GVR Report cover Virtual Events Market Size, Share & Trends Report

Virtual Events Market Size, Share & Trends Analysis Report By Event Type, By Service, By Establishment Size, By End User, By Application, By Industry Vertical, By Use Case, And By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68038-795-7
  • Number of Pages: 300
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2020
  • Industry: Technology

Report Overview

The global virtual events market size was valued at USD 114.12 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 21.4% from 2022 to 2030. The widespread use of collaboration and communication tools in various industries and industry verticals, including retail & e-commerce, healthcare, manufacturing, construction, and education, among others, is anticipated to boost the market growth during the forecast period. The growing adoption of Unified Communication as a Service (UCaaS)-based solutions by various organizations and enterprises, including academic institutions, allows the employees and other resources to virtually engage with all the business proceedings and help in realizing a more efficient and effective workflow, which bodes well for the market growth.

 U.S. virtual events market size, by service, 2018 - 2030 (USD Billion)

Google LLC’s Hangouts, Microsoft Corporation’s Microsoft Teams, and Zoom Video Communications, Inc.’s Zoom are some of the UCaaS-based solutions most preferred by corporations. Digital platforms allow users to participate in any event remotely regardless of their location. Several web-based systems can be used to connect attendees from all over the world. The convergence of Artificial Intelligence (AI), Augmented Reality (AR), and Virtual Reality (VR) is particularly allowing online communication and collaborative activities to cover all the aspects of a physical event. Furthermore, companies are rapidly adopting virtual simulated platforms to effectively manage time and resources, thereby driving the growth of the market.

Digitally simulated events can potentially cover various events, including sales meetings, job fairs, summits, audio/video conferences, exhibitions, and trade shows. The Work-From-Home (WFH) policy that was adopted by several companies, in response to the lockdowns and restrictions on the movement of people imposed by various governments across the world, as part of the efforts to arrest the spread of the coronavirus, has emerged as one of the major factors driving the market. At this juncture, virtual events play a decisive role in allowing businesses to connect with the remote workforce and conduct their business procedures.

On the other hand, the changing needs of the end-users are prompting market players to introduce innovative solutions in the market. For instance, in November 2021, Morressier, a virtual and hybrid conference provider, launched enhanced virtual conference and networking solutions designed to enhance customer experience. The company is looking forward to building out its network and community capabilities to help learners worldwide make essential connections and engage with conference content. The company’s pricing model is also being updated to increase accessibility to a broader range of conference budgets.

Software as a Service (SaaS) and UCaaS delivery models gradually emerged as mainstream delivery models. Small- & Medium-sized Enterprises (SMEs) mainly prefer SaaS and UCaaS-based solutions owing to the flexibility these solutions can offer. On the other hand, incumbents of the BFSI, hospitality, healthcare, and education industries typically adopt digitally simulated platforms. Several other businesses also use simulated channels to engage with customers and advertise their products, especially during product debuts. As such, market players are strongly emphasizing introducing innovative solutions and services to cater to the changing requirements while augmenting profitability.

The efforts being pursued by the market players are eventually leading to the development of a connectivity network that can potentially surpass all geographical boundaries and reach the masses. However, all sorts of online activities, including those associated with the virtual world, are always prone to cyberattacks. While information convergence remains vital for rolling out intercontinental connectivity services and subsequently creating new growth opportunities, service providers are equally concerned about data security and privacy protection. Virtual event management platforms are often integrated with various communication and collaboration solutions to facilitate invoicing, group work management, mobile event management, client administration, and email marketing, among other features, potentially leading to security issues.

These growing concerns over data security and privacy protection are projected to restrain the market growth over the forecast period. The continued launch of free, open-source event management solutions is also emerging as one of the major factors impeding the growth of the market. Nevertheless, several governments are drafting norms, standards, and regulations aimed at ensuring data security and privacy protection as part of their efforts to annul security concerns.

Event Type Insights

The external segment accounted for the largest revenue share of 41.8% in 2021 and is likely to dominate the market over the forecast period. The growth of the segment can be attributed to the growing adoption of virtual event tools by businesses to communicate with external entities. Many organizations are collaborating with technology companies to leverage the advances in technology and provide high-end services to their customers. The widespread adoption of digitally simulated tools by organizations to conduct or attend tradeshows, product launch events, press releases, client conferences, and other communication events is expected to propel the growth of the segment.

