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The global virtual events market size is expected to reach USD 657.6 billion by 2030, registering a CAGR of 21.4% from 2022 to 2030. Digitally fashioned social gatherings cover various events, such as job fairs, sales meetings, exhibitions, audio/video conferences, summits, and trade shows among others. The remote work setups adopted by numerous companies across the world, in response to the lockdowns imposed by various government bodies, occurred as one of the significant factors fueling the market growth. Virtually occurring events play a pivotal role in enabling businesses to communicate with remotely working employees and seamlessly conduct their business proceedings.
The prevalent adoption of communication and collaboration tools in varied industry verticals, including education, retail & e-commerce, manufacturing, healthcare, and construction, among others, is projected to elevate the market growth in the forthcoming years. The proliferating deployment of Unified Communication as a Service (UCaaS)-based solutions by several businesses and academic institutions, enable the resources to participate in the business proceedings virtually and aid in optimizing the workflow. Platforms including Hangouts, Microsoft Teams, and Zoom are among the most preferred UCaaS-based solutions adopted by corporates and educational institutions.
The external event type segment held the largest share of the global virtual event market in 2021. Several enterprises are partnering with technology providers for leveraging innovations in technology and offer their consumers high-end services. The mounting usage of digitally simulated tools for organizing events including tradeshows, press conferences, product launch events, client meetups, and other events is anticipated to drive the segment growth.
The Banking, Financial Services, and Insurance (BFSI) industry vertical is projected to register the fastest CAGR during the forecast period 2022 to 2030. Internal communication is critical in the BFSI sector for incorporating the latest innovations in technologies and enhancing client interaction.
The exhibitions/trade show application dominated the global market and is estimated to maintain its dominance during the forecast period. This can be accredited to the increasing need of businesses to exhibit their product features, evaluate the market competition, enhance marketing efforts, and keep a check on the latest market trends & prospects in the industry. The adoption of digital spaces enables exhibitors to cut costs on travel, accommodation, promotional items, and other expenses that are associated with convening exhibitions and trade shows.
The Asia Pacific is projected to emerge as the fastest-growing market during the forecast period 2022 to 2030. Countries including China and Japan gained prominent revenue shares in the region owing to the large consumer bases that deploy digital platforms for communication in these countries. Furthermore, the escalating acceptance of advanced technologies and the continued rollout of high-speed networks are anticipated to propel regional market growth.
The global virtual events market is characterized by the presence of numerous regional and global competitors. In order to thrive in a fragmented competitive business environment and maintain a strong foothold, key market players pursue strategies including partnerships and mergers & acquisitions. The emergence of AI-enabled virtual events is creating new growth avenues for the market with rapidly changing consumer preferences. Several event management companies and service providers are investing in R&D operations to be in line with the latest technologies and develop products with exceptional features for gaining an edge over their competitors. For instance, in January 2022, LinkedIn Corporation announced that the firm is testing a new virtual platform for events to enable creators and businesses to host virtual events and enhance communication.
Research Support Specialist, USA