Virtual Events Market Size To Reach $657.64 Billion By 2030

Virtual Events Market Growth & Trends

The global virtual events market size is expected to reach USD 657.64 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at an over CAGR of 21.2% from 2023 to 2030. The development of the market can be attributed to the growing preference for convening virtual events, such as video calls, live chats, video conferences, and online meetings, as part of the day-to-day business activities to share data in real-time.

The outbreak of the COVID-19 pandemic, the resultant lockdowns and restrictions on the movement of people imposed by various governments to arrest the spread of coronavirus, and the subsequent need to facilitate remote working are some of the significant factors that are anticipated to drive the growth of the market over the forecast period. Advances in unified communication, collaboration, and content delivery techniques, which have allowed incumbents of various industries and industry verticals to migrate from in-person meetings to online events, also bode well for the market's growth.

Enterprises find virtual events platforms highly dynamic and engaging when improving communication and encouraging collaboration between employees, clients, partners, and stakeholders. Building brands and serving clients efficiently is paramount amid the intensifying competition for enterprises. While large enterprises have adequate financial resources for brand building and efficient client servicing, it is different for small and medium enterprises. At this juncture, small and medium enterprises are particularly adopting virtual events platforms to host virtual events, which can be convened at significantly lower costs than those incurred for hosting actual seminars, conferences, and meetings. Cloud-based virtual events platforms are particularly preferred to engage the target audience irrespective of geographical location while saving costs.

Market players are focusing on raising capital to develop their respective technologies in the wake of the rising demand for virtual events, thereby opening new opportunities for market growth. For instance, in October 2021, Hubilo, a virtual events startup, raised USD 125 million in Series B funding to develop its platform further. The growing preference for Unified Communication as a Service (UCaaS) among businesses, corporations, educational institutions, and other organizations across various industries and industry verticals also plays a decisive role in driving the market's growth. For instance, the Internet Corporation for Assigned Names and Numbers (ICANN), a non-profit organization based in the U.S. that manages several databases, switched from in-person interactions to virtual events to maintain continuity of operations in the wake of the operational disruptions stemming from the outbreak of the pandemic. Healthcare industry incumbents typically adopt virtual events platforms to convene seminars and training sessions. Seminars and conferences convened by government officials, public health bodies, and healthcare companies in the wake of the outbreak of the COVID-19 pandemic are particularly gaining traction, thereby driving the growth of the market over the forecast period.

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Virtual Events Market Report Highlights 

• Digital event providers are investing in advanced technology to meet the rising demand for online platforms.

• The training segment is anticipated to witness the fastest growth from 2023 to 2030

• The exhibitions/trade shows segment accounted for the largest revenue share of more than 31.0% in 2022

• The Banking, Financial Services, and Insurance (BFSI) segment is anticipated to grow at the highest CAGR over the forecast period

• The large-scale events segment accounted for the largest revenue share in 2022 and is expected to continue dominating the market over the forecast period

• The Asia Pacific regional market is expected to grow at the highest CAGR of 24.0% from 2023 to 2030

Virtual Events Market Segmentation

Grand View Research has segmented the global virtual events market based on event type, service, establishment size, end-user, application, industry vertical, use-case, and region:

Virtual Events Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Internal Event

• External Event

• Extended Event

Virtual Events Service Outlook (Revenue, USD Billion, 2018 - 2030)

• Communication

• Recruitment

• Sales & Marketing

• Training

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

• SMBs

• Large Institutions

Virtual Events End-Use Outlook (Revenue, USD Billion, 2018 - 2030)

• Educational Institution

• Enterprises

• Organizations

• Others

Virtual Events Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Conferences

• Exhibitions/Trade Shows

• Summits

• Others

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

• BFSI

• Consumer Electronics

• Healthcare

• Information Technology

• Manufacturing

• Media & Entertainment

• Telecom

• Others

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

• Everyday events

• Large-scale events

Virtual Events Regional Scope (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

  • France

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • Saudi Arabia

  • South Africa

  • UAE

List of Key Players in the Virtual Events Market

• 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.