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

Global Virtual Events Market size was valued at USD 76.9 billion in 2022 and is poised to grow from USD 96.6 billion in 2023 to USD 426.6 billion by 2031, growing at a CAGR of 20.4% during the forecast period (2024-2031)

The global virtual events market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, in June 2022, by building on their existing connectivity between Zoom Phone and Genesys Cloud CX, Zoom Video Communications, Inc. and Genesys, a worldwide cloud leader in customer experience orchestration, have expanded their cooperation to support businesses in delivering easy customer experiences. Together, the products give businesses a feature-rich and simple-to-use cloud contact center and unified communications solution that helps teams work more effectively together to meet client demands. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'Adobe Systems (United States)', 'Cisco Systems (United States)', 'Zoom Video Communications, Inc. (United States)', 'Cvent Inc. (United States)', 'Microsoft Corporation (United States)', 'Google LLC (United States)', 'Hopin Inc. (United Kingdom)', 'VFairs LLC (United States)', 'Intrado Corporation (United States)', '6Connex Inc. (United States)', 'ON24 Inc. (United States)', 'Social27 Inc. (United States)', 'vFairs (United States)', 'SpotMe (France)', 'Bizzabo Ltd. (United States)', 'Whova Inc. (United States)', 'Airmeet Inc. (United States)', 'Attendify (United States)', 'WorkCast Corporation (United Kingdom)', 'Swapcard SAS (France)'

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.

Businesses must constantly interact with their distant service providers for meetings, data sharing, and training in order to drive global virtual event market growth as a result of the rising popularity of outsourcing. It is anticipated to develop as a result of the increasing use of virtually simulated platforms that enable remote audiences to actively engage in events or gatherings held in other locations. As part of the WFH strategy that many organizations have adopted in response to the pandemic, internal events, or those convened within an organization, are also being planned digitally.

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.