DUBLIN--(BUSINESS WIRE)--The "Virtual Events Market Size, Share & Trends Analysis Report by Event Type, by Service, by Establishment Size, by End-use, by Application, by Industry Vertical, by Use-case, by Region, and Segment Forecasts, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.
The global virtual events market size is estimated to reach USD 504.76 billion by 2028, recording an estimated CAGR of 23.7% from 2021 to 2028. The significant rise in business events and increasing adoption of virtual tools, infrastructure, and services by organizations for conducting or attending business meetings across the world is expected to keep the growth of the market high. Furthermore, rapid urbanization and continuous developments of technologies for the convenience of users are also anticipated to aid the growth of the market.
Virtual event platforms have been widely adopted by small and medium businesses for event outsourcing and analytics, content and social media development, access management, and event marketing. In December 2020, 6Connex launched a virtual winter event, Winter Celebration in Virtual Downtown Square that involved holiday-themed virtual venues, music, and movies for friends and families to connect and celebrate. The integration of Artificial Intelligence (AI) with business communication platforms has enabled professionals to save time, increase their productivity, and efficiently improve the workflow of the organization. The adoption of virtual events is surging across various industrial verticals, such as manufacturing, retail, media and entertainment, education and academics, and healthcare, among other prominent sectors.
The market has witnessed substantial growth due to the outbreak of the COVID-19 pandemic, as many organizations had to run their businesses through online platforms. Corporate meetings in various sectors are being conducted virtually to maintain the workflow. The healthcare industry largely deployed digital platforms to monitor patients remotely. In March 2020, Cisco Systems Inc. announced that its offerings, such as the Cisco Webex platform, enterprise solution for online meetings, video conferencing, and webinars, were being deployed by 17,000 healthcare organizations across 118 countries for offering telehealth services.
Virtual Events Market Report Highlights
- Digital event providers are investing in advanced technology to cater to the growing demand of corporates and organizations from online platforms
- By service, the training service segment is anticipated to witness the fastest growth from 2021 to 2028
- The virtual exhibitions and tradeshows segment accounted for the largest revenue share of over 30.0% in 2020
- The Banking, Financial Services, and Insurance (BFSI) segment is anticipated to record the fastest CAGR over the forecast period
- The large-scale events use-case segment captured the largest revenue share in 2020 and is expected to maintain its dominance over the next seven years
- The Asia Pacific region is expected to register the fastest CAGR of over 26.0% from 2021 to 2028
Market Dynamics
Drivers
- Surge in the number of business events
- Time-saving & cost-effective alternative for organizers as well as participants
- Growing popularity of Unified Communication as a Service (UCAAS)
Restraints
- Data security and privacy concerns
- Threat from open-source virtual event solution providers
Companies Mentioned
- 6Connex
- ALIVE
- Avaya Inc.
- ALE International
- Arkadin Cloud Communications
- Cisco Systems, Inc.
- Cvent Inc.
- Eventxtra
- George P. Johnson
- GES
- Kestone
- Martiz Holdings Inc.
- Microsoft Corporation
- Pathable, Inc.
- uBivent GmbH
- Veritas Events
- vFairs
- Zoom Communications, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/xdiwk8
