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Virtual Events Market Size

Report ID: GMI7371
Published Date: Nov 2023
Report Format: PDF

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Virtual Events Market Size

Virtual Events Market was valued at USD 118.9 billion in 2022 and is poised to witness more than 19.5% CAGR between 2023 and 2032. Virtual events offer a level of accessibility that physical events cannot match. Participants can join from anywhere in the world, eliminating the need for travel and associated costs. This accessibility not only broadens the potential audience for events but also makes it easier for international attendees to participate.

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Besides, the COVID-19 pandemic forced a rapid shift from in-person to virtual events as a means of maintaining business continuity and ensuring public safety. Many companies, organizations, and individuals turned to virtual events to replace canceled or postponed in-person gatherings. This sudden shift increased the adoption and acceptance of virtual event technologies, further stimulating the virtual events industry growth.

Virtual Events Market Report Attributes
Report Attribute	Details
Base Year:	2022
Virtual Events Market Size in 2022:	USD 118.9 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	19.5%
2032 Value Projection:	USD 701.6 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	345
Segments covered:	Services, application, enterprise size, and industry vertical
Growth Drivers:	The widespread use of collaboration and communication tools in various industries Advancements in event management platforms The growing adoption of Unified Communication as a Service (UCaaS)-based solutions Increased frequency of business events
Pitfalls & Challenges:	Data security and privacy issues Technology constraints and experiential limitations

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The ongoing wave of technological breakthroughs is poised to enhance and favor the adoption of virtual events over the next ten years. Innovations in virtual event platforms, augmented and virtual reality, artificial intelligence, and high-speed internet connections are enabling more immersive, interactive, and seamless virtual event experiences.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of virtual events was worth USD 118.9 billion in 2022 and is expected to register over 19.5% CAGR through 2032, due to the rapid shift from in-person to virtual events for maintaining business continuity and ensuring public safety worldwide.

The large enterprises segment registered 66% share of the virtual events industry in 2022 and is expected to register appreciable CAGR from 2023 to 2032, due to the rising need for cost-effective solutions to substantially reduce expenses associated with physical gatherings.

North America held 36% share of the virtual events market in 2022 and is expected to register commendable CAGR till 2032, due to the rapid technological advancements and the growing corporate landscape in the region.

6Connex, Accelevents, Cisco Systems Inc., Cvent Inc., Hopin, Microsoft Corporation, Remo, WHOVA, and Zoom Communications Inc. are some of the major virtual events companies worldwide.