The global virtual events industry market size was valued at $306.3 billion in 2021, and is projected to reach $1024.8 billion by 2031, growing at a CAGR of 13% from 2022 to 2031. Virtual event is an internet- or web-based event, which allows users to interact with a large crowd over a call or through any platform. Virtual events cover a wide range of activities, from video and audio conferencing to live streaming and broadcasting. The most common type of digitally simulated events include webinar, conference, virtual expo, fairs & festivals, entertainment, and others such as promotional events and sports event organized by companies during product launch and introduction of new services.
Virtual event provides a user-friendly environment unlike experiencing chaos while attending physical events. Various events are hosted on a virtual medium such as conference for business, webinars for variety of purposes, expos, tradeshows, and entertainment. This mode of event hosting is intensively popular in countries all around the world. Virtual events are arranged by business executives for making interactive sessions, as they reduce time and eliminate effort over physical mode. These events have a greater audience reach, as individuals from remote areas can connect and be part of the events. Therefore, several multinational brands are gradually using virtual event platforms. As a result, many companies are designing and introducing online event platforms, which notably contributes toward the growth of the market. During the global pandemic, almost every sector shifted its preference to virtual events, as there is no physical contact, acting as a self-reliable medium during lockdown.
Organizing physical event involves multiple expenses, which include on-site expenses, venue costs, food & catering, event rentals, entertainment, and production expenses. On-site expenditure involves the fees and cost charged by the event venue, which incurs more cost. In addition, venue cost includes security deposit, room rental, insurance coverage, and parking. Furthermore, food & catering include cost of beverages, meals, and server labor fees. On the contrary, virtual events are less expensive, as virtual events exclude the cost of hotel rooms, food & beverages, and travel; however, using technology platforms, recording speakers, and editing presentations still require a significant investment. Other than low operational cost, virtual events offer benefits such as they facilitate attendee feedback, save time, enable event flexibility, collect powerful data, and save advertising costs. Thus, all these aforementioned factors support the growth of the virtual event market.
Virtual shows have low entry fees for exhibitors, and little to no entry fee for attendees. The prices for the events vary depending on the city. The average price for these expos, fairs, and festivals is around $10-$100. Virtual trade shows are more suitable for certain industries than others. For gaming industries, virtual trade shows are already established and likely to witness significant popularity; however, for industries such as clothing, manufacturing, and services, research shows that customers need and want the full sensory experience. Virtual festivals include events that are organized for more than one day and may last up to a week. Music festivals such as Latitude Festival 2021, Isle of Wight Festival, Leeds Festival, Reading Festival, and Isle of Wight Festival are conducted once in a year on a large scale.
Virtual entertainment events offer a cost-effective means to efficiently bring the number of attendees from all over the globe to a purposeful gathering at a single platform. Digitally simulated proceedings use web-based platforms to connect several attendees from across the world and include interactive engagement features, such as polling, question & answer sessions, and chat boxes for the attendees. According to research study of AMR, the number of viewers attending a music concert or international music has increased considerably as compared to pub, club show, or an arena gig in the fast few years. This is attributed to the fact that such music concerts and events offer valuable opportunity for promoters and brands to align themselves with people attending concerts. Moreover, streaming services in the music industry are creating new opportunities along with new distribution methods and media platforms that provide additional scope for brands to align and interact with world’s leading artists.
From a global perspective, Europe is considered as the mature market for events. Rise in expenditure on R&D by engaged stakeholders fuels the growth of the market in the region. Moreover, upsurge in demand for online annual meeting, product presentation in the European countries is anticipated to create lucrative opportunities for the virtual events providers. Leading players are now venturing into this segment to cater to the growing demands of businesses in the region; thereby, driving the growth of the market.
High economic growth in the Asia-Pacific countries has influenced the business environment in this region. Business in this region has started spending more on virtual events, owing to growing popularity of IoT (Internet of things), which drives the growth of the virtual events market. The virtual events market is in its growth stage in Asia-Pacific, and is expected to further gain traction as more businesses adopt virtual events to organize events such as product launch, showcase, and others.
The virtual events market is segmented on the basis of type, source, age group, and platform. By type, the market is divided into webinar, virtual expo fairs & festivals, entertainment, conference, and others. By source, it is categorized into ticket sale, sponsorship, and others. By age group, the market is classified into below 20 years, 21 to 40 years, and above 40 years. By platform, the market is divided into web based platform and XR platform.
