The global virtual events industry market was valued at $392.10 billion in 2023, and is estimated to reach $1.38 trillion by 2035, growing at a CAGR of 11.2% from 2024 to 2035.
A virtual event is an internet- or web-based event, which allows users to interact with a large crowd over a call or through any platform. Virtual events cover a wide range of activities, from video and audio conferencing to live streaming and broadcasting. The most common type of digitally simulated events includes webinar, conference, virtual expo, fairs & festivals, entertainment, and others such as promotional events and sports event organized by companies during product launch and introduction of new services.Accessibility and inclusivity surge the market demand for the virtual events industry by breaking down geographical barriers and accommodating diverse demographics. Virtual events enable participation from individuals who may face limitations with traditional in-person events due to factors such as location, physical disabilities, or scheduling conflicts. By offering a platform that is accessible to a wider audience, virtual events increase engagement and foster a sense of inclusivity, driving demand for these digital experiences.Technological advancements are key drivers of market demand in the virtual events industry. Innovations such as advanced virtual event platforms, augmented reality (AR), virtual reality (VR), and streaming technologies continually enhance user experience and expand the capabilities of virtual events. These advancements attract more organizers and participants by providing immersive, interactive, and seamless experiences, leading to increased adoption and demand for virtual events as a preferred method of communication, collaboration, and engagement across various industries and sectors.Cost-effectiveness is a significant driver of demand for the virtual events industry market. Compared to traditional in-person events, virtual events offer substantial cost savings by eliminating expenses such as venue rental, travel, accommodations, and catering. Organizers can allocate budgets more efficiently, reaching larger audiences with reduced overheads. This affordability makes virtual events an attractive option for businesses, organizations, and individuals alike, contributing to the surge in demand and the growing popularity of virtual event solutions in various industries.Globalization and remote work trends have surged the demand for the virtual events industry market by necessitating efficient communication and collaboration across geographically dispersed teams and stakeholders. Virtual events provide a scalable solution to bridge distances, enabling organizations to conduct meetings, conferences, and training sessions seamlessly regardless of participants' locations. With the rise of remote work, businesses increasingly rely on virtual events to facilitate interaction and maintain productivity, thereby driving the growth of the virtual events industry market.The virtual events market is segmented on the basis of type, source, age group, and platform. By type, the market is divided into webinar, virtual expo fairs & festivals, entertainment, conference, and others. By source, it is categorized into ticket sale, sponsorship, and others. By age group, the market is classified into below 20 years, 21 to 40 years, and above 40 years. By platform, the market is divided into web-based platform and XR platform. Region- wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and rest of Asia-Pacific), Latin America (Brazil, Argentina, and rest of Latin America), and Middle East & Africa (Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa)The players in the trail virtual event market have adopted various key development strategies to increase profitability and improve their position in the market. Some of the key players profiled in the report include London Filmed, American Program Bureau, INC., Pace Digital, Revolution CMES, Showcase Events, Target Exhibitions, TCJ Management Co. Ltd, The Collaborative Exchange, Vietapps Co., Ltd., and Morph Digital Solutions Private Limited.
