Virtual Events Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 13.69 Billion |
| Market Size (2029) | USD 22.66 Billion |
| CAGR (2024 - 2029) | 10.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Virtual Events Market Analysis
The Virtual Events Market size is estimated at USD 13.69 billion in 2024, and is expected to reach USD 22.66 billion by 2029, growing at a CAGR of 10.60% during the forecast period (2024-2029).
A virtual event, also known as an online event, virtual conference, or livestream, is an event that interests people interacting in an online environment. These events use digital platforms to host various activities, such as presentations, workshops, networking sessions, and entertainment. Virtual events range from small meetings and webinars to large-scale conferences and trade shows. They leverage tools like video conferencing, live streaming, and interactive features to engage participants and replicate the experience of in-person events.
- The rapid shift to virtual events spurred innovation and improvements in virtual event technologies. Platforms integrated more advanced features such as virtual reality (VR), augmented reality (AR), AI-driven networking, and enhanced interactive tools to replicate the in-person event experience.
- In recent years, the virtual events market has experienced significant growth, driven by the rising adoption of advanced technologies. These include Unified Communications as a Service (UCaaS), Virtual Reality (VR), Artificial Intelligence (AI), and high-speed internet connectivity. Such advancements have enriched the virtual event experience and tackled challenges like limited interaction and engagement, paving the way for immersive and interactive digital environments.
- Technological advances have made it easier than ever to host virtual events. Reliable video conferencing platforms, interactive virtual environments, and networking tools have improved the overall experience and engagement levels during virtual events. Businesses use these technological advancements to create immersive and interactive virtual experiences for their audiences.
- As the adoption of virtual platforms surges, data security and privacy have become paramount concerns in the virtual events market. While the global accessibility and convenience of virtual events fuel their rising popularity, they simultaneously expose participants and organizers to many cyber threats. In today's digital-first landscape, virtual platforms frequently handle sensitive data, including attendee information, payment details, and proprietary business content, underscoring the critical importance of advanced security and privacy measures.
- The post-COVID landscape has democratized access to these technologies, with affordable webinars and virtual events catering to organizations of all sizes. Video content is becoming essential for boosting audience engagement and prolonging viewing times. This transformative shift towards digitized events has set the stage for heightened demand in the coming years. Zoom Video Communications, Inc. forecasts that by 2025, the number of webinars and virtual events will increase tenfold, with revenues soaring to five times their pre-pandemic levels.
Virtual Events Market Trends
Enterprises to be the Largest End Users
- As businesses increasingly adopt digital platforms for communication, collaboration, and event hosting, the enterprise segment of the virtual event market has experienced notable growth. Virtual events provide enterprises with a cost-effective, scalable, and flexible approach to conducting meetings, webinars, conferences, product launches, and corporate training sessions. Additionally, the global shift towards hybrid work models, coupled with an intensified focus on sustainable business practices, is driving the adoption of virtual event solutions within enterprises.
- The corporate sector is wholeheartedly embracing virtual gatherings. As digital transformation reshapes the business landscape, the global popularity and adoption of virtual events have surged. Key drivers of this trend include advancements in high-speed internet, video streaming, and virtual reality. Companies are utilizing virtual events for a wide range of purposes, from hosting international conferences to organizing virtual job fairs.
- Hybrid and virtual events have evolved from temporary solutions during the pandemic to becoming essential components of the corporate events landscape. A survey conducted by Cvent, a software-as-a-service provider for meetings, found that 73% of event planners plan to increase their hybrid event hosting in 2024 compared to 2023. Furthermore, sustainability and social responsibility are gaining prominence among corporate event planners. A study by Eventbrite, an online event ticketing platform, revealed that 84% of event planners are actively implementing sustainability measures for their events.
- Data and analytics are playing a crucial role in shaping corporate events. Event planners utilize data not only to assess the success of their events but also to guide decisions for future gatherings. For example, data can shed light on attendance rates, engagement levels, and return on investment (ROI), as well as reveal trends and patterns in attendee behavior. By leveraging this data, planners can ensure that future events are both more engaging and effective.
- Hybrid events are on track to become the norm. A significant portion of corporate events is expected to adopt a hybrid model, accommodating both in-person and virtual attendees. Sustainability is emerging as a top priority. Event planners are focusing on minimizing their events' environmental impact and actively supporting local communities. Data and analytics are becoming indispensable for corporate virtual events. Advanced technologies such as AR, VR, AI, and blockchain are being utilized to create more engaging and immersive experiences for attendees.
- These trends suggest that corporate events are evolving to be more hybrid, sustainable, personalized, data-driven, and technologically advanced. Event planners who embrace these changes are poised to succeed in the evolving landscape of corporate events.
Asia Pacific to Register Major Growth
- The demand for virtual events in the Asia-Pacific has been surging, driven by advancements in technology, a shift in business culture, and the impact of global events. Virtual events, including webinars, online conferences, trade shows, and virtual exhibitions, have become essential for companies, educational institutions, and organizations across the region.
- The rapid advancement in communication technologies has significantly contributed to the growth of virtual events in the Asia-Pacific. High-speed internet, widespread adoption of mobile devices, and the increasing penetration of cloud-based platforms have made it easier for organizations to host and participate in virtual events. Many businesses in Asia Pacific have adopted digital transformation, and virtual event solutions have become a natural extension of their operations. The region's tech-savvy population also makes the transition to virtual platforms seamless.
- For instance, in April 2024, the Shanghai Virtual Sports Open (SVS) unveiled plans for China's inaugural comprehensive virtual sports event. This city-owned digital sports initiative, rooted in Shanghai, merges traditional sports with the digital realm. Utilizing advanced simulation equipment and online competition platforms, the event showcases five virtual sports: golf, cycling, skiing, rowing, and car racing.
