Virtual events market to garner $1,024.8 bn by 2031

Allied Market Research recently published a report, titled, “Virtual Events Industry Market by Type (Webinar, Virtual expo fairs and festivals, Entertainment, Conference, Others), by Source (Ticket Sale, Sponsorship, Others), by Age group (Below 20 years, 21 to 40 years, Above 40 years), by Platform (Web based software, XR Platform): Global Opportunity Analysis and Industry Forecast, 2021-2031”. As per the report, the global virtual events industry was pegged at $306.3 billion in 2021, and is expected to reach $1,024.8 billion by 2031, growing at a CAGR of 13% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Drivers, restraints, and opportunities
The cost-effectivity of virtual events and increase in popularity of digitally simulated gatherings have boosted the growth of the global virtual events market. Moreover, virtual events help organizations reduce the overall cost associated with organizing a physical seminar, conference, or meeting. This fuels the market growth. However, risk of malfunctioning of camera or website and weak internet connection hamper the market growth. On the other hand, rapid adoption of virtual events during the pandemic would open new opportunities in the future.

Covid-19 scenario:

• The virtual events industry witnessed increased demand during the pandemic as most companies adopted work-from-home culture, due to implementation of lockdown in the Covid-19-affected countries.
• Advertisements and promotions remain a vital business practice during the pandemic. On the other hand, virtual events gained momentum and would continue to boom post-pandemic in order to reach a larger audience.

The conference segment held the lion’s share
By type, the conference segment held the largest share in 2021, accounting for nearly one-third of the global virtual events market, due to increase in number of companies and frequent conferences conducted by them. However, the webinar segment is expected to register the highest CAGR of 13.4% during the forecast period.

The ticket sale segment to manifest the highest CAGR through 2031
By source, the ticket sale segment would showcase the highest CAGR of 13.3% from 2022 to 2031. However, the sponsorship segment held the largest share in 2021, contributing to more than half of the global virtual events market, as sponsorship serves as a powerful and effective marketing tool to increase and reinforce brand awareness among targeted niche markets. Moreover, it is the key to strong marketing, as most of the events use sponsorship support to offer exciting programs and to help defray rising costs.

The 21 to 40 years segment held the largest share
By age group, the 21 to 40 years segment dominated the market in terms of revenue in 2021, accounting for more than two-fifths of the global virtual events market. This is attributed to the fact that this age group is majorly active in events such as exhibitions, conferences, seminars, and music concerts; thereby, augmenting the market growth. However, the below 20 years segment is projected to register the highest CAGR of 13.4% during the forecast period

The XR platform segment to showcase the highest CAGR by 2031
By platform, the XR platform segment is estimated to manifest the highest CAGR of 29.4% during the forecast period. With the rise in gesture-based computing drives market growth by opening up the latest applications and opportunities. Apart from this, the XR platform has found wide demand in gaming and media entertainment. However, the web-based software segment held the lion’s share in 2021, contributing to more than 90% of the global virtual events market. Web-based software content can be easily customized for use on a variety of devices, which also includes mobile phones. This makes the application more user-friendly and interesting to use because the information presented can be changed accordingly.

North America held the largest share
By region, the global virtual events market across North America held the largest share in 2021, accounting for nearly one-third of the market, owing to increase in number of multinational companies and rise in work from home culture. However, the market across Asia-Pacific is projected to manifest the highest CAGR of 14.4% during the forecast period.

Major market players

• Filmed
• American Program Bureau, INC.
• Pace Digital
• Revolution CMES
• Showcase Events
• Target Exhibitions
• TCJ Management Co. Ltd.
• The Collaborative Exchange
• Vietapps Co., Ltd.
• Morph Digital Solutions Private Limited.

The report analyzes these key players of the global virtual events market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player. PRNewswire