Global Virtual Events Market Overview
The key driver impacting the virtual events market is the rising popularity of Unified Communication as a Service (UCaaS) amongst education institutes, corporates, and various other organizations. It is due to numerous advantages associated with the UCaaS. For instance, With the usage of UCaaS, the companies can deploy and implement the communication infrastructure more rapidly and easily. Furthermore, since it is a cloud-based communication, so there is no need for manual updates. In addition, it enables advanced functionality, cost-saving, provides flexibility, streamlines processes, enhanced collaboration and communications in a business. Moreover, the growing adoption of digitally simulated gatherings amongst event organizers due to its time efficacy contributes to the growth of the Virtual events market in the coming years.
According to Value Market Research, the global Virtual Events market size was valued at about USD 80000 million in 2020 and is estimated to grow at a CAGR of around 23% during the forecast period 2021 to 2027.
The growing number of corporate events and the escalating requirement to enhance competitive responsiveness are likely to augment the market demand in the forecast period. However, Data security and privacy concerns may hamper the market in the long run. Also, the threat from open-source virtual events solution providers is negatively impacting the market growth. Though, the current industry trends, such as the stay-at-home measures and rapidly expanding companies, require other communication platforms that are expected to offer several beneficial market opportunities to the key players.
The Virtual events market is vast, with many local and global players. The Virtual events market is extensive, with many international and regional players. The market leaders follow various strategies to enhance their position in the market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. For instance, in January 2020, VFairs had launched a new chat platform. It is for virtual career fairs, and it facilitates exhibitors and attendees to engage and interact with each other in real-time. The key market players studied in the report include Microsoft Corporation, ALE International, VFairs, Eventxtra, Cisco Systems, Inc, ALIVE Events, George P. Johnson, Cvent Inc., Zoom Video Communications, Inc., and George P. Johnson.
In this research report, the Virtual Events market is segmented by event type, establishment size, end-user and region.
Analysis by Event Type:
By event type, the report is categorized into an Internal event, external event, and an extended event. The external event segment dominates the event type segment with over 40% share in 2020. It is due to the rising requirement for digitally simulated purposeful functions conducted by the business for any press release, tradeshow, client conference, product launch, or any other communication with the external audience. Moreover, the growing trend of outsourcing makes it essential for businesses to communicate frequently with the distantly located service provider for data sharing, training, and discussion meetings contributing to the external event segment growth in the forecast period.
Analysis by Establishment Size:
By establishment size, the report is categorized into SMBs and large institutions. The Large institution's segment dominates the establishment size segment with over 50% share in 2020. It is due to the huge adoption of digital platforms by large institutions for the growth of the large institutions. Moreover, the geographic spread of employees and clients creates a high need for a collaborative and digitally connected work environment, contributing to the growth of the large institution's segment in the forecast period.
Analysis by End User:
By End User, the report is categorized into educational institutions, enterprises, organizations, and others. The enterprises segment dominates the end-user segment with over 55% share in 2020. It is due to the growing adoption of digital event platforms for communicating with target audiences, promoting their business, and several other business functions by the corporate, private, and public organization. Moreover, the growing research and development in upgrading the digital platforms contribute to the high market demand from the enterprises in the forecast period.
Analysis by Region:
In the regional outlook of the global Virtual events market, the North America region dominates globally with a 40% market share in the forecast period. It is due to the wide-scale adoption of digitally simulated platforms in the healthcare sector. Moreover, the U.S. is a corporate hub and observes higher deployment of advanced digital platforms due to the early adoption of new technologies contribute to tremendous market growth across North America.
Market Segmentation covered in the Report:
By Event Type
- Internal Event
- External Event
- Extended Event
By Establishment Size
By End-Use
- Educational Institutions
- Enterprises
- Organizations
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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