- Again, looking at the growing demand for virtual events, many companies are launching new virtual event platforms to increase their market share. For instance, in September 2023, Dentsu Group Inc. announced that the company updated its metaverse infrastructure system "xambr", which would provide it as a platform for promoting the metaverse at large-scale events, beginning with its use in the virtual venue "TOKYO GAME SHOW VR 2023'. Such developments are continuously growing in the market, which drives the overall market.
Virtual Events Industry Overview
The competitive rivalry between various firms in the market studied depends on prices, products, market shares, and the intensity with which they compete against one another.
The virtual events market is fiercely competitive, with numerous mid-sized and large players offering domestic and international solutions. While the market shows moderate concentration, key players employ product innovations and mergers & acquisitions strategies to outpace competitors and broaden their geographical footprint.
Innovation can give companies a sustainable competitive advantage. Market players are adopting powerful strategies based on product differentiation and expansion. The big companies strongly influence the market through R&D, collaborations, and consolidation activities. Conversely, the market can be characterized by high levels of penetration and increasing fragmentation.
Virtual Events Market Leaders
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6Connex International sp. z.o.o.
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Alive Events Agency
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Zoom Video Communications Inc
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Avaya LLC
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vFair
*Disclaimer: Major Players sorted in no particular order
Virtual Events Market News
- September 2024: The Cvent declared its acquisition of Splash, a company specializing in event marketing technology. Splash offers a user-friendly platform that enables marketers to develop consistent, quantifiable, and repeatable event programs that enhance pipeline and sales. More than 500 prominent organizations, including over 60 Fortune 1000 companies, depend on Splash for their event marketing requirements.
- March 2024: Wharton Global Youth hosted five Virtual Events to announce the 2024 Investment Competition Finalists. During these events, hosted in the Wharton Academic Virtual Environment (WAVE) room by Wharton Global Youth senior executive director Eli Lesser, observers witnessed primary macro-competition metrics, from stories of team performance and strategic structure to deeply collaborative decision-making.
Virtual Events Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of the Impact of COVID-19 and Macroeconomic Trends on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Technology Advancements such as Growing Acceptance of Unified Communication as a Service (UCAAS), VR, etc.
5.1.2 Increased Frequency of Business Events
5.1.3 Global Reach, Accessibility, and Cost Efficiency
5.2 Market Restraints
5.2.1 Data Security and Privacy Issues
5.2.2 Technology Constraints and Experiential Limitations
6. MARKET SEGMENTATION
6.1 By Service Type
6.1.1 Communication
6.1.2 Recruitment
6.1.3 Sales and Marketing
6.1.4 Training
6.2 By Application
6.2.1 Conferences
6.2.2 Exhibitions/Trade Shows
6.2.3 Summits
6.2.4 Other Applications
6.3 By End-User Industry
6.3.1 Educational Institutions
6.3.2 Enterprise
6.3.3 Organizations
6.3.4 Other End-User Industries
6.4 By Geography***
6.4.1 North America
6.4.2 Europe
6.4.3 Asia
6.4.4 Australia and New Zealand
6.4.5 Latin America
6.4.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 6Connex International sp. z.o.o.
7.1.2 Alive Events Agency
7.1.3 Zoom Video Communications Inc.
7.1.4 Avaya LLC
7.1.5 vFair
7.1.6 ALE International
7.1.7 NTT DATA Group Corporation
7.1.8 Cisco Systems Inc.
7.1.9 Cvent Inc.
7.1.10 EventX Limited
7.1.11 George P. Johnson
7.1.12 Airmeet Inc.
7.1.13 Microsoft Corporation
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Virtual Events Industry Segmentation
Virtual events refer to gatherings, conferences, meetings, or exhibitions entirely online or in a digital environment. The market for the study defines the revenue accrued from the sales of various virtual events encompassing multiple formats, including webinars, live-streamed conferences, virtual trade shows, online workshops, networking sessions, and virtual exhibitions.
The virtual events market is segmented by service type (communication, recruitment, sales, marketing, training), application (conferences, exhibitions/trade shows, summits, other applications), end-user industry (educational institutions, enterprises, organizations, other end-user industries), and geography (North America, Europe, Asia-Pacific, rest of the World). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Service Type | |
| Communication | |
| Recruitment | |
| Sales and Marketing | |
| Training |
| By Application | |
| Conferences | |
| Exhibitions/Trade Shows | |
| Summits | |
| Other Applications |
| By End-User Industry | |
| Educational Institutions | |
| Enterprise | |
| Organizations | |
| Other End-User Industries |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Virtual Events Market Research FAQs
How big is the Virtual Events Market?
The Virtual Events Market size is expected to reach USD 13.69 billion in 2024 and grow at a CAGR of 10.60% to reach USD 22.66 billion by 2029.
What is the current Virtual Events Market size?
In 2024, the Virtual Events Market size is expected to reach USD 13.69 billion.
Who are the key players in Virtual Events Market?
6Connex International sp. z.o.o., Alive Events Agency, Zoom Video Communications Inc, Avaya LLC and vFair are the major companies operating in the Virtual Events Market.
Which is the fastest growing region in Virtual Events Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Virtual Events Market?
In 2024, the North America accounts for the largest market share in Virtual Events Market.
What years does this Virtual Events Market cover, and what was the market size in 2023?
In 2023, the Virtual Events Market size was estimated at USD 12.24 billion. The report covers the Virtual Events Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Virtual Events Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Virtual Events Industry Report
Statistics for the 2024 Virtual Events market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Virtual Events analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
