A three-pronged approach was followed for deducing the virtual events market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for virtual events market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of virtual events market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The virtual events market was categorized into four segments, namely event type (Internal Event, External Event, External Event), service (Communication, Recruitment, Sales & Marketing, Training), establishment size (SMBs, Large Institutions), end-user (Educational Institution, Enterprises, Organizations), application (Conferences, Exhibitions/Trade Shows, Summits), industry vertical (BFSI, Consumer Electronics, Healthcare, Information Technology, Manufacturing, Media & Entertainment, Telecom), use-case (Everyday events, Large-scale events), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
The virtual events market was segmented into event type, service, establishment size, end-user, application, industry vertical, use-case, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The virtual events market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; China; India; Japan; South Korea; Brazil; Mexico; UAE; Saudi Arabia; South Africa.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The virtual events market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
6Connex -6Connex is a software and services provider for enterprise online events. The cloud-based product portfolio of the company comprises webinars, learning management, and virtual environments designed for sales, marketing, training, recruitment, and Human Resource (HR) communications. 6Connex provides these solutions for the virtual summit platform, virtual job fair hosting, and virtual benefits fair platform. The key end-users of the company include GE, CDC, Ericsson, Salesforce, Intuit, and CA Technologies. 6Connex has its business presence in the U.S., China, Brazil, and the U.K
Alive Events Agency -Alive Events Agency provides event management services for live event management, event planning, consumer events, stadium concerts, product launches, concerts, exhibition environments, award nights, fashion shows, and roadshows. Alive Events has a broad customer base across the U.S., the U.K., Europe, and APAC.
Avaya Inc. - Avaya Inc. is a provider of intelligent communication products and solutions. The company provides advanced solutions for customer experience, team collaboration, and digital transformation for healthcare, hospitality, education, financial services, and the sports & entertainment industry. Avaya Inc. also serves the government sector, including defense, military, and federal civilian government agencies. The company’s product portfolio includes unified communications, contact centers, phones & devices. Avaya also provides professional, managed support, and learning services for business needs. The company has a business presence in the U.S., Europe, Middle East & Africa (MEA), and Latin America.
ALE International - ALE International is a communication and infrastructure solution provider. The company provides wide product portfolio for virtual events market including Unified Communication (UC) platforms, UC applications, and Communication Platform as a Service (CPaaS). ALE International caters to the education, healthcare, transportation, and hospitality sector. The company delivers its services to more than 830,000 customers globally and has business presence across the world.
Arkadin Cloud Communications - Arkadin Cloud Communications offers cloud-based smart communication solutions and functions as a cloud communication division of NTT Ltd., the parent organization of the company. The company provides solutions for unified web communications, video conferencing, web conferencing, audio conferencing, and digital events. The company has marked its presence worldwide with over 45 offices in 30 countries Some of the technology partners of the company include Adobe Inc., Cisco Systems, Inc., IBM, and Microsoft Corporation.
Cisco Systems, Inc. - Cisco Systems, Inc. specializes in collaboration, virtualization, unified communication, wireless, security, cloud, networking, unified computing systems, and data center product and services. The company offers its products and services, both directly through its channel partners as well as through its own sales channel to commercial businesses, large enterprises, consumers, and service providers. The company has an extensive portfolio of products & services for virtual events comprising Cisco WebEx events, Cisco WebEx webcasting, WebEx video conferencing & collaboration solutions, and Cisco WebEx Calling.
Cvent Inc. - Cvent Inc. is a software-as-a-service (SaaS) provider specializing in events meetings and hospitality management technology. The company provides meetings, events, & travel solutions for the association, corporate, education, enterprise, government, hospitality, non-profit organizations, and third-party planner applications. The company provides conference management, event management, onsite solutions, business transient, mobile event apps, meetings management, room block management, survey solutions, and venue sourcing solutions. The company has an extensive supplier network with over 268,000 hotels and venues. Moreover, the company has its business presence in North America, Europe, Asia Pacific, and MEA, with over 30,000 customers and around 4,000 employees.
EventX - EventX provides solutions and services for virtual events. The company offers event management software, virtual networking event, virtual booth and expo, virtual reality event, webinar events, and event management apps for corporates, third-party planners, and large event organizers. EventX has a broad customer base with customers from numerous industries, including financial services institutes, manufacturing, government organization, education. The company serves 135 countries worldwide, with 20,000 customers in its clientele.
George P. Johnson - George P. Johnson is an event and brand marketing company. The company provides solutions for event marketing, experiential marketing, sports marketing, entertainment marketing, and field marketing. It also provides services for corporate event planning, digital production, event planning & management, event production, live production, trade show exhibit design, press event design & production, project management, financial strategy management & pricing, executive support & project management, and exhibition management & logistics staffing. George P. Johnson has market its presence worldwide with 30 offices across the Americas, Europe, MEA, and APAC regions.
GES - GES operates as an event management and marketing company. It provides services for events, exhibits, integrated marketing, mobile marketing, measurement and analysis tools, experiential marketing, branded entertainment, architectural and interior design, brand communications, social media marketing, program management, and graphic design. GES has organized over 4,000 events annually. The company is present in over 75 countries and has global offices in the U.S., Canada, EMEA, and the United Arab Emirates (UAE).
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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