New York, United States, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Virtual events are referred to as online exhibitions, such as video conferencing, web conferencing, communication, and social networking sessions that can be enabled on smartphones, desktops, laptops, and tablets. Increasing demand for virtual events has compelled the companies to announce the launch of new products, provide additional information, and obtain new vendors.
Various industries are adopting new approaches to optimize work environment and practice social distancing. The automotive industry is conducting virtual inspection in order to minimize production losses and requirements for trained staff. Sectors such as healthcare, hospitality, and finance and banking are organizing seminars and meetings that can be attended through smartphones, desktops, laptops, and tablets. Furthermore, some countries are providing free educational sessions that aid in reducing expenses and improving student’s knowledge. Apart from this, several organizations and IT firms are holding corporate events for their employees, business partners, and clients to launch and promote new products.
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Report Scope
| Report Metric | Details |
| Market Size | USD 617.33 billion by 2030 |
| CAGR | 21.1% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-user, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Adobe Systems, Avaya, Cisco Systems, Citrix Systems, IBM, Microsoft, Mitel Networks, Alcatel-Lucent, Atlassian, BroadSoft, COREX, Huawei, Toshiba, Ubivent, Zoom Video Communications |
| Key Market Opportunities | Content delivery in a virtual format is expected to trend among modern consumers in the near future. |
| Key Market Drivers | Growing Adoption of Digital Media Marketing Platform Drives the Market Growth The rising Popularity of Online Streaming Drives the Market Growth |
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Regional Analysis
Due to a radical change toward online communication platforms and tools for sporting events, educational seminars, marathons, film festivals, and other events, North America currently holds the highest proportion of the virtual events market. The presence of major corporations like Microsoft, Google, and Facebook as well as several up-and-coming players benefits the region. Over 800 music festivals are held in the United States alone each year, drawing over a million attendees, according to Billboard.
Key Highlights
- The global virtual events market size was valued at USD 110.21 billion in 2021 and is projected to reach USD 617.33 billion by 2030 at a CAGR of 21.1% from 2022 to 2030.
- Corporate End User Segment is expected to be the leading segment in Virtual Events Market during the forecast period.
- North America is expected to hold the highest market share in Virtual Events Market.
Competitive Players in the Global Virtual Events Market
- Adobe Systems
- Avaya
- Cisco Systems
- Citrix Systems
- IBM
- Microsoft
- Mitel Networks
- Alcatel-Lucent
- Atlassian
- BroadSoft
- COREX
- Huawei
- Toshiba
- Ubivent
- Zoom Video Communications
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Virtual Events Market: Segmentation
