Virtual event is an internet- or web-based event, which allows users to interact with a large crowd over a call or through any platform. Virtual events cover a wide range of activities, from video and audio conferencing to live streaming and broadcasting. The most common type of digitally simulated events include webinar, conference, virtual expo, fairs and festivals, entertainment, and others such as promotional events and sports event organized by companies during product launch and introduction of new services. Virtual event gives a user-friendly environment unlike experiencing chaos while attending physical events. Various events are hosted on a virtual medium such as conference for business, webinars for varieties of purposes, expos, tradeshows, and entertainment. This mode of event hosting is intensively popular in countries all around the world. Virtual events are arranged by business executives for making interactive sessions, as they reduce time and eliminate effort over physical mode. These events have a greater audience reach, as individuals from remote areas can connect and be a part of the events. Hence, several multinational brands are gradually using virtual event platforms. As a result, many companies are designing and introducing online event platforms, which notably contributes toward UK and Ireland virtual event market growth. During the global pandemic, almost every sector shifted their preference to virtual events, as there is no physical contact and act as a self-reliable medium during lockdown.
Educators and teenagers are most benefitted using online sessions. In addition, these types of events have been a bridge among students and teachers.
The health and entertainment sectors has been using online event hosting as the only source to interact with their viewers and patients. Its technology has been updated such as viewers limit and performance issues of platforms such that everyone gets benefitted. Its services are regarded as another driving factor of the virtual event market. In addition, its accessibility and information availability make it more demanding, as important data can be fetched after the event. Thus, all these factors collectively drive the growth of the virtual events market in the UK and Ireland. However, several problems are associated with virtual events due to their lower human contact and distractions from surroundings. In addition, performance issues cause interruptions while attending online events, which hamper the market growth. COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Although the outbreak of COVID-19 has impacted all industries, the UK and Ireland virtual event market has witnessed exponential growth, as most of the companies have adopted the work-from-home policy, owing to the implementation of lockdown by the COVID-19-affected countries to prevent community spread of the disease.
Almost every sector has shifted toward online event organization, as after lockdown it is one of the most effective means of interaction. Thus, owing to limited ways of communication during the global health crisis, virtual event platform witnessed notable demand, thereby contributing toward the growth of the UK and Ireland virtual event market.
The UK and Ireland virtual event market is segmented into event type, revenue source, and age group. By type, the market is segregated into webinar; conference; entertainment; virtual expo, fairs, & festivals; and others. Depending on age group, it is classified below 20 years, 21 to 40 years, and above 40 years. On the basis of revenue source, it is categorized into ticket sale, sponsorship, and others.
The key players operating in the UK & Ireland virtual event market include First Event, George P Johnson Event Marketing Private Limited, Grooveyard Events Limited, Hopin, Julia Charles Event Management Ltd., MGN Events Ltd., Saville Group Ltd., Seven Events Ltd., the Events Company, and Verve live Agency.
Key market benefits for stakeholders
- The report provides an extensive analysis of the current & emerging trends and opportunities in the UK and Ireland virtual event market.
- It provides detailed qualitative and quantitative analyses of current trends and future estimations, which help understand the prevailing market opportunities.
- A comprehensive analysis of factors that drive and restrict the growth of the UK and Ireland virtual event market is highlighted in the study.
- An extensive analysis of the UK and Ireland virtual event market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential & niche segments as well as states exhibiting favorable growth.