Virtual Events Market: Widespread Use Of Collaboration And Communication Tools In Various Sectors Energizing The Industry

Virtual Events Industry Overview

The global virtual events market size is estimated to reach USD 657.64 billion by 2030, growing at a CAGR of 21.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The development of the market can be attributed to the growing preference for convening virtual events, such as video calls, live chats, video conferences, and online meetings, as part of the day-to-day business activities to share data in real-time. The outbreak of the COVID-19 pandemic, the resultant lockdowns & restrictions on the movement of people imposed by various governments to arrest the spread of the coronavirus, and the subsequent need to facilitate remote working are some of the significant factors that are anticipated to drive the market growth over the forecast period.

Virtual Events Market Segmentation

Grand View Research has segmented the global virtual events market on the basis of event type, service, establishment size, end user, application, industry vertical, use case, and region:

Based on the Type Insights, the market is segmented into Internal, External and Extended.

• The external segment accounted for the largest revenue share of 41.8% in 2021 and is likely to dominate the market over the forecast period. The growth of the segment can be attributed to the growing adoption of virtual event tools by businesses to communicate with external entities.
• The extended segment is anticipated to register the fastest CAGR from 2022 to 2030. The cumulative usage of virtually simulated platforms that allow remote audiences to effectively participate in an event or gathering convened at some other geographical location is expected to drive the growth of the segment.

Based on the Service Insights, the market is segmented into Communication, Recruitment, Sales & Marketing and Training.

• The communication segment accounted for the largest revenue share of 35.7% in 2021 due to the significant increase in the number of digitally simulated gatherings being convened.
• The training segment is projected to grow at the fastest CAGR from 2022 to 2030, in line with employers’ vital emphasis on conducting in-house training sessions online.
• The sales & marketing segment is also expected to have significant growth over the forecast period in line with the aggressive promotional activities companies are carrying out to stand out in the market amid the intensifying competition.

Based on the Establishment Size Insights, the market is segmented into SMBs and Large Enterprises.

• The large institution segment accounted for the maximum revenue share of 50.3% in 2021 as large organizations took the lead in adopting digital platforms.
• The SMBs segment is expected to grow at the fastest CAGR from 2022 to 2030. The growth of the segment can be attributed to the lockdowns and restrictions on the movement of people that are compelling all sorts of enterprises, including SMEs, across all geographies to allow their resources to work remotely.

Based on the End-user Insights, the market is segmented into Educational Institutions, Enterprises, Organizations and Others.

• The enterprise segment accounted for the largest market share of 55.9% in 2021 and is projected to continue dominating the market over the forecast period.
• The educational institutions segment is also poised for significant growth over the forecast period in line with the widespread use of virtual platforms for academic purposes.
• The others segment covers individuals, informal groups of students, and collaborative groups sharing common interests. The segment is anticipated to grow at the fastest CAGR from 2022 to 2030.

Based on the Application Insights, the market is segmented into Conferences, Exhibitions/Trade Shows, Summits and Others.

• The exhibitions/trade shows segment accounted for the largest market share of 31.6% in 2021 and is expected to continue dominating the market over the forecast period.
• The conferences segment is poised for significant growth as convening conferences virtually can lead to tremendous benefits, such as reduced costs, global reach, easy data collection and measurement of results, and quick scalability and control.
• The summits segment also accounted for a substantial share of the market and is expected to continue playing a decisive role in driving the growth of the market.
• The others segment includes events, such as concerts, keynotes, webinars, meetups, and job fairs, organized virtually. The segment is expected to grow at the fastest CAGR from 2022 to 2030.

Based on the Industry Vertical Insights, the market is segmented into Banking, Financial Services, and Insurance (BFSI), Consumer Electronics, Healthcare, Information Technology (IT), Manufacturing, Media & Entertainment, Telecom and Others.

• The Information Technology (IT) segment accounted for the largest market share of 21.0% in 2021 due to the continued globalization and early adoption of communication technology platforms.
• The manufacturing segment is anticipated to witness significant growth over the forecast period, mainly due to the innovations and expansions underway in the automotive and aerospace industry verticals.
• The healthcare segment accounted for a significant revenue share in 2021 and is expected to grow at a considerable CAGR from 2022 to 2030 due to the variety of health conferences being convened using digital platforms to address audiences from all over the world and the growing demand for telehealth services being provided by medical professionals.
• The telecom segment will register significant growth due to the high adoption of advanced platforms for external & internal communications to allow companies to provide fast, high-quality services.
• The Banking, Financial Services, and Insurance (BFSI) segment is estimated to grow at the fastest CAGR from 2022 to 2030.

Based on the Use Case Insights, the market is segmented into Everyday Events and Large-scale Events.

• The large-scale events segment accounted for the largest revenue share of 72.3% in 2021 and is expected to continue dominating the market over the forecast period.
• The everyday events segment is expected to witness the fastest CAGR from 2022 to 2030.

Virtual Events Regional Outlook

• North America
• Europe
• Asia-Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

The market is highly fragmented and is characterized by multiple global and regional competitors.

Some prominent players in the Virtual Events market include

• 6Connex
• Cisco Systems, Inc.
• Cvent Inc.
• Microsoft Corporation
• On24, Inc.
• vFairs
• Zoom Communications, Inc.

Order a free sample PDF of the Virtual Events Market Intelligence Study, published by Grand View Research.