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)

A virtual event offers a forum for communication between attendees, exhibitors, speakers, influencers, and brands. They may electronically collaborate, debate a variety of subjects and new goods, and enjoy the same experience. Think of a virtual trade exhibition as an example. Many different brands will attend a trade fair to display their goods. They give lectures or live product demos to showcase such items. The companies might aim to engage the audience more during their product demonstrations by becoming more engaging.

The fact that virtual events are so cost-effective may be credited with driving industry expansion. Cost-effectiveness enables a huge number of participants from around the world to join a meaningful meeting. Due to its time efficiency, digitally simulated events are becoming more and more popular among event planners and attendees, which is anticipated to propel market expansion throughout the projected period. Furthermore, by saving on the costs of the venue, employees, food, lodging for attendees, and transport, virtual events assist corporations in lowering the entire cost of holding a physical seminar, conference, or meeting. According to research, a typical company could save $11,000 annually if it enabled workers to work from home only half the time. These workers would directly save $2,000 to $7,000 a year on transportation and work-related expenses. This cost reduction will help in boosting the growth of the global virtual events market during the forecast period.

The COVID -19 pandemic, the adoption of the lockdown protocol, and the social withdrawal standard have all been extremely advantageous to the virtual events sector. Businesses from all over the world are now compelled to use virtual lines of communication for events like meetings, live presentations, product debuts, and more. As a result, virtual events have been widely used as a venue for communication.

US Virtual Events Market is poised to grow at a sustainable CAGR for the next forecast year.