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

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

Virtual Events Market Size

Virtual Events Market was valued at USD 118.9 billion in 2022 and is poised to witness more than 19.5% CAGR between 2023 and 2032. Virtual events offer a level of accessibility that physical events cannot match. Participants can join from anywhere in the world, eliminating the need for travel and associated costs. This accessibility not only broadens the potential audience for events but also makes it easier for international attendees to participate.

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Besides, the COVID-19 pandemic forced a rapid shift from in-person to virtual events as a means of maintaining business continuity and ensuring public safety. Many companies, organizations, and individuals turned to virtual events to replace canceled or postponed in-person gatherings. This sudden shift increased the adoption and acceptance of virtual event technologies, further stimulating the virtual events industry growth.

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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 had a profound impact on the virtual events industry. With restrictions on in-person gatherings, organizations worldwide turned to virtual events to connect with their audiences. This sudden shift accelerated the development and adoption of virtual event technologies. From conferences to trade shows, these digital gatherings became a primary means of communication, providing a safe and effective way to engage with global audiences, demonstrating the industry's adaptability and potential for long-term growth.

Virtual Events Market Trends

Enhanced interactivity and engagement will pave a healthy growth trajectory for the virtual events industry. Virtual event platforms are increasingly focusing on enhancing interactivity and engagement. This includes incorporating features like gamification, virtual reality (VR), and augmented reality (AR) to make virtual events more immersive and enjoyable for participants. In a recent turn of events, ENGAGE XR Holdings Plc, a VR technology company specializing in virtual communication solutions within the metaverse, has revealed a strategic partnership with Kia Germany.

This collaboration marks the introduction of Kia's inaugural flagship dealership in the metaverse. To celebrate this milestone, Kia will host an immersive, interactive reveal event on the ENGAGE platform in February 2023. The initiative highlights the metaverse's versatility and showcases how the automotive sector can extend its virtual presence, emphasizing the evolving landscape of digital experiences. More innovative efforts in this direction will boost the market development.

Virtual Events Market Analysis

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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.

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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.

This virtual events market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032 for the following segments

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Market, By Services

• Communication
• Recruitment
• Sales & Marketing
• Training

Market, By Application

• Conferences
• Exhibitions/Trade Shows
• Summits
• Others

Market, By Enterprise Size

• Large enterprises
• SMEs

Market, By Industry Vertical

• BFSI
• Healthcare
• Media & Entertainment
• IT & Telecom
• Education
• Government
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Singapore 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • UAE
  • Saudi Arabia

Frequently Asked Questions (FAQ)

How big is the virtual events market?

The market size of virtual events was worth USD 118.9 billion in 2022 and is expected to register over 19.5% CAGR through 2032, due to the rapid shift from in-person to virtual events for maintaining business continuity and ensuring public safety worldwide.

Why is the virtual events market growing from large enterprises?

The large enterprises segment registered 66% share of the virtual events industry in 2022 and is expected to register appreciable CAGR from 2023 to 2032, due to the rising need for cost-effective solutions to substantially reduce expenses associated with physical gatherings.

What factors are influencing demand for virtual events in North America?

North America held 36% share of the virtual events market in 2022 and is expected to register commendable CAGR till 2032, due to the rapid technological advancements and the growing corporate landscape in the region.

Who are the key virtual events industry players?

6Connex, Accelevents, Cisco Systems Inc., Cvent Inc., Hopin, Microsoft Corporation, Remo, WHOVA, and Zoom Communications Inc. are some of the major virtual events companies worldwide.