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The virtual events market size is forecast to increase by USD 558.9 million at a CAGR of 30.25%. between 2023 and 2028. The market's growth hinges on various factors, notably the uptick in corporate events, the burgeoning influence of social networking platforms, and the escalating demand to enhance competitive agility. As corporate gatherings become more prevalent, businesses leverage social media platforms to amplify their reach and engagement. Moreover, the imperative to bolster competitive responsiveness drives organizations to seek innovative solutions. These dynamics collectively propel the market forward, fostering an environment conducive to sustained growth and development.
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The market is driven by the increasing demand for collaboration and communication tools across various sectors, including retail & e-commerce, construction, and academic institutions. With the rise of digitally simulated events like sales meetings, job fairs, and trade shows, the industry is witnessing a surge in virtual conference platforms such as Morressier. However, challenges persist in ensuring networking solutions amidst cyberattacks and connectivity issues, while navigating through regulations and product or service substitutes poses additional hurdles. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in the number of corporate events is the key factor driving the global market growth. Organizations hold corporate events for their employees, business partners, and clients. Events are also organized to launch and promote new products and to celebrate the success of the existing products and services. In addition, events are organized to nurture customer relationships and foster client relations. Delegates expect meetings and events to be organized with efficient time management.
Moreover, organizations use virtual apps to ensure efficiency, save advertising costs, and have a wider audience reach. Enterprises arrange corporate events for employees, business partners, and existing and future clients. Thus, organizations use virtual solutions as they are an efficient and cost-effective way to save advertising costs and reach out to the maximum number of viewers. Such factors will increase the market growth during the forecast period.
The growing popularity of education is the primary trend in the global market growth. The usage of virtual classrooms to impart education is becoming popular, even in traditional educational institutions. This type of training provides study sessions to students anytime and anywhere. In addition, students get free educational sessions that aid in reducing expenses and improving their knowledge.
Moreover, Exhibition Organizing has improved the interactions between students and faculty members by connecting event profiles with social media profiles. This integration helps facilitate real-time connections between faculty and students during conferences. Online classes, a crucial aspect of continuous education, are increasingly convenient for students, further enhancing their learning experiences. Such advancements in exhibition organizing and digital platforms are expected to drive market growth during the forecast period, as they enable more dynamic and engaging educational interactions and experiences.
The emerging threat from open-source solutions is a major challenge to global market growth. Open-source solutions are offering solid competition for commercial enterprise virtual solutions. The open-source software can be downloaded and run on all platforms. As the purchasing and licensing costs of commercial virtual solutions are high, several micro and small-scale enterprises and individual users opt for open-source products, which are freely available on the Internet.
However, the availability of open-source virtual events is a major challenge for propriety event management as a service vendor. The basic and common features provided in propriety virtual solutions are available in most of the open-source virtual solutions. Individual users, who are planning to host small-scale solutions, prefer open-source virtual events for their cost-effectiveness. Thus, the presence of open-source virtual solutions poses a threat to the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
8x8.com - The company offers virtual event services such as Video Conferencing. They provide cloud-based voice, contact center, video, mobile and unified communications for businesses.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market encompasses various sectors, including retail & e-commerce, construction, and academic institutions. It facilitates digitally simulated events such as sales meetings, job fairs, and trade shows through collaboration and communication tools. With the surge in Work-From-Home (WFH) policies and lockdowns due to Coronavirus, the virtual events industry has witnessed significant growth. Companies like Morressier offer virtual conference platforms and networking solutions as Software as a Service (SaaS) for Small- and Medium-sized Businesses (SMBs). However, challenges like cyberattacks and regulatory constraints remain, necessitating robust connectivity networks and vigilance against product or service substitutes. The healthcare industry particularly benefits from virtual events for efficient resource management and streamlined business proceedings enabled by modern technologies.
The market share growth of the UC and C and Video Conferencing segment will be significant during the forecast period. Some of the benefits of the UC and C technology include improved employee productivity, enhanced communication among employees across the globe, increased use of collaboration tools and software, better optimization of business processes, faster decision-making capabilities, and increased availability of employees. Such factors will increase the market growth during the forecast period.
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The UC and C and Video Conferencing segment was valued at USD 69.10 million in 2018 and continued to grow until 2022. UC and C are becoming popular among business enterprises as it allows disparate teams (co-workers, suppliers, and clients) to work together in real time. Also, the integration of rich video, the web, and audio conferencing creates a knowledgeable and connected workspace with low latencies and improved productivity. We expect the market to experience rapid growth during the forecast period due to the increased adoption of UC and C by small- and mid-sized enterprises (SMEs). Also, as companies continue to embrace the BYOD policy (a convergence of information worldwide), we expect market growth to spur, with the growing requirement for low-cost real-time communication. Hence, suhc factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
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North America is projected to hold a 29% share of the market in 2023. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is home to a large number of global IT and retail organizations. The virtual events, such as global conferences and online product launches and exhibitions, organized by these IT companies drive market growth in this region. Owing to the rise in the use of virtual event platforms for organizing global conferences, summits, and sports events, the market in the region is expected to grow during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2023 to 2028, as well as historical data from 2018 to 2022 for the following segments
The market has witnessed rapid growth, especially with the rise of remote work due to the Work-From-Home (WFH) policy and travel restrictions. Various sectors like manufacturing, BFSI, and hospitality have adopted Unified Communication as a Service (UCaaS) for audio/video conferences and collaborative activities. Leveraging artificial intelligence (AI), augmented reality (AR), and virtual reality (VR), virtual events offer immersive experiences, overcoming geographical barriers. However, challenges such as connectivity problems, software glitches, and bandwidth limitations persist.
Further, companies invest in streaming platforms and networking tools to enhance engagement levels and gather data analytics for informed decision-making. The success of virtual events hinges on attendee engagement, session popularity, and lead generation, driving the demand for technological advances in event platforms and strategies. The availability of data-driven insights shapes future event outcomes, meeting the evolving needs of global audiences across homes and offices.
Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 30.25% |
Market growth 2024-2028 |
USD 558.9 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
23.32 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 29% |
Key countries |
US, China, Germany, Japan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
8x8 Inc., Active Network LLC, Adobe Inc., ALE International, Atlassian Corp. Plc, Avaya LLC, Aventri Inc., Bizzabo, Cadence Design Systems Inc., Cisco Systems Inc., Cvent Holding Corp., EventX Ltd., Huawei Technologies Co. Ltd., Hubb, International Business Machines Corp., Microsoft Corp., Mitel Networks Corp., Toshiba Corp., Ungerboeck, and Zoom Video Communications Inc. |
Market dynamics |
Parent market analysis, Market forecasting, market growth and trends, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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