Virtual Events Market Size - By Services (Communication, Recruitment, Sales & Marketing, Training), By Application (Conferences, Exhibitions/Trade Shows, Summits), By Industry Vertical (BFSI, Media & Entertainment, IT & Telecom), Enterprise Size & Forecas

Virtual Events Market Size - By Services (Communication, Recruitment, Sales & Marketing, Training), By Application (Conferences, Exhibitions/Trade Shows, Summits), By Industry Vertical (BFSI, Media & Entertainment, IT & Telecom), Enterprise Size & Forecast 2023 - 2032

Virtual events market size is projected to expand at more than 19.5% CAGR from 2023 to 2032. The widespread adoption of remote work and digital communication, accelerated by the global pandemic, is fueling the demand for virtual events as they offer cost-effective, accessible, and scalable solutions for connecting with audiences worldwide. The influx of technological advancements, such as augmented reality (AR) and virtual reality (VR) is making way for enhanced customer engagement and immersion. For instance, in October 2022, Zoom Communications launched Zoom Events, a comprehensive platform designed to create immersive and engaging virtual experiences specifically for users in India.

Additionally, the rising environmental sustainability aspects, reduced travel costs, and the ability to host diverse events will escalate the demand for virtual events. The evolving landscape of digital communications is propelling the continuous innovations in event technology and platforms. The growing preference for hybrid and virtual event formats, even as in-person gatherings resume with will also drive the market growth.

The virtual events market is segregated into services, application, enterprise size, industry vertical, and region.

Based on services, the industry value from the communication segment is projected to rise at substantial CAGR through 2032, owing to the increasing demand for seamless and interactive virtual experiences. Advanced communication services help to enhance engagement, connectivity, and overall user experience, further contributing to the rising adoption of virtual events for diverse purposes across various industries.

Virtual events industry share from the conference application segment is projected to record significant CAGR from 2023 to 2032. The growth can be ascribed to the rising global trend of remote work and the pressing need for efficient and inclusive conference solutions. Virtual events also offer cost-effective, accessible, and flexible options for attracting organizations seeking to host conferences while connecting participants from diverse locations seamlessly.

Regionally, the Asia Pacific virtual events market is slated to expand at rapid pace between 2023 and 2032, attributed to the widespread availability of high-speed internet, and the rising shift towards remote collaboration. Moreover, the drive towards digitalization is leading to increasing internet penetration and improved digital infrastructure in the region. The widespread access to smartphones and other digital devices for making it easier for people to participate in virtual events will also add to the regional industry growth.