Virtual Events Market Size, Share, Growth Analysis, By Event Type (Internal, External), By Component (Platform, Service), By Organization Size (Large, Small and Medium (SMEs)), By End User (Educational Institutions, Government), By Application, By Industry By Region - Industry Forecast 2024-2031

Over 40% of global revenue in 2021 came from North America, which is expected to have the largest share of the global virtual events during the projected period. North America is home to industrialized nations with excellent networking infrastructure, including the United States and Canada. A corporate hub, North America is well known for being an early user of cutting-edge technology. Over the course of the forecast period, the market in Canada is anticipated to rise as a result of the quickening use of digitally simulated platforms, particularly in the healthcare sector. For example, according to BOS findings, big data (42 percent), the Internet of Things (30 percent), and robotics have been used by most Canadian businesses out of all the digital technologies (66 percent and 53 percent of businesses, respectively) (26 percent). Large enterprises nearly always reported larger proportions of adoption than did small or medium-sized firms, which is consistent with results in the literature and earlier data for Canada. From 2022 to 2028, it is anticipated that Latin America, the Middle East, and Africa will all experience considerable growth.

This is due, among other things, to variables including rising levels of disposable income, ongoing UCaaS application development, and an increase in the number of start-ups and conglomerates in these areas. For example, over the past six years, startups have dramatically increased in India. From just 733 in 2016–17, the number of newly recognized companies has surged to almost 14,000 in 2021–22. After the US and China, India now boasts the third-largest startup environment worldwide. In 2021, a record 44 Indian firms became unicorns, bringing the country's total to 83, with the majority operating in the services industry.

From 2022 to 2028, the Asia Pacific market is anticipated to develop at the quickest rate among all regions. Due to their substantial customer bases and the use of digital communication channels, China and Japan increased their revenue shares in the regional market. The continuing deployment of 5G high-speed networks and rising acceptance of new technologies are anticipated to drive regional market expansion. Due to the growing number of small and medium-sized firms and their continuous embrace of cutting-edge technology, Australia and India are also projected to account for sizable revenue shares.