The global virtual events market revenue was US$ 116.6096 billion in 2021. The global virtual events market revenue is forecast to reach US$ 810.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 24% during the forecast period from 2022 to 2030. 

A virtual event is a digital simulation of a physical event using a web-based platform to share information and solve problems. The purpose of virtual webinars and conferences is the same as that of live events, for instance, to drive leads, revenue and build loyalty. Organizers and suppliers in the virtual events industry manage and deliver virtual conferences, exhibitions, webinars, company meetings, and other business-related events. As compared to live events, virtual events are significantly less expensive. 

Factors Influencing Market Growth

• This cost-effectiveness enables global gatherings to attract many attendees from all corners of the world. As a result, the popularity of digitally simulated events among event organizers and attendees because of their time efficiency is forecast to drive the global market growth during the forecast period. 
• Virtual events can help organizations reduce the overall costs of organizing a physical seminar, conference, or meeting since organizers may save on venue, staff, meals, attendees' accommodations, and travel. As a result, companies of all sizes are adopting virtual events instead of physical ones as they are easy to arrange, inexpensive, and bring the right people to events. Hence, the factors mentioned above serve as the driving forces of the virtual events market.
• Technology plays a vital role in virtual events. A fake event app or website, a malfunctioning webcam, or a weak internet connection can ruin the virtual event experience. Consequently, virtual events might fail, impacting the growth of the virtual events Industry.

Impact Analysis of COVID-19

COVID -19 and the imposition of the lockdown and social distancing norm have been beneficial to the virtual events industry. Globally, companies had to use virtual communication channels for events like meetings, live product demonstrations, and more. Therefore, virtual events have become the go-to communication platform. Thus, the COVID-19 pandemic had positively impacted the global virtual events market. 

Regional Insights

In 2020, North America had the highest revenue share, and it is forecast to continue to hold a significant portion of the market over the forecast period. It is due to the technical advancements, the robust economy, and the advanced network infrastructure in the U.S. and Canada. The North American market is considered a hub for businesses and has a high level of deployment of new and advanced technologies. As a result of the rapid adoption of digitally simulated platforms, particularly in the healthcare sector, Canada is expected to grow significantly over the forecast period.

Leading Competitors

The leading prominent companies profiled in the global virtual events market are:

• 6Connex, Incorporated
• Avaya Incorporated
• ALE International
• Arkadin Cloud Communications
• Cisco Systems, Incorporated
• Cvent Incorporated
• Eventxtra, Limited
• George P. Johnson
• GES - Global Experience Specialists
• Kestone Integrated Marketing Services Private Limited
• Martiz Holdings Incorporated
• Microsoft Corporation
• Pathable, Incorporated
• ubivent GmbH
• Veritas Events
• Zoom Communications, Incorporated
• Other Prominent Players

Scope of the Report

The global virtual events market segmentation focuses on Event Type, Service, End-use, Application, Industry Vertical, and Region.

Segmentation based on Event Type

• Webinar
• Conference
• Virtual Expo Fairs & Festivals
• Entertainment
• Others

Segmentation based on End-use

• Educational Institutions
• Enterprises
• Organizations
• Other

Segmentation based on Industry Vertical

• BFSI
• Consumer Electronics
• Healthcare
• Information Technology (IT)
• Manufacturing
• Media & Entertainment
• Telecom
• Others

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America