events over the next ten years. Innovations in virtual event platforms, augmented and virtual reality, artificial intelligence, and high-speed internet connections are enabling more immersive, interactive, and seamless virtual event experiences.
COVID-19 Impact
The COVID-19 pandemic dramatically affected the virtual events sector. With the restrictions on in-person gatherings, organizations across the globe shifted their focus to virtual events to communicate with their audiences. This rapid change speeded the evolution and usage of virtual event technologies. From conferences to trade events, these virtual events became a major tool of communication, offering a secure and efficient means of connecting with global audiences, showcasing the industry's resilience and potential for sustainable growth.
Virtual Events Market Trends
Increased interactivity and engagement will set a healthy growth path for the virtual events sector. Virtual event platforms are more and more concentrating on building interactivity and engagement. This involves adding functionalities such as gamification, virtual reality (VR), and augmented reality (AR) to render virtual events more engaging and entertaining for attendees. In a new development, ENGAGE XR Holdings Plc, a VR tech firm focused on virtual communication solutions in the metaverse, has announced a strategic collaboration with Kia Germany.
This partnership is the launch of Kia's first-ever flagship dealership in the metaverse. To commemorate the occasion, Kia will kick off an engaging, interactive reveal experience on the ENGAGE platform in February 2023. The effort demonstrates the openness of the metaverse as a space and the possibilities of the automotive industry for prolonging its virtual existence, illustrating the future of digital experiences. Further innovative endeavors in such an approach will enhance the market growth.
Virtual Events Market Analysis
Learn more about the key segments shaping this market
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Based on enterprise size, the large enterprises segment accounted for more than 66% of the market share in 2022, driven by the need for cost-effective solutions, as virtual events can substantially reduce expenses associated with physical gatherings. The global reach offered by virtual events enables large enterprises to engage with a broader and more diverse audience, expanding their reach and impact. Additionally, virtual events provide valuable data and analytics, enabling enterprises to refine their strategies and improve ROI. Furthermore, the flexibility and accessibility of virtual events cater to the busy schedules and diverse locations of employees and clients, making them a compelling choice for large enterprises.
Learn more about the key segments shaping this market
Based on industry vertical, the IT & telecom segment captured around 20% share of the virtual events market in 2022. The adoption of virtual events within the IT and telecom sectors is primarily promoted by the industry's inherent tech-savviness and the need to showcase and discuss cutting-edge innovations. Virtual events allow efficient product launches, technical demonstrations, and global collaborations. Cost savings, reduced travel, and the ability to engage a vast international audience are additional driving factors. Moreover, the IT and telecom sectors value the data analytics capabilities of virtual events, which aid in refining strategies and enhancing customer relationships.
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North America is experiencing growth in the virtual events market. The region held a market share of around 36% in 2022, due to its technological advancements & growing corporate landscape. North America has a highly developed technology infrastructure, making it easier for businesses and individuals to access and host virtual events. Second, the region's vast geographic expanse makes virtual events an attractive option for connecting a diverse and widespread audience. Additionally, the COVID-19 pandemic accelerated the adoption of virtual events, and North America has been at the forefront of this digital transformation, further driving the industry growth.
Virtual Events Market Share
The major players operating in the virtual events industry are
- 6Connex
- Accelevents
- Cisco Systems Inc.
- Cvent Inc.
- Hopin
- Microsoft Corporation
- Remo
- WHOVA
- Zoom Communications Inc.
Companies in this space are adopting various strategies to bolster their presence. This includes enhancing technology features, offering unique interactive experiences, forming strategic partnerships, and expanding global reach to attract and retain clients in an increasingly competitive and rapidly evolving industry.
Virtual Events Industry News
- In August 2023, Zoom, the video conferencing platform, introduced 'Production Studio' for Zoom Events and Zoom Sessions. This new feature is designed to enable event professionals to effortlessly craft virtual event design elements, ensuring a refined, professional, and engaging event experience.
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