Virtual Events Global Market Report 2024

The virtual events market size has grown exponentially in recent years. It will grow from $156.84 billion in 2023 to $193.45 billion in 2024 at a compound annual growth rate (CAGR) of 22.3%. The growth in the historic period can be attributed to factors such as enhanced attendee experience, revenue generation, focus on return on investment (ROI), competitive landscape, and the ability to reach a global audience with increased accessibility.

The virtual events market size is expected to see exponential growth in the next few years. It will grow to $437.16 billion in 2028 at a compound annual growth rate (CAGR) of 22.6%. The growth in the forecast period can be attributed to factors such as the rise of hybrid events, increased global reach and accessibility, revenue generation strategies, emphasis on personalization, and the evolving competitive landscape. Major trends in the forecast period include the diversification of platforms, the integration of hybrid event models, a focus on enhancing attendee experience, the adoption of innovative technologies, and a growing emphasis on sustainability.

The anticipated growth of the virtual events market is closely tied to the increased frequency of business events. Business events, which are substantial gatherings facilitating professional activities such as networking, meetings, and service selling, are being conducted more frequently in virtual environments. This trend is driven by the desire to enhance engagement, networking opportunities, and knowledge sharing within the online professional community. The heightened frequency of virtual business events plays a crucial role in educating attendees about the benefits, features, and best practices of virtual events. This educational aspect contributes to market expansion by addressing potential concerns, dispelling myths, and showcasing success stories. An August 2023 report by Equation Events, a US-based events company, projects a robust 11% growth in the event industry job market, reaching 5.9 million jobs, indicating a healthy demand. Furthermore, concert and event promotion businesses witnessed a notable 9.1% growth in 2022, with 73,414 such companies in the U.S., reinforcing the growth trajectory of the virtual events market.

Leading companies in the virtual events market are at the forefront of developing innovative technologies to enhance the virtual event experience and cater to diverse audiences. Notably, Zoom Video Communications Inc., a prominent US-based communications technology company, introduced "boost virtual events." This concept involves organizing online gatherings, conferences, or meetings in a virtual environment, employing various strategies and technologies to elevate attendee engagement, drive sales, and enhance brand engagement. The launch of virtual booths or exhibition spaces within boost virtual events allows sponsors and exhibitors to showcase products, services, and resources, providing attendees with interactive and immersive experiences.

In July 2021, Bevy Labs Inc., a US-based event technology service company, acquired Eventtus Inc., a virtual events platform company based in Egypt. While the financial details remain undisclosed, this acquisition aligns with Bevy Labs' strategic objectives, which may include gaining access to new markets, expanding product lines, acquiring talent, or generating a return on investment. This move reflects the dynamic landscape of the virtual events market and the commitment of key players to fortify their positions through strategic acquisitions.

Major companies operating in the virtual events market report are Microsoft Corporation, NTT Limited, Cisco Systems Inc., NTT Data Inc., Adobe Systems Inc., Zoom Video Communications Inc., Alcatel-Lucent S.A., Martiz Holdings Inc., Citrix Systems Inc., Avaya LLC, George P. Johnson, Cvent Inc., Kestone Integrated Marketing Services Pvt. Ltd., ALE International SAS, Hubilo Technologies Inc., 6Connex, Aventri Inc., CL Educate Ltd., vFairs, EventX Limited, Veritas Technologies LLC, EventX Limited, uBivent GmbH, Pathable Inc., Alive Events Agency.

North America was the largest region in the virtual events market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual events market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the virtual events market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A virtual event, also known as an online event, virtual conference, or live-streamed experience, is an occasion where individuals engage in interactions within a digital environment on the internet rather than convening at a physical venue. These events utilize digital platforms and technologies to enable participants to interact, engage, and collaborate remotely.

The primary types of virtual events are internal events, extended events, and external events. An internal event refers to any gathering or activity organized within a company or organization that is intended for its employees, stakeholders, or members. Components of internal events include platforms and services, and they are used in various sectors such as educational institutions, corporate settings, government organizations, conferences, and conventions.

The virtual events market research report is one of a series of new reports that provides virtual events market statistics, including virtual events industry global market size, regional shares, competitors with virtual events market share, detailed virtual events market segments, market trends, and opportunities, and any further data you may need to thrive in the virtual events industry. This virtual events market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The virtual events market consist of revenues earned by entities by providing event management services, technical support and AV services, analytics and reporting, translation and interpretation, content creation and design software. The market value includes the value of related goods sold by the service provider or included within the service offering. The virtual events market also includes of sales of audience engagement tools, virtual reality (VR) and augmented reality (AR) sets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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