Virtual Events Industry Market Overview
As per MRFR analysis, the Virtual Events Industry Market Size was estimated at 133.69 (USD Billion) in 2022. The Virtual Events Industry Market Industry is expected to grow from 152.54(USD Billion) in 2023 to 500.0 (USD Billion) by 2032. The Virtual Events Industry Market CAGR (growth rate) is expected to be around 14.1% during the forecast period (2024 - 2032).
Key Virtual Events Industry Market Trends Highlighted
The global virtual events industry is experiencing significant growth, driven by the increasing adoption of digital technologies and the need for remote engagement. The industry has evolved from simple online meetings to immersive and interactive experiences that replicate the benefits of in-person events. Key market drivers include the rising popularity of hybrid events, which combine virtual and physical elements, and the increasing demand for on-demand content.
Opportunities for growth include the expansion of virtual events into new industries, such as healthcare and education. Vendors are also exploring the use of artificial intelligence and virtual reality to enhance the attendee experience. Recent trends in the virtual events industry include the integration of gamification and networking features to foster engagement and connection among attendees. Virtual event platforms are becoming more sophisticated, offering features such as breakout rooms, live polls, and interactive Q sessions. The industry is expected to continue to evolve as technology advances and the demand for remote engagement remains high.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Virtual Events Industry Market Drivers
Increased Adoption of Virtual Event Platforms
One of the major growth drivers in the Global Virtual Events Industry Market is the increasing popularity of virtual event platforms. Virtual event platforms are online platforms that allow businesses and organizations to host virtual events. These events can be held online, and attendees from all over the world can participate in them. As such, organizations do not have to incur the costs of holding in-person events. Additionally, the use of virtual reality technology and other tools enables event organizers to create an immersive and engaging experience for attendees.Attendees can watch keynote speeches or participate in interactive breakout sessions. Attendees can also network with each other or visit virtual booths and gather promotional materials. The ease of use of these platforms and accessibility have contributed to their popularity with businesses and organizations of all sizes.
Growing Demand for Remote and Hybrid Events
Another significant factor contributing to the expansion of the Global Virtual Events Industry Market is the increasing demand for remote and hybrid events. A remote event is held entirely online, while a hybrid event integrates both virtual and live components. The remote and hybrid event trend rose amid the COVID-19 outbreak as businesses and organizations sought alternative ways to reach and interact with their audiences. As such events present numerous advantages, including increased flexibility, reduced travel expenses, and the ability to engage with a broader global audience, they have grown in popularity among modern industry areas.Hence, the Global Virtual Events Industry Market is likely to prosper in the wake of the increasing demand for remote and hybrid events.
Advancements in Virtual and Augmented Reality
The rapid advancements in virtual and augmented reality (VR/AR) technologies are also contributing to the growth of the Global Virtual Events Industry Market. VR/AR technologies provide immersive and interactive experiences that can enhance the attendee experience at virtual events. VR allows attendees to feel like they are physically present at an event, while AR can overlay digital information in the real world. These technologies can be used to create engaging and memorable experiences, such as virtual tours, interactive demonstrations, and gamified activities.As VR/AR technologies continue to evolve and become more accessible, they are expected to play an increasingly important role in the Global Virtual Events Industry Market.
Virtual Events Industry Market Segment Insights
Virtual Events Industry Market Event Type Insights
The Global Virtual Events Industry Market is segmented by event type into conferences, trade shows, webinars, product launches, and training sessions. In 2023, the conferences segment accounted for the largest share of the market, at 35.6%. The growth of this segment is attributed to the increasing popularity of virtual events as a cost-effective and convenient way to connect with attendees. Virtual trade shows are also expected to experience strong growth, with a CAGR of 14.3% from 2024 to 2032, reaching a value of USD 171.6 billion by 2032. The growth of this segment is being driven by the increasing adoption of virtual reality and augmented reality technologies, which are making virtual trade shows more immersive and engaging for attendees.Webinars are another popular type of virtual event, and the market for webinars is expected to grow at a CAGR of 13.9% from 2023 to 2032, reaching a value of USD 134.2 billion by 2032.
The increasing use of webinars for marketing, training, and education is driving the growth of this segment. Product launches are also increasingly being held virtually, and the market for virtual product launches is expected to grow at a CAGR of 13.7% from 2023 to 2032, reaching a value of USD 52.2 billion by 2032. The growth of this segment is being driven by the increasing need for companies to reach a global audience for their product launches.Training sessions are another important type of virtual event, and the market for virtual training sessions is expected to grow at a CAGR of 13.5% from 2023 to 2032, reaching a value of USD 26.6 billion by 2032. The growth of this segment is being driven by the increasing need for companies to provide training to their employees in a cost-effective and convenient way.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Virtual Events Industry Market Format Insights
The Global Virtual Events Industry Market segmentation by Format comprises Live Streaming, Pre-Recorded, and Hybrid (Live and On-Demand). Live Streaming dominated the market in 2023, accounting for nearly 60% of the Global Virtual Events Industry Market revenue. It enables real-time interaction and engagement, fostering a more immersive and dynamic experience. Pre-recorded events, on the other hand, offer flexibility and convenience, allowing attendees to access content at their preferred time. Hybrid events combine the advantages of both formats, providing a comprehensive and engaging experience.
