Westford, USA, Sept. 13, 2022 (GLOBE NEWSWIRE) -- The demand for virtual events market is on the rise, as companies look to reduce costs and increase efficiency. Virtual events allow businesses to meet in a virtual setting, saving on costs associated with traveling and hosting events. In addition, virtual events can provide a more engaging experience for attendees. A study by SkyQuest found that 62% of event planners are considering or have already implemented virtual events. The popularity of virtual events is likely due to the cost savings and increased engagement that they afford. Businesses can host virtual events using online platforms like Skype or Zoom, and Google Meets. There are also standalone platforms that allow for more customized experiences, such as VEVO (formerly known as VJVO).
The use of virtual events market is on the rise as a hybrid model for event planning and marketing. The main reason for this is that virtual events allow businesses to reach a wider audience more easily and at a lower cost than traditional events. Additionally, many virtual event organizers offer exclusive content and opportunities to participants that are not available at physical events. As a result, virtual events are becoming increasingly popular as an alternative to traditional events.
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Though virtual events initially came about as an innovative way to market merchandise or services, they’ve evolved into a versatile tool for gathering information, building relationships and creating new business opportunities. Virtual events market companies offer a variety of services, including webinars, online workshops and mastermind groups. They can also be used for socializing and networking with like-minded people, and for gaining insights about new markets or products.
The popularity of virtual events has given rise to several business accelerator programs that focus exclusively on helping entrepreneurs launch successful companies in global virtual events market. Programs like Launch Pad LA help startup entrepreneurs gain access to funding, mentorship and marketing resources in order to make their virtual event company a success.
Growing Trend of AR and VR is Aiding the Virtual Events Market Growth
Just a few years ago, virtual reality (VR) was mainly known as a subject for gaming and entertainment. But today, the VR market is growing fast, with more and more businesses adopting VR to improve their customer experience in the global virtual events market.
As the use of technology continues to grow, so too does the demand for virtual events. Businesses and individuals are increasingly turning to virtual reality (VR) and augmented reality (AR) to connect with others, engage with customers, and develop new products. VR and AR have the potential to revolutionize many industries, including marketing, sales, customer service, training, and education.
One of the key benefits of VR and AR in the virtual events market is that they allow customers to interact with products or services in a way that’s more realistic than traditional displays. This can evoke a sense of excitement and engagement that can help businesses reach their target market. In fact, studies have shown that users are more likely to take action when they feel like they’re interacting with a product or service themselves.
In addition to meeting consumer needs, VR and AR can also improve employee productivity. For example, VR can be used to train employees in new skills or procedures. AR in the virtual events market can be used to display instructions or product information in a way that’s easy for people to understand. Furthermore, AR can be used to provide a hands-on experience for customers who want to learn more about a product before making a purchase decision.
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It’s clear that VR is here to stay and businesses big and small have started incorporating it into their marketing strategies.
SkyQuest has identified key impact of AR and VR adoption on global virtual events market and prepared a report. The report provides a detailed market analysis which covers market trends, opportunities, growth dynamics, challenges, threat, top players, their market share, competitive landscape, pricing analysis, among others.
Metaverse– An Emerging Trend in Virtual Events Market
Metaverse, billed as the "first commercial virtual reality platform," is quickly becoming a desirable event destination for businesses and individuals. Metaverse's ability to create highly customizable VR experiences makes it an ideal platform for disseminating information and breaking down traditional barriers of communication.
Metaverse has already hosted a number of conferences and events, including the "Smart Enterprise Summit" in Shanghai, China and the "Innovative Solution Awards" in Hong Kong. In September 2022, Meta announced an event for AR and VR on metaverse, which is scheduled to be happen on 11 October 2022. The potential for Metaverse as an event destination is clear in the global virtual events market. Its ability to create immersive experiences that leave participants feeling like they are part of the event make it a perfect fit for events focused on technology, business, and culture. Metaverse's recent partnership with Oculus puts its platform even more firmly on the market as a premier venue for events.
SkyQuest has attributed rising popularity of metaverse in virtual events market to its capabilities to customize their events in a variety of ways, giving them the opportunity to create events that are custom-made for their needs. Events on metaverse can be themed and can have various formats, such as lectures, workshops, and presentations. End-users are increasingly inclined to metaverse as it offers robust options for registration and ticketing, making it easy for attendees to get involved in the event. Finally, the platform provides users with timely feedback and support, making it easy to manage the event outcomes.
Metaverse is quickly emerging as a popular choice for businesses and organizations in the virtual events market looking to host successful virtual events. This potential barrier to entry has not deterred businesses from considering metaverse as an event destination; in fact, many organizations have already begun hosting events on the platform. metaverse’s flexible platform, robust options for registration and ticketing, timely feedback and support.
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Major Players in Global Virtual Events Market
- Adobe Systems (US)
- Avaya (US)
- Cisco Systems (US)
- Citrix Systems (US)
- IBM (US)
- Microsoft (US)
- 8x8 (US)
- Mitel Networks (Canada)
- Alcatel-Lucent (France)
- Atlassian (AU)
- BroadSoft (US)
- COREX (Belgium)
- Huawei (China)
- Toshiba (Japan)
- Ubivent (Germany)
- Zoom Video Communications (US)
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