A virtual event is an internet- or web-based event, which allows users to interact with a large crowd over a call or through any platform. Virtual events cover a wide range of activities, from video and audio conferencing to live streaming and broadcasting. The most common type of digitally simulated events includes webinar, conference, virtual expo, fairs & festivals, entertainment, and others such as promotional events and sports event organized by companies during product launch and introduction of new services.Accessibility and inclusivity surge the market demand for the virtual events industry by breaking down geographical barriers and accommodating diverse demographics. Virtual events enable participation from individuals who may face limitations with traditional in-person events due to factors such as location, physical disabilities, or scheduling conflicts. By offering a platform that is accessible to a wider audience, virtual events increase engagement and foster a sense of inclusivity, driving demand for these digital experiences.Technological advancements are key drivers of market demand in the virtual events industry. Innovations such as advanced virtual event platforms, augmented reality (AR), virtual reality (VR), and streaming technologies continually enhance user experience and expand the capabilities of virtual events. These advancements attract more organizers and participants by providing immersive, interactive, and seamless experiences, leading to increased adoption and demand for virtual events as a preferred method of communication, collaboration, and engagement across various industries and sectors.Cost-effectiveness is a significant driver of demand for the virtual events industry market. Compared to traditional in-person events, virtual events offer substantial cost savings by eliminating expenses such as venue rental, travel, accommodations, and catering. Organizers can allocate budgets more efficiently, reaching larger audiences with reduced overheads. This affordability makes virtual events an attractive option for businesses, organizations, and individuals alike, contributing to the surge in demand and the growing popularity of virtual event solutions in various industries.Globalization and remote work trends have surged the demand for the virtual events industry market by necessitating efficient communication and collaboration across geographically dispersed teams and stakeholders. Virtual events provide a scalable solution to bridge distances, enabling organizations to conduct meetings, conferences, and training sessions seamlessly regardless of participants' locations. With the rise of remote work, businesses increasingly rely on virtual events to facilitate interaction and maintain productivity, thereby driving the growth of the virtual events industry market.The virtual events market is segmented on the basis of type, source, age group, and platform. By type, the market is divided into webinar, virtual expo fairs & festivals, entertainment, conference, and others. By source, it is categorized into ticket sale, sponsorship, and others. By age group, the market is classified into below 20 years, 21 to 40 years, and above 40 years. By platform, the market is divided into web-based platform and XR platform. Region- wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and rest of Asia-Pacific), Latin America (Brazil, Argentina, and rest of Latin America), and Middle East & Africa (Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa)The players in the trail virtual event market have adopted various key development strategies to increase profitability and improve their position in the market. Some of the key players profiled in the report include London Filmed, American Program Bureau, INC., Pace Digital, Revolution CMES, Showcase Events, Target Exhibitions, TCJ Management Co. Ltd, The Collaborative Exchange, Vietapps Co., Ltd., and Morph Digital Solutions Private Limited.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the virtual events industry market analysis from 2023 to 2035 to identify the prevailing virtual events industry market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the virtual events industry market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global virtual events industry market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Type
- Webinar
- Virtual expo fairs and festivals
- Entertainment
- Conference
- Others
By Source
- Ticket Sale
- Sponsorship
- Others
By Age group
- Below 20 years
- 21 to 40 years
- Above 40 years
By Platform
- Web based software
- XR Platform
By Region
- North America
- U.S.
- Canda
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East And Africa
- VIETAPPS CO., LTD.
- PACE DIGITAL
- REVOLUTION CMES
- SHOWCASE EVENTS
- TARGET EXHIBITIONS
- TCJ MANAGEMENT CO. LTD
- THE COLLABORATIVE EXCHANGE
- MORPH DIGITAL SOLUTIONS PRIVATE LIMITED
- AMERICAN PROGRAM BUREAU, INC.
- LONDON FILMED
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: VIRTUAL EVENTS INDUSTRY MARKET, BY TYPE
CHAPTER 5: VIRTUAL EVENTS INDUSTRY MARKET, BY SOURCE
CHAPTER 6: VIRTUAL EVENTS INDUSTRY MARKET, BY AGE GROUP
CHAPTER 7: VIRTUAL EVENTS INDUSTRY MARKET, BY PLATFORM
CHAPTER 8: VIRTUAL EVENTS INDUSTRY MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, titled, 'Virtual Events Industry Market,' the virtual events industry market was valued at $306.3 billion in 2021, and is estimated to reach $1024.8 billion by 2031, growing at a CAGR of 13% from 2022 to 2031.Virtual events are digitally simulated proceedings such as meetings and conferences using web-based platforms that allow people to share information & discuss and solve problems virtually. Virtual webinar and conferences are held for the same reasons as that of the live events, for instance, to deliver a company’s message to drive leads & revenue and build loyalty lifetime value. The virtual event market consists of organizers and suppliers that deal in the management and delivery of virtual conference, tradeshow/exhibition, webinar, company meetings, and other related events held to achieve a range of professional & business objectives. Virtual events are less expensive to run as compared to live events. According to the event planner, Wild Apricot, the number of organizations which were planning to run virtual event in 2019 has doubled in 2020, owing to the COVID-19 pandemic.
