NEW
YORK, June 25, 2024 /PRNewswire/ -- The global
virtual events market size is estimated to grow by USD 558.9 million from 2024-2028, according
to Technavio. The market is estimated to grow at a CAGR of
30.25% during the forecast period. Rise in number of
corporate events is driving market growth, with a trend
towards growing popularity of virtual events in education.
However, emerging threat from open-source virtual events
solutions poses a challenge. Key market players include 8x8
Inc., Active Network LLC, Adobe Inc., ALE International, Atlassian
Corp. Plc, Avaya LLC, Aventri Inc., Bizzabo, Cadence Design Systems
Inc., Cisco Systems Inc., Cvent Holding Corp., EventX Ltd., Huawei
Technologies Co. Ltd., Hubb, International Business Machines Corp.,
Microsoft Corp., Mitel Networks Corp., Toshiba Corp., Ungerboeck,
and Zoom Video Communications Inc..
Get a detailed analysis on regions, market segments, customer
landscape, and companies- View the snapshot of this
report
Virtual Events
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
30.25%
|
Market growth
2024-2028
|
USD 558.9
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
23.32
|
Regional
analysis
|
North America, APAC,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 29%
|
Key
countries
|
US, China, Germany,
Japan, and UK
|
Key companies
profiled
|
8x8 Inc., Active
Network LLC, Adobe Inc., ALE International, Atlassian Corp. Plc,
Avaya LLC, Aventri Inc., Bizzabo, Cadence Design Systems Inc.,
Cisco Systems Inc., Cvent Holding Corp., EventX Ltd., Huawei
Technologies Co. Ltd., Hubb, International Business Machines Corp.,
Microsoft Corp., Mitel Networks Corp., Toshiba Corp., Ungerboeck,
and Zoom Video Communications Inc.
|
Market Driver
Virtual events are gaining popularity in traditional educational
institutions, offering students flexible learning opportunities.
These events provide access to qualified instructors, reducing
expenses and enhancing knowledge. Virtual events employ game
dynamics to boost student engagement and develop time management
skills. Conferencing facilitates real-time interactions between
students and faculty, while social media integration fosters
connections. Online classes, such as those offered by Cisco WebEx
Training Center, offer high-definition video for face-to-face
interaction and collaborative learning experiences. These factors
are expected to fuel the growth of the global virtual events
market.
The virtual events market is experiencing significant growth
with the adoption of technology for conferencing and networking.
Advanced video conferencing platforms enable interactive sessions,
live polls, and virtual exhibitions. The trend towards remote work
and social distancing measures have accelerated this shift.
Companies are investing in customizable event solutions, providing
engaging experiences for attendees. Decision-making tools and
analytics help event organizers measure success and optimize future
events. The convenience and cost savings of virtual events make
them an attractive alternative to traditional in-person events. The
future of events is digital, with continued innovation and
improvement in technology driving the market forward.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- Open-source virtual events pose a significant challenge to the
commercial virtual events market. Micro and small-scale enterprises
and individual users prefer these freely available solutions due to
their cost-effectiveness. Basic features of proprietary virtual
events are replicated in most open-source alternatives. This trend
is hindering the growth of the global virtual events market,
particularly for small-scale events. Open-source software's
accessibility across all platforms further intensifies the
competition.
- The virtual events market has seen significant growth due to
the ongoing pandemic. However, it presents unique challenges.
Real-time interaction and engagement are crucial for success.
Augmented reality and virtual reality technologies can enhance the
experience but require considerable investment. Technical issues,
such as connectivity and bandwidth, can disrupt events. The lack of
physical presence limits networking opportunities. Sponsorships and
advertising revenues are also uncertain. Collaboration and
innovation are essential to overcome these challenges and provide
valuable experiences for attendees.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This virtual events market report extensively covers market
segmentation by
- Application
- 1.1 UC and C and video conferencing
- 1.2 Web conferencing
- Type
- 2.1 Webinar
- 2.2 Conference
- 2.3 Virtual expo fairs and festivals
- 2.4 Entertainment
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 UC and C and video conferencing- The virtual
events market is experiencing significant growth as businesses
adapt to the new normal. Companies are turning to virtual platforms
to host conferences, product launches, and training sessions. This
shift offers cost savings, increased accessibility, and the ability
to reach a global audience. Virtual events provide a professional
and engaging experience, allowing attendees to network and interact
with each other in real-time. Companies can measure attendance,
engagement, and ROI through analytics tools, making virtual events
an effective marketing strategy.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Virtual Events Market has experienced significant growth in
various sectors, including Retail & e-commerce, Healthcare,
Manufacturing, Construction, Academic institutions, and the Virtual
events industry itself. With the implementation of Work-From-Home
(WFH) policies and lockdowns due to Coronavirus, digitally
simulated events have become the new norm for Sales meetings, Job
fairs, Summits, Exhibitions, and Trade shows. Modern technologies,
such as artificial intelligence (AI) and networking solutions, have
played a crucial role in facilitating seamless business proceedings
and maintaining connectivity networks for employees and resources.
However, the shift to virtual events has also brought new
challenges, including cyberattacks and ensuring secure and reliable
workflows. Despite these hurdles, the adoption of virtual events is
here to stay, transforming the way we conduct business in the
post-pandemic world.
Market Research Overview
The Virtual Events Market has experienced significant growth due
to the ongoing global health crisis. This shift towards virtual
events is driven by the need for social distancing and the
convenience they offer. Virtual events encompass a wide range of
activities, including conferences, seminars, product launches, and
networking events. They offer various features such as live
streaming, on-demand access, interactive sessions, and virtual
exhibitions. The market is expected to continue growing as
technology advances and businesses recognize the benefits of
virtual events. Virtual events provide cost savings, increased
accessibility, and the ability to reach a global audience. They
also offer valuable data and analytics, enabling organizations to
measure engagement and ROI. The market is segmented based on type,
application, and region. Types include webinars, virtual
conferences, and hybrid events. Applications include corporate
training, product launches, and educational events. Regions include
North America, Europe, Asia-Pacific, and the Middle East and Africa.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- UC And C And Video Conferencing
- Web Conferencing
- Type
-
- Webinar
- Conference
- Virtual Expo Fairs And Festivals
- Entertainment
- Geography
-
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio