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 external segment dominated the market in 2022.
- The communication category held the largest share of the market.
- North America held the highest revenue share of 38.4% in 2022.
- Asia Pacific accounted for a 26% revenue share in 2022.
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/.
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