Virtual Events Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Virtual Events Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Virtual Events Market is expected to grow at a CAGR of 19.6% during the forecast period 2022-2027. The increasing application of collaboration and communication tools among various end-user industries such as retail & e-commerce, manufacturing, construction, healthcare, and education, among others, is expected to boost the market growth of the market.

Key Highlights

• The increasing adoption of Unified Communication as a Service (UCaaS)-based solutions by various organizations and enterprises, including academic institutions has allowed employees and other resources to virtually engage with all the business proceedings and help in realizing a more efficient and effective workflow, which bodes well for the market growth.
• The convergence of modern technologies such as Artificial Intelligence (AI), Augmented Reality (AR), and Virtual Reality (VR) is further complementing online communication and collaborative activities to compensate for all the aspects of a physically organized event. Further, companies are rapidly adopting virtual simulated platforms to effectively manage time and resources, thereby driving the growth of the market.
• The Work-From-Home (WFH) policy was adopted as a workaround by several companies, in response to the lockdowns and restrictions on the movement of people imposed by various governments across the world, as part of the efforts to arrest the spread of the coronavirus, and has emerged as one of the major factors driving the market. At this juncture, virtual events play a decisive role in allowing businesses to connect with the remote workforce and conduct their business procedures.

Key Market TrendsEnterprise Sector to Show Significant Growth

• The enterprises in healthcare accounted for a significant revenue share in 2021 and is expected to grow due to the variety of health conferences being convened using digital platforms to address audiences from all over the world and the growing demand for telehealth services being provided by medical professionals.
• According to an article posted on healthcarestrategy.com in July 2020, along with the obvious advantages of time and cost savings that virtual events afford, such events feature the most compelling ideas and proven solutions to address challenges such as shrinking volume.
• Large enterprises are using virtual platforms to convene large-scale events for various reasons, including higher return on investment, cost-effectiveness, and better reach. Solutions based on UCaas and SaaS are aggressively being adopted by the incumbents of manufacturing, healthcare, IT & telecommunications, and media & entertainment, among other industries and industry verticals for hosting large-scale virtual events.

North America to Hold the Highest Market Share

• North America is home to developed economies such as the U.S. and Canada, which further boasts advanced networking infrastructure. The region is widely recognized as the early adopter of the latest technologies and hence is considered to be a business hub. The rapid increase in the application of digitally simulated platforms, primarily in the healthcare industry, is expected to drive the growth of the market in Canada over the forecast period.
• The rising disposable income continued development of UCaaS applications, and the growing number of start-ups and conglomerates in these regions are among other factors driving the growth of the studied market.
• According to a recent Harris poll among US adults shared in January 2022, most respondents (61%) pointed to safety concerns as the major reason for a virtual event as a choice. However, 43% enjoyed the convenience, and 39% welcomed the ability to attend events taking place far from home as some of the major driving trends for virtual events.

Competitive Landscape

The Virtual Events Market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with the extensive adoption of virtual events, many companies are increasing their market presence by securing new contracts and by tapping new markets.

• November 2021 - Indian Bank launched a video KYC facility that allows users to open an account from anywhere using a video-based customer identification process technology that was implemented over the bank’s digital platforms.

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• The market estimate (ME) sheet in Excel format
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