Virtual Events Market Size, Share & Trends Analysis Report By Type (Internal, External), By Service (Recruitment, Training), By Industry Vertical, By Application, By End-user, By Establishment Size, By Use-Case, And Segment Forecasts, 2023 - 2030

Virtual Events Market Size, Share & Trends Analysis Report By Type (Internal, External), By Service (Recruitment, Training), By Industry Vertical, By Application, By End-user, By Establishment Size, By Use-Case, And Segment Forecasts, 2023 - 2030

Virtual Events Market Growth & Trends

The global virtual events market size is estimated to reach USD 262.52 billion by 2030, registering a CAGR of 18.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The development of the market can be attributed to the growing preference for convening virtual events, such as video calls, live chats, video conferences, and online meetings, as part of the day-to-day business activities to share data in real time. The growing trend of remote working, especially after the pandemic and subsequent lockdown restrictions has led to a considerable rise in the demand for virtual events and collaborative tools across the organizations. Various businesses have deployed collaborative solutions to facilitate effective virtual engagement among employees.

For instance, in June 2023, Zoom Video Communications, Inc. introduced the meeting summary feature to its AI-powered smart companion- Zoom IQ. The company also added the Team Chat compose feature to the video conferencing platform, which will allow users to summarize Zoom Meetings quickly without recording and drafting content in Zoom Team Chat. Advances in unified communication, collaboration, and content delivery techniques, which have allowed incumbents of various industries and industry verticals to migrate from in-person meetings to online events, also bode well for market growth. Enterprises find virtual events platforms highly dynamic and engaging when improving communication and encouraging collaboration between employees, clients, partners, and stakeholders.

Building brands and serving clients efficiently is paramount amid the intensifying competition for enterprises. While large enterprises have adequate financial resources for brand building and efficient client servicing, it is different for small and medium enterprises (SMEs). At this juncture, SMEs are particularly adopting virtual events platforms to host virtual events, which can be convened at significantly lower costs than those incurred for hosting actual seminars, conferences, and meetings. Cloud-based virtual events platforms are particularly preferred to engage the target audience irrespective of geographical location while saving costs. The companies operating in the market are focusing on raising capital and pursuing strategic mergers & acquisitions to develop their respective technologies in the wake of the rising demand for virtual events.

For instance, in August 2023, RingCentral, Inc. a renowned AI-powered cloud communications, and contact center solutions provider acquired select assets, including the flagship Events platform and Session product from Hopin, an online audience engagement technology provider. Hopin Events is an all-in-one event management platform that enables planning and producing virtual and hybrid events. Hopin Session is a highly personalized engagement solution. The growing preference for Unified Communication as a Service (UCaaS) among businesses, corporations, educational institutions, and other organizations across various industries and industry verticals also plays a decisive role in driving market growth.

For instance, the Internet Corporation for Assigned Names and Numbers (ICANN), a non-profit organization based in the U.S. that manages several databases, switched from in-person interactions to virtual events to maintain continuity of operations in the wake of the operational disruptions stemming from the pandemic. The healthcare industry incumbents typically adopt virtual events platforms to convene seminars and training sessions. Seminars and conferences convened by government officials, public health bodies, and healthcare companies in the wake of the pandemic have created a significant demand for virtual event tools.

Virtual Events Market Report Highlights

• In terms of type, the external events segment captured a revenue share of nearly 41.0% in 2022 due to the increased adoption of virtual event tools by businesses to communicate with external entities
• In terms of establishment size, the large enterprise segment accounted for around 50.0% share in 2022 with increasing demand for virtual communication tools to ensure smooth workflow across multiple geographic locations
• In terms of service, the training segment is estimated to record a CAGR of over 20.0% from 2023 to 2030. The increasing significance of skill development for the employees within organizations supports segment growth
• In terms of application, the exhibitions/trade shows segment captured a significant share of nearly 31.0% in 2022 owing to growing business needs to evaluate the competition, market their products and services, and track the latest trends and prospects within the industry
• The enterprise end-user segment accounted for around 56.0% of revenue share in 2022 and is expected to record a significant growth rate over the forecast period
• In terms of industry vertical, the BFSI segment is estimated to record a growth rate of nearly 21.0% from 2023 to 2030 due to the high adoption of virtual platforms to facilitate secure transactions and convenient banking services
• Based on use-case, the large-scale events segment is estimated to grow at a CAGR of over 18.0% from 2023 to 2030 due to increasing demand for online platforms to plan and host massive marketing events and new product introductions to reach a broad audience worldwide
• North America accounted for the largest revenue share in 2022 due to the availability of advanced networking infrastructure, early adoption of the latest technologies, and higher demand for digitally simulated platforms

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