The key players have adopted product launch and expansion as their key strategies to stay competitive in the virtual events market. The key players profiled in the report include London Filmed, American Program Bureau, INC., Pace Digital, Revolution CMES, Showcase Events, Target Exhibitions, TCJ Management Co. Ltd, The Collaborative Exchange, Vietapps Co., Ltd., and Morph Digital Solutions Private Limited.
Virtual event provides a user-friendly environment unlike experiencing chaos while attending physical events. Various events are hosted on a virtual medium such as conference for business, webinars for variety of purposes, expos, tradeshows, and entertainment. This mode of event hosting is intensively popular in countries all around the world. Virtual events are arranged by business executives for making interactive sessions, as they reduce time and eliminate effort over physical mode. These events have a greater audience reach, as individuals from remote areas can connect and be part of the events. Therefore, several multinational brands are gradually using virtual event platforms. As a result, many companies are designing and introducing online event platforms, which notably contributes toward the growth of the market. During the global pandemic, almost every sector shifted its preference to virtual events, as there is no physical contact, acting as a self-reliable medium during lockdown.
Organizing physical event involves multiple expenses, which include on-site expenses, venue costs, food & catering, event rentals, entertainment, and production expenses. On-site expenditure involves the fees and cost charged by the event venue, which incurs more cost. In addition, venue cost includes security deposit, room rental, insurance coverage, and parking. Furthermore, food & catering include cost of beverages, meals, and server labor fees. On the contrary, virtual events are less expensive, as virtual events exclude the cost of hotel rooms, food & beverages, and travel; however, using technology platforms, recording speakers, and editing presentations still require a significant investment. Other than low operational cost, virtual events offer benefits such as they facilitate attendee feedback, save time, enable event flexibility, collect powerful data, and save advertising costs. Thus, all these aforementioned factors support the growth of the virtual event market.
Virtual shows have low entry fees for exhibitors, and little to no entry fee for attendees. The prices for the events vary depending on the city. The average price for these expos, fairs, and festivals is around $10-$100. Virtual trade shows are more suitable for certain industries than others. For gaming industries, virtual trade shows are already established and likely to witness significant popularity; however, for industries such as clothing, manufacturing, and services, research shows that customers need and want the full sensory experience. Virtual festivals include events that are organized for more than one day and may last up to a week. Music festivals such as Latitude Festival 2021, Isle of Wight Festival, Leeds Festival, Reading Festival, and Isle of Wight Festival are conducted once in a year on a large scale.
Virtual entertainment events offer a cost-effective means to efficiently bring the number of attendees from all over the globe to a purposeful gathering at a single platform. Digitally simulated proceedings use web-based platforms to connect several attendees from across the world and include interactive engagement features, such as polling, question & answer sessions, and chat boxes for the attendees. According to research study of AMR, the number of viewers attending a music concert or international music has increased considerably as compared to pub, club show, or an arena gig in the fast few years. This is attributed to the fact that such music concerts and events offer valuable opportunity for promoters and brands to align themselves with people attending concerts. Moreover, streaming services in the music industry are creating new opportunities along with new distribution methods and media platforms that provide additional scope for brands to align and interact with world’s leading artists.
From a global perspective, Europe is considered as the mature market for events. Rise in expenditure on R&D by engaged stakeholders fuels the growth of the market in the region. Moreover, upsurge in demand for online annual meeting, product presentation in the European countries is anticipated to create lucrative opportunities for the virtual events providers. Leading players are now venturing into this segment to cater to the growing demands of businesses in the region; thereby, driving the growth of the market.
High economic growth in the Asia-Pacific countries has influenced the business environment in this region. Business in this region has started spending more on virtual events, owing to growing popularity of IoT (Internet of things), which drives the growth of the virtual events market. The virtual events market is in its growth stage in Asia-Pacific, and is expected to further gain traction as more businesses adopt virtual events to organize events such as product launch, showcase, and others.
The virtual events market is segmented on the basis of type, source, age group, and platform. By type, the market is divided into webinar, virtual expo fairs & festivals, entertainment, conference, and others. By source, it is categorized into ticket sale, sponsorship, and others. By age group, the market is classified into below 20 years, 21 to 40 years, and above 40 years. By platform, the market is divided into web based platform and XR platform.
The key players have adopted product launch and expansion as their key strategies to stay competitive in the virtual events market. The key players profiled in the report include London Filmed, American Program Bureau, INC., Pace Digital, Revolution CMES, Showcase Events, Target Exhibitions, TCJ Management Co. Ltd, The Collaborative Exchange, Vietapps Co., Ltd., and Morph Digital Solutions Private Limited.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the virtual events industry market analysis from 2021 to 2031 to identify the prevailing virtual events industry market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the virtual events industry market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global virtual events industry market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Others
- Webinar
- Virtual expo fairs and festivals
- Entertainment
- Conference
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
By Region
- North America
- U. S.