The growing preference for outsourcing is making it essential for businesses to engage with their remote service providers regularly for meetings, data exchange, and training, thereby driving segment growth. The extended segment is anticipated to register the fastest CAGR from 2022 to 2030. The cumulative usage of virtually simulated platforms that allow remote audiences to effectively participate in an event or gathering convened at some other geographical location is expected to drive the growth of the segment. Internal events or the events convened within an organization are also being organized virtually as part of the WFH policy being adopted by various organizations due to the pandemic.

Many leading market players have developed various platforms to help organizations virtualize their regular communications for easier departmental functioning and workflow management. For instance, in November 2021, 6Connex, a provider of virtual event solutions, and UgoVirtual, a provider of virtual and hybrid event solutions & services, announced an expanded partnership agreement to drive growth and continued innovation in the global virtual & hybrid event market.

Service Insights

The communication segment accounted for the largest revenue share of 35.7% in 2021 due to the significant increase in the number of digitally simulated gatherings being convened. Communication solutions and tools are being used for events, from smaller meetings to larger conferences. The growing use of internet platforms for business discussions, announcements, meetings, and declarations has been driving the segment growth. The recruitment segment also gained significant traction as employers aggressively utilized virtual event solutions to conduct interviews of candidates remotely.

Online recruitment processes typically help in ensuring convenience and flexibility while saving time and resources for both candidates and employers. The training segment is projected to grow at the fastest CAGR from 2022 to 2030, in line with employers’ vital emphasis on conducting in-house training sessions online. Conducting training sessions online allows employers to nurture in-house talent and employees to learn & develop different skillsets regardless of their location. The outbreak of the COVID-19 pandemic has notably increased the adoption of virtual platforms for conducting employee training sessions.

The sales & marketing segment is also expected to have significant growth over the forecast period in line with the aggressive promotional activities companies are carrying out to stand out in the market amid the intensifying competition. Communication and collaboration solutions can play a vital role in the sales and marketing department by aiding in building awareness about the company’s products and services among potential customers and subsequently, augmenting sales and profitability.

Establishment Size Insights

The large institution segment accounted for the maximum revenue share of 50.3% in 2021 as large organizations took the lead in adopting digital platforms. Large corporations are adopting virtual event management platforms as part of the ‘glocal’ strategy they are pursuing while negotiating with employees, clients, and other stakeholders spread across different geographies. Virtual communication and collaborative platforms also remain critical for large corporations to maintain a smooth workflow across multiple geographical locations. Virtual platforms have allowed large corporations to continue working efficiently despite the outbreak of the pandemic and the ensuing restrictions on the movement of people imposed by various governments.

For instance, OnePlus Technology Co., Ltd., a consumer electronics manufacturer based in China, convened a virtual product launch in January 2022 to launch the company’s OnePlus 9RT smartphone. The SMBs segment is expected to grow at the fastest CAGR from 2022 to 2030. The growth of the segment can be attributed to the lockdowns and restrictions on the movement of people that are compelling all sorts of enterprises, including SMEs, across all geographies to allow their resources to work remotely. Effective communication and preparation are paramount for bringing out significant results, irrespective of whether an organization is a global conglomerate or a smaller firm.

Small- and medium-sized companies typically find virtual event solutions convenient for effective communication as they have limited resources for training, marketing, sales, and operations. Virtual events can potentially allow small- and medium-sized businesses to focus on their core competencies. Advances in technology, the introduction of innovative cloud-based solutions, and aggressive adoption of virtualized infrastructure are encouraging small- and medium-sized businesses to adopt virtual event management platforms, thereby driving the growth of the segment.

End-user Insights

The enterprise segment accounted for the largest market share of 55.9% in 2021 and is projected to continue dominating the market over the forecast period. The growth of the segment can be attributed to the growing adoption of digitally simulated platforms by both private and public organizations. Businesses are using online platforms to promote their products, collaborate with their clients, and for various other purposes. The use of internet communication channels in the healthcare industry has significantly increased. Healthcare professionals are widely using virtual events to interact with allied professionals and share their knowledge and experiences in the wake of the pandemic outbreak.

Online meetings and webinars being convened by the incumbents of the healthcare industry have also gained significant traction in the wake of the pandemic outbreak. Advances in Virtual Reality (VR) and Augmented Reality (AR) also stimulate the demand for virtual events as medical institutions use VR and AR technologies to stream 3D videos during seminars and conferences. The others segment covers individuals, informal groups of students, and collaborative groups sharing common interests. The segment is anticipated to grow at the fastest CAGR from 2022 to 2030.

