Dublin, April 22, 2024 (GLOBE NEWSWIRE) -- The "Virtual Events Market Report by Type, Solution Type, Application, End Use, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global virtual events market size reached US$ 171.4 Billion in 2023. Looking forward, the market to reach US$ 889.0 Billion by 2032, exhibiting a growth rate (CAGR) of 20.1% during 2023-2032. The increasing number of smartphone users around the world, emergence of various advanced technologies, and rising adoption among companies to build brand image and engage more customers represent some of the key factors driving the market.
North America (the United States and Canada) was the largest market for virtual events. Some of the factors driving the North America virtual events market included the growing adoption of digitally simulated platforms in the healthcare industry, rising number of multinational companies and increasing demand for business meetings in the government sector. In addition, the rising demand for virtual events, as they are easy to conduct and assist in generating more revenues, is bolstering the growth of the market in the region.
The growing adoption of virtual events due to the increasing demand for convenient meetings among individuals currently represents one of the primary drivers influencing the market positively. Moreover, there is a rise in the demand for flexible, time-saving, and cost-effective business meeting solutions among various organizations across the globe. This, coupled with the increasing utilization of virtual events to provide high-quality interactive sessions and build enhanced brand awareness, is strengthening the growth of the market.
What are Virtual Events?
Virtual events, also known as online events, provide virtual interaction at different locations through various connected devices, such as smartphones, laptops, desktop computers, and tablets. They offer flexibility and scalability at remote locations and allow real-time language translation in different languages. They assist in maximizing greater reach to a wide audience while reducing the cost of the event.
They also aid in enhanced data tracking of attendees, improving accessibility, generating more revenue in a business, and enhancing the brand image of a company. Besides this, they are beneficial for building trust among customers, increasing business sales, and reducing traveling costs. As they are widely utilized to efficiently conduct webinars, live streams, trade shows, online classes, product launches, corporate meetings, and online tours, the demand for virtual events is rising across the globe.
Virtual Events Market Trends:
At present, the rising utilization of virtual events among companies, as they effectively manage time and resources compared to physical events, represents one of the key factors contributing to the growth of the market. Besides this, the growing adoption of virtual events, as they are highly interactive, friendly, and provide live chat and download options during meetings, is offering a positive market outlook.
Additionally, there is a rise in the demand for flexible and remote workplaces for organizing business procedures among employees around the world. This, coupled with the increasing employment of virtual events due to a shifting focus on enhancing and building brand loyalty and engaging more customers, is bolstering the growth of the market. Apart from this, the rising adoption of virtual events among enterprises for content and social media management and event marketing across the globe is impelling the growth of the market.
Moreover, the increasing emergence of advanced technologies, such as artificial intelligence (AI), augmented reality (AR), and virtual reality (VR), that allow enhanced online communication around the world is offering lucrative growth opportunities to industry investors. In addition, the rapid digitalization, along with the increasing number of smartphone users worldwide, is supporting the growth of the market. Furthermore, key players are introducing enhanced virtual conference and networking solutions for improved customer experience, which is strengthening the growth of the market.
Key Questions Answered in This Report
- How big is the virtual events market?
- What is the expected growth rate of the global virtual events market during 2024-2032?
- What are the key factors driving the global virtual events market?
- What has been the impact of COVID-19 on the global virtual events market?
- What is the breakup of the global virtual events market based on the type?
- What is the breakup of the global virtual events market based on the end use?
- What are the key regions in the global virtual events market?
- Who are the key players/companies in the global virtual events market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 141 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $171.4 Billion |
| Forecasted Market Value (USD) by 2032 | $889 Billion |
| Compound Annual Growth Rate | 20.1% |
| Regions Covered | Global |
Competitive Landscape:
- Adobe Inc
- Alcatel-Lucent
- Atlassian
- Avaya Holdings Corp.
- Broadsoft Inc
- Cisco Systems Inc
- Citrix Systems Inc
- Huawei
- International Business Machines
- Microsoft Corporation
- Mitel Networks
- Toshiba Corporation
- Zoom Video Communications Inc
Key Market Segmentation:
Type Insights:
- Video Conferencing and Unified Communications & Collaborations
- Web Conferencing
Solution Type Insights:
- Webinars and Enterprise Streaming
- Networking and Collaborations
- Content Sharing and Media Development
- Event Marketing
- Others
Application Insights:
- Virtual Conferences
- Virtual Tradeshows
- Online Education Programs
- Virtual Reality Exhibitions
- Others
End-Use Insights:
- Corporate
- Education
- Healthcare
- Finance and Banking
- Government
- Others
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/d0vxlx
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