The Global Virtual Events Industry Market data indicates that the Hybrid segment is projected to grow at the highest CAGR during the forecast period, driven by its ability to cater to diverse audience preferences and maximize reach.
Virtual Events Industry Market Target Audience Insights
The virtual events industry market is segmented by target audience, which includes business professionals, consumers, students, medical professionals, and technical professionals. Business professionals represent a significant portion of the market, as they attend virtual events for professional development, networking, and industry updates. The consumer segment is also growing rapidly, as virtual events offer a convenient and engaging way to access entertainment, shopping, and other experiences. Students and medical professionals are also increasingly attending virtual events for educational and professional development purposes.
The technical professionals segment is expected to see significant growth in the coming years as virtual events become more sophisticated and require specialized technical expertise. Overall, the market is expected to continue to grow rapidly in the coming years, driven by the increasing adoption of virtual events across all target audiences.
Virtual Events Industry Market Industry Vertical Insights
The Global Virtual Events Industry Market is segmented by Industry Vertical into Healthcare, Technology, Finance, Education, and Non-Profit. Healthcare: The healthcare industry is expected to witness significant growth in the virtual events market due to the increasing adoption of virtual platforms for healthcare conferences, webinars, and patient education programs. The market is expected to reach $50.55 billion by 2024, growing at a CAGR of 15.2%. Technology: The technology industry is another major segment in the virtual events market. The market is driven by the growing demand for virtual product launches, tech summits, and online training programs.
The market is expected to reach $45.32 billion by 2024, growing at a CAGR of 14.9%. Finance: The finance industry is also expected to experience significant growth in the virtual events market. The market is driven by the increasing use of virtual platforms for financial conferences, webinars, and investor presentations. The market is expected to reach $38.46 billion by 2024, growing at a CAGR of 14.5%. Education: The education industry is another major segment in the virtual events market. The market is driven by the growing adoption of virtual platforms for online learning, virtual classrooms, and educational conferences.
The market is expected to reach $32.18 billion by 2024, growing at a CAGR of 14.2%. Non-Profit: The non-profit industry is also expected to experience growth in the virtual events market. The market is driven by the increasing use of virtual platforms for fundraising events, awareness campaigns, and online auctions. The market is expected to reach $29.47 billion by 2024, growing at a CAGR of 14.1%.
Virtual Events Industry Market Technology Insights
The Technology segment plays a crucial role in shaping the Global Virtual Events Industry Market. Virtual Reality (VR) and Augmented Reality (AR) enhance attendee experiences by creating immersive and interactive virtual environments. Artificial Intelligence (AI) automates tasks, personalizes content, and provides real-time data analytics. Blockchain ensures data security and transparency. Event Management Platforms provide end-to-end solutions for planning, hosting, and managing virtual events. In 2023, the Technology segment accounted for approximately 30% of the Global Virtual Events Industry Market revenue.
It is projected to grow at a CAGR of 16.5% during 2023-2032, reaching a valuation of USD 220 billion by 2032. Key industry players in the Technology segment include Meta (Oculus), Microsoft (HoloLens), Google (Daydream), IBM Watson, and Cvent.
Virtual Events Industry Market Regional Insights
The regional segmentation of the Global Virtual Events Industry Market offers valuable insights into the geographical distribution of the market. North America is expected to dominate the market, owing to the presence of a large number of technology providers and early adopters of virtual events. Europe is anticipated to follow closely behind, driven by the increasing demand for virtual events from various industries. The Asia-Pacific region is projected to witness significant growth in the coming years due to the rising adoption of virtual events in developing countries.
South America and the Middle East and Africa (MEA) regions are also expected to contribute to the market growth, albeit at a slower pace. The Global Virtual Events Industry Market revenue is forecasted to reach $200 billion by 2024, with a compound annual growth rate (CAGR) of 15%.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Virtual Events Industry Market Key Players And Competitive Insights
The players of Virtual Events Industry Market constantly look for ways to gain a competitive edge. The majority of the leading players are focused on technological advancement, investments, and strategic partnerships. In particular, companies that are involved in the Virtual Events Industry Market are investing in research and development to enhance their platforms and offer new innovative solutions.
The competitive landscape of the Virtual Events Industry Market is divided into several categories, such as leading players, including but not only Hopin, Swapcard, and Bizzabo, and startups looking to disrupt the market by leveraging a specific niche in the industry. As a result, the development in the Virtual Events Industry Market takes place through partnerships and collaboration, as organizations are looking to grow their footprint, increase their target audience, and gain access to new technologies.
