The global virtual event market size has been pegged at $198.8 billion in 2022 and is expected to reach $1,066 billion by 2032, representing a compound annual growth rate (CAGR) of 18.8% over the forecast period.
The research, conducted by Market.us, includes a broad church of event types, from small group conversations to panel discussions, fireside chats, direct video broadcast lectures, presentations, and lessons that take place over video, including consumer applications.
Needless to say, the forecast numbers are high, driven by sectors such as retail, e-commerce, and healthcare, while being buoyed by the proliferation of Unified Communications as a Service (UCaaS) based solutions.
Other key contributors include:-
- Growing use of collaboration tools and communication platforms in a variety of industries and areas, including education, healthcare, and the retail sector is boosting the virtual events industry.
- New regulations regarding work in various IT/BPO firms: The flexibility of IT/BPO companies to adopt work-from-home and work-anywhere policies will increase virtual event market growth.
- Virtual events can be used as a platform for global promotion: Globalisation has increased the demand for global-level advertising and promotions. Virtual events can be used to promote business worldwide.
- Increasing adoption of digital media marketing platforms: Global digitalisation to increase the reach of corporate events, the cost-effectiveness of virtual events and hybrid platforms, and other technological advances are driving the market.
- Real-time user activity shows details such as when individuals attended live sessions, attendee locations, how many people used live chat and networking options, who interacted with specific exhibitors or sponsors, and the number of event app downloads too.
- COVID-19 impact: Organisations are still embracing online platforms to manage their corporate functions due to the COVID-19 Pandemic’s restrictions and lockdowns.
North America dominates the market with the largest share at 38.4% due to advanced network infrastructures and a rapid increase in the application of digital simulation platforms, especially in the healthcare industry, is expected to drive the growth of the Canadian market over the forecast period.
Asia Pacific is expected to be the fastest-growing market. Due to the large consumer bases, Regional Markets like China and Japan have gained a large revenue share in the deployment of digital communication systems. Growth in the region is expected to be driven by the increasing adoption of new technologies supported by the implementation of high-speed 5G networks.
India and Australia have the potential to grow their market share significantly due to the increasing number of SMEs and the widespread adoption of technology. The adoption of virtual platforms for businesses is changing significantly in Europe, which helps the region in steady growth.