Virtual Events Market SWOT Analysis and Growth Strategies by Top Companies 2023-2031

The global virtual events market revenue was US$ 116.6096 billion in 2021. The global virtual events market revenue is forecast to reach US$ 810.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 24% during the forecast period from 2022 to 2030.

A virtual event is a digital simulation of a physical event using a web-based platform to share information and solve problems. The purpose of virtual webinars and conferences is the same as that of live events, for instance, to drive leads, revenue and build loyalty. Organizers and suppliers in the virtual events industry manage and deliver virtual conferences, exhibitions, webinars, company meetings, and other business-related events. As compared to live events, virtual events are significantly less expensive.

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Factors Influencing Market Growth

This cost-effectiveness enables global gatherings to attract many attendees from all corners of the world. As a result, the popularity of digitally simulated events among event organizers and attendees because of their time efficiency is forecast to drive the global market growth during the forecast period.Virtual events can help organizations reduce the overall costs of organizing a physical seminar, conference, or meeting since organizers may save on venue, staff, meals, attendees' accommodations, and travel.

As a result, companies of all sizes are adopting virtual events instead of physical ones as they are easy to arrange, inexpensive, and bring the right people to events. Hence, the factors mentioned above serve as the driving forces of the virtual events market.

Technology plays a vital role in virtual events. A fake event app or website, a malfunctioning webcam, or a weak internet connection can ruin the virtual event experience. Consequently, virtual events might fail, impacting the growth of the virtual events Industry.

Impact Analysis of COVID-19

COVID -19 and the imposition of the lockdown and social distancing norm have been beneficial to the virtual events industry. Globally, companies had to use virtual communication channels for events like meetings, live product demonstrations, and more. Therefore, virtual events have become the go-to communication platform. Thus, the COVID-19 pandemic had positively impacted the global virtual events market.

Regional Insights

In 2020, North America had the highest revenue share, and it is forecast to continue to hold a significant portion of the market over the forecast period. It is due to the technical advancements, the robust economy, and the advanced network infrastructure in the U.S. and Canada.

The North American market is considered a hub for businesses and has a high level of deployment of new and advanced technologies. As a result of the rapid adoption of digitally simulated platforms, particularly in the healthcare sector, Canada is expected to grow significantly over the forecast period.

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Leading Competitors

The leading prominent companies profiled in the global virtual events market are:

6Connex, Incorporated
Avaya Incorporated
ALE International
Arkadin Cloud Communications
Cisco Systems, Incorporated
Cvent Incorporated
Eventxtra, Limited
George P. Johnson
GES - Global Experience Specialists
Kestone Integrated Marketing Services Private Limited
Martiz Holdings Incorporated
Microsoft Corporation
Pathable, Incorporated
ubivent GmbH
Veritas Events
Zoom Communications, Incorporated
Other Prominent Players

Scope of the Report

The global virtual events market segmentation focuses on Event Type, Service, End-use, Application, Industry Vertical, and Region.

Segmentation based on Event Type

Webinar
Conference
Virtual Expo Fairs & Festivals
Entertainment
Others

Segmentation based on End-use

Educational Institutions
Enterprises
Organizations
Other

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Segmentation based on Industry Vertical

BFSI
Consumer Electronics
Healthcare
Information Technology (IT)
Manufacturing
Media & Entertainment
Telecom
Others

Segmentation based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

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