The educational institutions segment is also poised for significant growth over the forecast period in line with the widespread use of virtual platforms for academic purposes. The strong emphasis students and professionals are putting on taking online courses to develop their skillsets is expected to drive the demand for digitally simulated platforms. The growing adoption of virtual event tools and solutions for training purposes is prompting market players to introduce dedicated training courses on digitally simulated platforms. For instance, Cisco Systems, Inc.’s Cisco Networking Academy offers a variety of courses focused on information automation, cybersecurity, programming, information technology, operating systems, and the Internet of Things (IoT).

Industry Vertical Insights

The Information Technology (IT) segment accounted for the largest market share of 21.0% in 2021 due to the continued globalization and early adoption of communication technology platforms. The manufacturing segment is anticipated to witness significant growth over the forecast period, mainly due to the innovations and expansions underway in the automotive and aerospace industry verticals. The healthcare segment accounted for a significant revenue share in 2021 and is expected to grow at a considerable CAGR from 2022 to 2030 due to the variety of health conferences being convened using digital platforms to address audiences from all over the world and the growing demand for telehealth services being provided by medical professionals. The telecom segment will register significant growth due to the high adoption of advanced platforms for external & internal communications to allow companies to provide fast, high-quality services.

The Banking, Financial Services, and Insurance (BFSI) segment is estimated to grow at the fastest CAGR from 2022 to 2030. Internal communication would be vital for the incumbents of the banking and financial industry verticals if they were to incorporate the latest advances and ease client interaction. Several leading companies are developing virtual platform tools for the BFSI sector to secure transactions and provide convenient banking services. For instance, in November 2021, Indian Bank launched a video KYC facility that allows users to open an account from anywhere using a video-based customer identification process technology that was implemented over the bank’s digital platforms.

Use Case Insights

The large-scale events segment accounted for the largest revenue share of 72.3% in 2021 and is expected to continue dominating the market over the forecast period. Businesses are increasingly using online platforms to plan and host massive marketing events, including certain industry events and new product introductions, to reach a broad audience at a lower cost. Companies use virtual platforms to convene large-scale events for various reasons, including higher return on investment, cost-effectiveness, and better reach. Solutions based on UCaas and SaaS are aggressively being adopted by the incumbents of manufacturing, healthcare, IT & telecommunications, and media & entertainment, among other industries and industry verticals for hosting large-scale virtual events.

The benefits associated with the advances in the latest technologies, such as AI, AR, and VR, are also driving the use of virtual platforms for large-scale events. The everyday events segment is expected to witness the fastest CAGR from 2022 to 2030. Virtual platforms are being used for regular events, including recruitment, discussions, meetings, informal sessions, and target/sales meetings. The lockdowns and restrictions on the movement of people due to the COVID-19 pandemic are prompting organizations to aggressively adopt online platforms for their regular corporate functions. Digitally simulated platforms are prominently used across all industries, including education, media & entertainment, healthcare, aerospace, logistics, automation, and manufacturing. The rising demand for virtual platforms from the education industry to conduct daily learning and training programs is expected to drive the growth of the segment.

Application Insights

The exhibitions/trade shows segment accounted for the largest market share of 31.6% in 2021 and is expected to continue dominating the market over the forecast period. The growth of the segment can be attributed to the growing need of businesses to exhibit or demonstrate their products, evaluate the competition, market their products & services, and keep track of the latest trends & prospects within the industry. Using digital spaces can potentially allow exhibitors to save money on travel, promotional items, accommodation, and other expenses associated with convening trade shows and exhibitions.

 Global virtual events market share, by application, 2021 (%)

On the other hand, the quality leads and guests these events attract also help enterprises network and improve engagement. The others segment includes events, such as concerts, keynotes, webinars, meetups, and job fairs, organized virtually. The segment is expected to grow at the fastest CAGR from 2022 to 2030. The summits segment also accounted for a substantial share of the market and is expected to continue playing a decisive role in driving the growth of the market. Conferences facilitate formal discussions and allow attendees to exchange ideas or share issues relating to any particular topic with other participants.

The conferences segment is poised for significant growth as convening conferences virtually can lead to tremendous benefits, such as reduced costs, global reach, easy data collection and measurement of results, and quick scalability and control. Marketing teams are increasingly reallocating marketing expenditure to virtual events as a result of the cancellations and postponements of several in-person events following the outbreak of the pandemic.