Hopin is a leading company in the Global Virtual Events Industry Market. On a virtual event hosting platform, Hopin seems to stand out because it offers an all-in-one solution for all types of events and industries. Its user-friendly interface, to some extent customizable event spaces, as well as a seamless integration with most of the third-party tools, have made the company grow significantly, announcing partnerships with such giants as Slack, Salesforce Ventures, and Freshworks. Hopin continues to grow and invest in its platform to add additional features, value, and offerings. Except for the virtual, we also recognize hybrid and in-person events conducted with the company’s solution.
A competitor company in the Virtual Events Industry Market is Bizzabo, as it also tries to offer a comprehensive but more focused solution for virtual event management. It seeks to offer event registration, networking and data tools insights in order to grow. Bizzabo appears to focus on the data-driven approach and is proud of more personalized service than Hopin. The company has also had an opportunity to grow its reach and expand its offerings over the years through a few high-profile acquisitions and partnerships.
Key Companies in the Virtual Events Industry Market Include
-
Microsoft
-
Hubilo
-
Cvent
-
Meta
-
Cisco
-
AnyMeeting
-
Google
-
ClickMeeting
-
ON24
-
Bizzabo
-
Airmeet
-
Hopin
-
Zoom
-
Adobe
-
Webex
Virtual Events Industry Market Industry Developments
Recent developments in the global virtual events industry market include the increasing adoption of virtual and hybrid event platforms driven by the need for cost-effective and accessible event experiences. Artificial intelligence (AI) is also playing a significant role, with AI-powered virtual event platforms offering personalized experiences and data-driven insights.
The industry is also witnessing strategic partnerships and acquisitions as companies seek to expand their offerings and gain market share. Additionally, the growing popularity of virtual reality (VR) and augmented reality (AR) technologies is expected to further enhance the virtual event experience, creating immersive and engaging environments for attendees.
Virtual Events Industry Market Segmentation Insights
-
Virtual Events Industry Market Event Type Outlook
-
Conferences
-
Trade Shows
-
Webinars
-
Product Launches
-
Training Sessions
-
Virtual Events Industry Market Format Outlook
-
Virtual Events Industry Market Target Audience Outlook
-
Business Professionals
-
Consumers
-
Students
-
Medical Professionals
-
Technical Professionals
-
Virtual Events Industry Market Industry Vertical Outlook
-
Healthcare
-
Technology
-
Finance
-
Education
-
Non-Profit
-
Virtual Events Industry Market Technology Outlook
-
Virtual Events Industry Market Regional Outlook
-
North America
-
Europe
-
South America
-
Asia Pacific
-
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
133.69(USD Billion) |
| Market Size 2023 |
152.54(USD Billion) |
| Market Size 2032 |
500.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
14.1% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Microsoft, Hubilo, Cvent, Meta, Cisco, AnyMeeting, Google, ClickMeeting, ON24, Bizzabo, Airmeet, Hopin, Zoom, Adobe, Webex |
| Segments Covered |
Event Type, Format, Target Audience, Industry Vertical, Technology, Regional |
| Key Market Opportunities |
Immersive TechnologiesPersonalized ExperiencesData Analytics and TrackingHybrid Event IntegrationGlobal Expansion |
| Key Market Dynamics |
Rising demand for immersive experiences, increasing adoption of VR and AR growth of remote work and hybrid events focus on the sustainability emergence of AI-powered virtual events. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Virtual Events Industry Market is expected to reach a market size of USD 500.0 billion by 2032, registering a CAGR of 14.1% during the forecast period from 2024 to 2032.
North America is expected to hold the largest market share in the Global Virtual Events Industry Market, owing to the presence of a large number of technology companies and early adoption of virtual event platforms.
The conferences and exhibitions segment is expected to grow at the highest CAGR in the Global Virtual Events Industry Market, driven by the increasing popularity of online conferences and exhibitions as a cost-effective and convenient way to connect with attendees.
Some of the key competitors in the Global Virtual Events Industry Market include Cvent, Inc., Cisco Systems, Inc., Microsoft Corporation, Google LLC, and Zoom Video Communications, Inc.
The growth of the Global Virtual Events Industry Market is primarily driven by the increasing adoption of virtual event platforms, the rising popularity of online conferences and exhibitions, and the growing need for cost-effective and convenient ways to connect with attendees.
The Global Virtual Events Industry Market faces challenges such as security concerns, technical difficulties, and the lack of face-to-face interactions.
The Global Virtual Events Industry Market presents opportunities for the development of new technologies, expansion into new markets, and collaboration with other industries.
Some of the trends shaping the Global Virtual Events Industry Market include the increasing use of artificial intelligence, the adoption of virtual and augmented reality, and the growing popularity of hybrid events.
The future outlook of the Global Virtual Events Industry Market is positive, with the market expected to continue to grow at a steady pace in the coming years.
Businesses operating in the Global Virtual Events Industry Market are recommended to invest in new technologies, expand into new markets, and collaborate with other industries in order to stay competitive and succeed in the future.
