The global virtual event market was valued at USD 198.8 billion in 2022 and is projected to reach USD 1,066 billion by 2032 with a compound annual growth rate (CAGR) of 18.8% during the forecast period of 2023-2032. The growing adoption of Unified Communications as a Service (UCaaS) based solutions across various industries such as retail, e-commerce, and healthcare is a significant factor driving market growth.
The demand for virtual events has surged in the wake of the COVID-19 pandemic due to the widespread adoption of work-from-home policies. Moreover, advancements in unified communications & collaboration, and content delivery technologies are facilitating the transition from in-person meetings to online events, further propelling market growth.
Key highlights from the report:
The report indicates several factors that could affect the growth of the virtual events market, such as the widespread use of communication platforms and collaboration tools, new regulations in IT/BPO firms, and the rising popularity of global-level advertising and promotions. The report also highlights potential market restraints, including technical challenges such as bad connections, Wi-Fi dropouts, and security issues.
Market.us released this comprehensive report, detailing the market size, segmentation, and competitive landscape. Key market players include Zoom, Microsoft Corporation, 6Connex, Cvent Holding Corp., and vFairs, among others.
To download/request a sample or purchase the full report, visit https://market.us/report/virtual-events-market/.
Growth Forecast for Global Virtual Events Industry Amid Ongoing Challenges
The global Virtual Events Industry is making waves, with recent predictions of significant growth on the horizon. In a comprehensive report by Quadintel, it’s predicted that the market, valued at approximately $306.3 billion in 2021, will grow at a healthy rate of more than 13% between 2022 and 2029. Request a sample copy of the full report here.
In the digital age, a virtual event is an online gathering that allows interaction in a virtual environment. This encompasses a range of online activities including webinars, webcasts, conferences, keynote speeches, and workshops. These events can be facilitated through various platforms, such as mobile-based applications and websites.
The global market’s expansion is fuelled by the growing use of Unified Communication as a Service (UCaaS)-based solutions and the increase of collaboration and communication tools across industries. The UCaaS market has been growing steadily; according to Statista, it was valued at $38.8 billion in 2019 and is expected to grow to $48.3 billion by 2023.
Despite this growth, certain factors could pose a threat to the industry, such as concerns over data security and privacy. Nevertheless, the integration of IoT technologies and the emergence of a hybrid work culture post-COVID-19 are likely to offer lucrative opportunities for market growth in the foreseeable future.
From a geographical standpoint, North America currently dominates the market revenue-wise, due to the presence of leading market players and advanced networking infrastructure. However, the Asia Pacific region is projected to grow at the highest CAGR in the forecast period, due to advancements in networking technologies and the increasing adoption of virtual events across industries.
Prominent players in the market include Pace Digital, Revolution Cmes, Showcase Events, Target Exhibitions, Tcj Management Co. Ltd, The Collaborative Exchange, Vietapps Co., Ltd., Morph Digital Solutions Private Limited, London Filmed, and American Program Bureau, Inc.
Click here for a free sample of the report.
The report also dives into the impact of major global events on the Virtual Events Industry. The COVID-19 pandemic and the Russia-Ukraine war have influenced the landscape significantly, causing various shifts in the demand and availability of non-COVID-19-related medical treatments, among other effects. However, amidst these challenges, the U.S. market shows signs of recovery, which could have positive impacts on the industry.
The report offers a complete analysis of the market, addressing pivotal questions about the Virtual Events Industry’s future growth and various influential factors. It also employs Five Forces and PESTLE analyses to evaluate the potential effects of buyer power, supplier power, threat of new entrants, substitutes, rivalry, and political, economic, social, technological, legal, and environmental factors on the market.
To get the full insights and to stay informed about market trends, request the full report here.
Quadintel is a leading provider of quality market research reports, helping businesses meet their top and bottom-line goals in today’s competitive environment.
Address: Office – 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611, UNITED STATES
Tel: +1 888 212 3539 (US – TOLL FREE)
Copyright © 2023. Zest City Limited