Rise in trend of work-from-home , low operational cost involved in organizing virtual events, and rise in sponsorship for virtual events have boosted the growth of the global virtual event market. Asia-Pacific is expected to register the highest CAGR of 13.6% during the forecast period. The pandemic favored the virtual event industry as businesses across the world were forced to use virtual channels of communication for meetings, live showcases, and product reveals.
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Allied Market Research
Portland, OR, June 23, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global virtual event market was accounted for $57.71 billion in 2019, and is estimated to reach $701.39 billion by 2028, growing at a CAGR of 12.6% from 2021 to 2028.
Rise in trend of work-from-home, surge in the globalization of businesses, low operational cost involved in organizing virtual events, and rise in sponsorship for virtual events have boosted the growth of the global virtual event industry. However, lack of awareness hinders the market growth. On the contrary, technological advancements in the virtual event industry would open new opportunities for the market players in the coming years.
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Covid-19 scenario:
- The Covid-19 pandemic favored the virtual event industry as businesses across the world were forced to use virtual channels of communication for meetings, live showcases, and product reveals.
- The adoption of virtual events has become a go-to communication platform for companies as the majority of the workforce is working from home during the pandemic.
The report segments the global virtual event industry on the basis of type, source, age group, and region.
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Based on type, the entertainment segment dominated the market in 2019, accounting for nearly one-third of the market. However, the webinar segment is estimated to manifest the highest CAGR of 14.0% during the forecast period.
On the basis of source, the sponsorship segment held the largest share in 2019, contributing to more than half of the market. However, the ticket sale segment is projected to portray the highest CAGR of 13.5% from 2021 to 2028.
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The global virtual event industry is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to register the highest CAGR of 13.6% during the forecast period. However, the market across North America held the largest share in 2019, accounting for nearly one-third of the market.
The report on the global virtual event industry includes an in-depth analysis of the prime market players such as Pace Digital, American Program Bureau Inc., ShowCase Events, Revolution CMES, TCJ Management Co. Ltd, Target Exhibitions, VietApps Co., Ltd., The Collaborative Exchange, London Filmed, and Morph Digital Solutions Private Limited.
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