The virtual events industry market growth can be attributed to such events being very cost effective. The cost efficiency makes way to bring in large number of attendees from all over the globe to a purposeful gathering. Thus, increase in popularity of digitally simulated gatherings among event organizers and attendees due to their time efficacy is likely to fuel the market growth during the forecast period. Furthermore, virtual events help organizations reduce the overall cost associated with organizing a physical seminar, conference, or meeting as planners may save on venue, staff, meals, attendee’s accommodation, and travel costs. Therefore, organizations of all sizes are adopting virtual events instead of preferring physical events, as they are quick to arrange, inexpensive, and bring the relevant people for events, results in the virtual events industry market trends.
Thus, the abovementioned factors act as the key driving forces of the virtual events industry. However, virtual event is completely dependent on technology use. An event app or website with bad user experience (UX), a malfunctioning camera, or weak internet strength can all ruin the virtual event experience. These factors might lead to failure of virtual events; thereby, hampering the growth of the market as per the virtual events industry market forecast report.
The virtual events industry market size is segmented on the basis of type, source, age group, and platform. Based on type, the market is divided into webinar, virtual expo fairs & festivals, entertainment, conference, and others. On the basis of source, it is categorized into ticket sale, sponsorship, and others. Based on age group, the market is classified into below 20 years, 21 to 40 years, and above 40 years. On the basis of platform market is categorized into web based platform, and XR platform.
Based on type, the virtual events industry market share in entertainment segment witness major growth during the forecast period. This is attributed to the fact that virtual entertainment events are responsible for providing the general public with a variety of entertainment possibilities, including musical entertainment, live entertainment, mass media entertainment, and electronic entertainment. Thus, increase in popularity of these entertainment events is one of the key factors driving the entertainment segment growth.
On the basis of source, the virtual events industry market size in sponsorship segment contributed for the highest share into the market, and is expected to remain dominant throughout the forecast period as sponsorship serves as a powerful and effective marketing tool to increase and reinforce brand awareness among targeted niche markets. Moreover, it is the key for strong marketing, owing to the fact that most of the events use sponsorship support to offer exciting programs and to help defray rising costs.
Based on age group, the 21 to 40 years segment was the largest segment in 2021, and is expected to remain dominant throughout the forecast period. This is attributed to the fact that this age group is majorly active in events such as exhibitions, conferences, seminars, and music concerts; thereby, augmenting the market growth.Based on platform, the web based platform segment contributed the highest share, web-based software content can be easily customized for use on a variety of devices, which also includes mobile phones. This makes the application more user-friendly and interesting to use because the information presentation can be changed accordingly.
The key players have adopted product launch and expansion as their key strategies to stay competitive in the virtual events market. The key players profiled in the report include London Filmed, American Program Bureau, INC., Pace Digital, Revolution CMES, Showcase Events, Target Exhibitions, TCJ Management Co. Ltd, The Collaborative Exchange, Vietapps Co., Ltd., and Morph Digital Solutions Private Limited.
Key findings of the study
Virtual events industry market analysis by type, the conference segment has the largest market share in 2021 and is expected to grow with the CAGR of 12.8%, during the forecast period.By source, the virtual events industry market opportunity in sponsorship segment dominate the market in 2021.
By age group, the virtual events industry market demand in below 20 years segment witness major growth during the forecast period.
By platform, XR platform segment is expected to grow with the highest CAGR of 29.4% during the forecast period.
Companies Mentioned
Key Market Players in the Virtual Events Industry Market include:- VIETAPPS CO. Ltd.
- PACE DIGITAL
- REVOLUTION CMES
- SHOWCASE EVENTS
- TARGET EXHIBITIONS
- TCJ MANAGEMENT CO. LTD
- THE COLLABORATIVE EXCHANGE
- MORPH DIGITAL SOLUTIONS PRIVATE LIMITED
- AMERICAN PROGRAM BUREAU Inc.
- LONDON FILMED
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 300 |
| Published | April 2024 |
| Forecast Period | 2023 - 2035 |
| Estimated Market Value ( USD | $ 392.1 billion |
| Forecasted Market Value ( USD | $ 1380 billion |
| Compound Annual Growth Rate | 11.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