- Canda
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Ireland
- Rest Of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest Of Asia-Pacific
- LAMEA
- Rest of Latin America
- Rest Of Middle East
- South Africa
Key Market Players
- PACE DIGITAL
- REVOLUTION CMES
- SHOWCASE EVENTS
- TARGET EXHIBITIONS
- TCJ MANAGEMENT CO. LTD
- THE COLLABORATIVE EXCHANGE
- VIETAPPS CO., LTD.
- MORPH DIGITAL SOLUTIONS PRIVATE LIMITED
- LONDON FILMED
- AMERICAN PROGRAM BUREAU, INC.
Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
CHAPTER 4: VIRTUAL EVENTS INDUSTRY MARKET, BY TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Webinar
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Virtual expo fairs and festivals
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
4.4 Entertainment
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market analysis by country
4.5 Conference
4.5.1 Key market trends, growth factors and opportunities
4.5.2 Market size and forecast, by region
4.5.3 Market analysis by country
4.6 Others
4.6.1 Key market trends, growth factors and opportunities
4.6.2 Market size and forecast, by region
4.6.3 Market analysis by country
CHAPTER 5: VIRTUAL EVENTS INDUSTRY MARKET, BY SOURCE
5.1 Overview
5.1.1 Market size and forecast
5.2 Ticket Sale
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Sponsorship
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Others
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
CHAPTER 6: VIRTUAL EVENTS INDUSTRY MARKET, BY AGE GROUP
6.1 Overview
6.1.1 Market size and forecast
6.2 Below 20 years
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 21 to 40 years
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
6.4 Above 40 years
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market analysis by country
CHAPTER 7: VIRTUAL EVENTS INDUSTRY MARKET, BY PLATFORM
7.1 Overview
7.1.1 Market size and forecast
7.2 Web based software
7.2.1 Key market trends, growth factors and opportunities
7.2.2 Market size and forecast, by region
7.2.3 Market analysis by country
7.3 XR Platform
7.3.1 Key market trends, growth factors and opportunities
7.3.2 Market size and forecast, by region
7.3.3 Market analysis by country
CHAPTER 8: VIRTUAL EVENTS INDUSTRY MARKET, BY REGION
8.1 Overview
8.1.1 Market size and forecast
8.2 North America
8.2.1 Key trends and opportunities
8.2.2 North America Market size and forecast, by Type
8.2.3 North America Market size and forecast, by Source
8.2.4 North America Market size and forecast, by Age group
8.2.5 North America Market size and forecast, by Platform
8.2.6 North America Market size and forecast, by country
8.2.6.1 U. S.
8.2.6.1.1 Market size and forecast, by Type
8.2.6.1.2 Market size and forecast, by Source
8.2.6.1.3 Market size and forecast, by Age group
8.2.6.1.4 Market size and forecast, by Platform
8.2.6.2 Canda
8.2.6.2.1 Market size and forecast, by Type
8.2.6.2.2 Market size and forecast, by Source
8.2.6.2.3 Market size and forecast, by Age group
8.2.6.2.4 Market size and forecast, by Platform
8.2.6.3 Mexico
8.2.6.3.1 Market size and forecast, by Type
8.2.6.3.2 Market size and forecast, by Source
8.2.6.3.3 Market size and forecast, by Age group
8.2.6.3.4 Market size and forecast, by Platform
8.3 Europe
8.3.1 Key trends and opportunities
8.3.2 Europe Market size and forecast, by Type
8.3.3 Europe Market size and forecast, by Source
8.3.4 Europe Market size and forecast, by Age group
8.3.5 Europe Market size and forecast, by Platform
8.3.6 Europe Market size and forecast, by country
8.3.6.1 Germany
8.3.6.1.1 Market size and forecast, by Type
8.3.6.1.2 Market size and forecast, by Source
8.3.6.1.3 Market size and forecast, by Age group
8.3.6.1.4 Market size and forecast, by Platform
8.3.6.2 UK
8.3.6.2.1 Market size and forecast, by Type
8.3.6.2.2 Market size and forecast, by Source
8.3.6.2.3 Market size and forecast, by Age group