Regional Insights

North America accounted for the largest revenue share of 39.7% in 2021 and is anticipated to continue accounting for a significant market share over the forecast period. North America is home to developed economies, such as the U.S. and Canada, which boast an advanced networking infrastructure. North America is widely recognized as an early adopter of the latest technologies and hence a business hub. The rapid increase in the adoption of digitally simulated platforms, primarily in the healthcare industry, is expected to drive the growth of the market in Canada over the forecast period. Other regional markets, including Latin America and the Middle East, & Africa, are also projected to have significant growth from 2022 to 2030.

This is owing to the rising levels of disposable income, continued development of UCaaS applications, and the growing number of start-ups and conglomerates in these regions, among other factors. The Asia Pacific is expected to emerge as the fastest-growing regional market from 2022 to 2030. China and Japan gained significant revenue shares in the regional market because of the large consumer bases in these countries deploying digital communication platforms. Increasing adoption of new technologies and the continued rollout of high-speed 5G networks are expected to fuel the regional market growth. India and Australia are also likely to account for significant revenue shares due to the rising number of small- and medium-sized businesses and the continued adoption of the latest technologies in these countries.

Key Companies & Market Share Insights

The market is highly fragmented and is characterized by multiple global and regional competitors. To strengthen their foothold and thrive in an increasingly competitive business environment, prominent players pursue mergers & acquisitions and strategic partnerships. Market players are also working toward developing UCaaS-based solutions to automate their processes. The consumption of AI-enabled virtual event solutions has also been rising with the actively changing customer preferences. Companies are keen on integrating AR & VR into their virtual simulated platforms to increase audience participation in online events.

Event management organizations and software service providers are undertaking extensive R&D operations to adopt the latest technologies and develop products with unique features to gain a winning edge over their competitors. For instance, in January 2022, LinkedIn announced that the company had been testing a new events platform that would be launched later during the month to allow businesses and creators to host virtual events and improve interaction. Advances in technology are allowing businesses to save time and money while enhancing their efficiency and effectiveness. Several key industry organizations reported a rise in the deployment of their digital platforms due to the COVID-19 pandemic. For instance, in April 2021, Microsoft reported that daily active users on Microsoft Teams topped 145 million. Some of the major players in the global virtual events market are:

  • 6Connex

  • Cisco Systems, Inc.

  • Cvent Inc.

  • Microsoft Corporation

  • On24, Inc.

  • vFairs

  • Zoom Communications, Inc.

Virtual Events Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 139.28 billion

Revenue forecast in 2030

USD 657.64 billion

Growth rate

CAGR of 21.4% from 2022 to 2030

Base year for estimation

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Event type, service, establishment size, end-user, application, industry vertical, use case, and region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; China; Japan; India; Brazil; Mexico

Key companies profiled

6Connex; ALIVE; Avaya Inc.; ALE International; Arkadin Cloud Communications; Cisco Systems, Inc.; Cvent Inc.; Eventxtra; George P. Johnson; GES; Kestone; Martiz Holdings Inc.; Microsoft Corporation; Pathable, Inc.; uBivent GmbH; Veritas Events; vFairs; Zoom Communications, Inc.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global virtual events market report on the basis of event type, service, establishment size, end user, application, industry vertical, use case, and region:

  • Event Type Outlook (Revenue, USD Billion, 2018 - 2030)

    • Internal

    • External

    • Extended

  • Service Outlook (Revenue, USD Billion, 2018 - 2030)

    • Communication

    • Recruitment

    • Sales & Marketing

    • Training

  • Establishment Size Outlook (Revenue, USD Billion, 2018 - 2030)

    • SMBs

    • Large Enterprises

  • End-user Outlook (Revenue, USD Billion, 2018 - 2030)

    • Educational Institutions

    • Enterprises

    • Organizations

    • Others

  • Application Outlook (Revenue, USD Billion, 2018 - 2030)

    • Conferences

    • Exhibitions/Trade Shows

    • Summits

    • Others

  • Industry Vertical Outlook (Revenue, USD Billion, 2018 - 2030)

    • Banking, Financial Services, and Insurance (BFSI)

    • Consumer Electronics

    • Healthcare

    • Information Technology (IT)

    • Manufacturing

    • Media & Entertainment

    • Telecom

    • Others

  • Use Case Outlook (Revenue, USD Billion, 2018 - 2030)

    • Everyday Events

    • Large-scale Events

  • Regional Outlook (Revenue, USD Billion, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • Japan

      • India

    • Latin America

      • Brazil

      • Mexico

    • MEA

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