By Type
- UC&C and Video Conferencing
- Web Conferencing
By End-User
- Education
- Healthcare
- Corporate
- Government
- Banking and Finance
By Region
- North America
- Europe
- Asia-Pacific
- SAMEA
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Market Overview
3.1 Report Segmentation & Scope
3.2 Value Chain Analysis: Virtual Events Market
3.3 Key Market Trends
3.3.1 Drivers
3.3.2 Restraints
3.3.3 Opportunities
3.4 Porter’s Five Forces Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Buyers
3.4.3 Threat of Substitution
3.4.4 Threat of New Entrants
3.4.5 Competitive Rivalry
3.5 Impact of the Coronavirus on Market
3.6 Market Share Analysis
4 Type Overview
4.1 Introduction
4.1.1 Market Size & Forecast, 2020-2030, (USD Million)
4.2 UC&C and Video Conferencing
4.2.1 Market Size & Forecast, 2020-2030, (USD Million)
4.3 Web conferencing
4.3.1 Market Size & Forecast, 2020-2030, (USD Million)
5 End-Users Overview
5.1 Introduction
5.1.1 Market Size & Forecast, 2020-2030, (USD Million)
5.2 Cash Model
5.2.1 Market Size & Forecast, 2020-2030, (USD Million)
5.3 Cashless Model
5.3.1 Market Size & Forecast, 2020-2030, (USD Million)
6 End User Overview
6.1 Introduction
6.1.1 Market Size & Forecast, 2020-2030, (USD Million)
6.2 Education
6.2.1 Market Size & Forecast, 2020-2030, (USD Million)
6.3 Healthcare
6.3.1 Market Size & Forecast, 2020-2030, (USD Million)
6.4 Corporate
6.4.1 Market Size & Forecast, 2020-2030, (USD Million)
6.5 Government
6.5.1 Market Size & Forecast, 2020-2030, (USD Million)
6.6 Banking & Finance
6.6.1 Market Size & Forecast, 2020-2030, (USD Million)
7 Regional Analysis
7.1 Introduction
7.1.1 Market Size & Forecast, 2020-2030, (USD Million)
7.2 North America
7.2.1 Market Size & Forecast, 2020-2030, (USD Million)
7.2.2 The U.S.
7.2.2.1 By Type
7.2.2.2 By End-Users
7.2.3 Canada
7.2.3.1 By Type
7.2.3.2 By End-Users
7.2.4 Mexico
7.2.4.1 By Type
7.2.4.2 By End-Users
7.3 Europe
7.3.1 Market Size & Forecast, 2020-2030, (USD Million)
7.3.2 Germany
7.3.2.1 By Type
7.3.2.2 By End-Users
7.3.3 France
7.3.3.1 By Type
7.3.3.2 By End-Users
7.3.4 The U.K.
7.3.4.1 By Type
7.3.4.2 By End-Users
7.3.5 Italy
7.3.5.1 By Type
7.3.5.2 By End-Users
7.3.6 Spain
7.3.6.1 By Type
7.3.6.2 By End-Users
7.3.7 Benelux
7.3.7.1 By Type
7.3.7.2 By End-Users
7.3.8 Russia
7.3.8.1 By Type
7.3.8.2 By End-Users
7.3.9 The Rest of Europe
7.3.9.1 By Type
7.3.9.2 By End-Users
7.4 Asia-Pacific
7.4.1 Market Size & Forecast, 2020-2030, (USD Million)
7.4.2 Japan
7.4.2.1 By Type
7.4.2.2 By End-Users
7.4.3 China
7.4.3.1 By Type
7.4.3.2 By End-Users
7.4.4 Australia
7.4.4.1 By Type
7.4.4.2 By End-Users
7.4.5 India
7.4.5.1 By Type
7.4.5.2 By End-Users
7.4.6 South Korea
7.4.6.1 By Type
7.4.6.2 By End-Users
7.4.7 Southeast Asia
7.4.7.1 By Type
7.4.7.2 By End-Users
7.4.8 Taiwan
7.4.8.1 By Type
7.4.8.2 By End-Users
7.4.9 The Rest of Asia-Pacific
7.4.9.1 By Type
7.4.9.2 By End-Users
7.5 MEA
7.5.1 Market Size & Forecast, 2020-2030, (USD Million)
7.5.2 Saudi Arabia
7.5.2.1 By Type
7.5.2.2 By End-Users
7.5.3 South Africa
7.5.3.1 By Type
7.5.3.2 By End-Users
7.5.4 The UAE
7.5.4.1 By Type
7.5.4.2 By End-Users
7.5.5 Egypt
7.5.5.1 By Type
7.5.5.2 By End-Users
7.5.6 The Rest of MEA
7.5.6.1 By Type
7.5.6.2 By End-Users
7.6 South America
7.6.1 Market Size & Forecast, 2020-2030, (USD Million)
7.6.2 Brazil
7.6.2.1 By Type
7.6.2.2 By End-Users
7.6.3 Argentina
7.6.3.1 By Type
7.6.3.2 By End-Users
7.6.4 Chile
7.6.4.1 By Type
7.6.4.2 By End-Users
7.6.5 Peru
7.6.5.1 By Type
7.6.5.2 By End-Users
7.6.6 The Rest of South America
7.6.6.1 By Type
7.6.6.2 By End-Users
8 Company Profile
8.1 Adobe Systems
8.1.1 Company Overview
8.1.2 Financial Performance
8.1.3 Recent Developments
8.1.4 Product Portfolio
8.2 Avaya
8.2.1 Company Overview
8.2.2 Financial Performance
8.2.3 Recent Developments
8.2.4 Product Portfolio
8.3 Cisco Systems
8.3.1 Company Overview
8.3.2 Financial Performance
8.3.3 Recent Developments
8.3.4 Product Portfolio
8.4 Citrix Systems
8.4.1 Company Overview
8.4.2 Financial Performance
8.4.3 Recent Developments
8.4.4 Product Portfolio
8.5 IBM
8.5.1 Company Overview
8.5.2 Financial Performance
8.5.3 Recent Developments
8.5.4 Product Portfolio
8.6 Microsoft
8.6.1 Company Overview
8.6.2 Financial Performance
8.6.3 Recent Developments
8.6.4 Product Portfolio
8.7 Mitel Networks
8.7.1 Company Overview
8.7.2 Financial Performance
8.7.3 Recent Developments
8.7.4 Product Portfolio
8.8 Alcatel-Lucent
8.8.1 Company Overview
8.8.2 Financial Performance
8.8.3 Recent Developments
8.8.4 Product Portfolio
8.9 Atlassian
8.9.1 Company Overview
8.9.2 Financial Performance
8.9.3 Recent Developments
8.9.4 Product Portfolio
8.10 BroadSoft
8.10.1 Company Overview
8.10.2 Financial Performance
8.10.3 Recent Developments
8.10.4 Product Portfolio
Table of Content and Figure @ https://straitsresearch.com/report/virtual-events-market/toc
Key Developments
- In June 2020, ReMix Ideas LLC. partnered with Quality Video Service to launch a QVC-type virtual platform for Black entrepreneurs, Shop Black Live. The platform consists Black fashion designers, artists, local vendors, and makers. The company decided to start the Shop Black Live event due to ongoing inequities that Black entrepreneurs are experiencing due to systemic racism.
- In April 2020, Cisco organized a Live Virtual Event APJC for its fellow engineers and experts from across Asia-Pacific, Japan, China, and the Indian subcontinent to learn the latest Cisco technology innovations.
- In March 2020, Adobe organized a digital summit to discover product innovations, explore product demos, and make announcements across keynotes and breakout sessions.
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