8.3.6.2.4 Market size and forecast, by Platform
8.3.6.3 France
8.3.6.3.1 Market size and forecast, by Type
8.3.6.3.2 Market size and forecast, by Source
8.3.6.3.3 Market size and forecast, by Age group
8.3.6.3.4 Market size and forecast, by Platform
8.3.6.4 Italy
8.3.6.4.1 Market size and forecast, by Type
8.3.6.4.2 Market size and forecast, by Source
8.3.6.4.3 Market size and forecast, by Age group
8.3.6.4.4 Market size and forecast, by Platform
8.3.6.5 Spain
8.3.6.5.1 Market size and forecast, by Type
8.3.6.5.2 Market size and forecast, by Source
8.3.6.5.3 Market size and forecast, by Age group
8.3.6.5.4 Market size and forecast, by Platform
8.3.6.6 Ireland
8.3.6.6.1 Market size and forecast, by Type
8.3.6.6.2 Market size and forecast, by Source
8.3.6.6.3 Market size and forecast, by Age group
8.3.6.6.4 Market size and forecast, by Platform
8.3.6.7 Rest of Europe
8.3.6.7.1 Market size and forecast, by Type
8.3.6.7.2 Market size and forecast, by Source
8.3.6.7.3 Market size and forecast, by Age group
8.3.6.7.4 Market size and forecast, by Platform
8.4 Asia-Pacific
8.4.1 Key trends and opportunities
8.4.2 Asia-Pacific Market size and forecast, by Type
8.4.3 Asia-Pacific Market size and forecast, by Source
8.4.4 Asia-Pacific Market size and forecast, by Age group
8.4.5 Asia-Pacific Market size and forecast, by Platform
8.4.6 Asia-Pacific Market size and forecast, by country
8.4.6.1 China
8.4.6.1.1 Market size and forecast, by Type
8.4.6.1.2 Market size and forecast, by Source
8.4.6.1.3 Market size and forecast, by Age group
8.4.6.1.4 Market size and forecast, by Platform
8.4.6.2 India
8.4.6.2.1 Market size and forecast, by Type
8.4.6.2.2 Market size and forecast, by Source
8.4.6.2.3 Market size and forecast, by Age group
8.4.6.2.4 Market size and forecast, by Platform
8.4.6.3 Japan
8.4.6.3.1 Market size and forecast, by Type
8.4.6.3.2 Market size and forecast, by Source
8.4.6.3.3 Market size and forecast, by Age group
8.4.6.3.4 Market size and forecast, by Platform
8.4.6.4 Australia
8.4.6.4.1 Market size and forecast, by Type
8.4.6.4.2 Market size and forecast, by Source
8.4.6.4.3 Market size and forecast, by Age group
8.4.6.4.4 Market size and forecast, by Platform
8.4.6.5 South Korea
8.4.6.5.1 Market size and forecast, by Type
8.4.6.5.2 Market size and forecast, by Source
8.4.6.5.3 Market size and forecast, by Age group
8.4.6.5.4 Market size and forecast, by Platform
8.4.6.6 Rest of Asia-Pacific
8.4.6.6.1 Market size and forecast, by Type
8.4.6.6.2 Market size and forecast, by Source
8.4.6.6.3 Market size and forecast, by Age group
8.4.6.6.4 Market size and forecast, by Platform
8.5 LAMEA
8.5.1 Key trends and opportunities
8.5.2 LAMEA Market size and forecast, by Type
8.5.3 LAMEA Market size and forecast, by Source
8.5.4 LAMEA Market size and forecast, by Age group
8.5.5 LAMEA Market size and forecast, by Platform
8.5.6 LAMEA Market size and forecast, by country
8.5.6.1 Rest of Latin America
8.5.6.1.1 Market size and forecast, by Type
8.5.6.1.2 Market size and forecast, by Source
8.5.6.1.3 Market size and forecast, by Age group
8.5.6.1.4 Market size and forecast, by Platform
8.5.6.2 Rest Of Middle East
8.5.6.2.1 Market size and forecast, by Type
8.5.6.2.2 Market size and forecast, by Source
8.5.6.2.3 Market size and forecast, by Age group
8.5.6.2.4 Market size and forecast, by Platform
8.5.6.3 South Africa
8.5.6.3.1 Market size and forecast, by Type
8.5.6.3.2 Market size and forecast, by Source
8.5.6.3.3 Market size and forecast, by Age group
8.5.6.3.4 Market size and forecast, by Platform
CHAPTER 9: COMPANY LANDSCAPE
9.1. Introduction
9.2. Top winning strategies
9.3. Product Mapping of Top 10 Player
9.4. Competitive Dashboard
9.5. Competitive Heatmap
9.6. Key developments
CHAPTER 10: COMPANY PROFILES
10.1 PACE DIGITAL
10.1.1 Company overview
10.1.2 Company snapshot
10.1.3 Operating business segments
10.1.4 Product portfolio
10.1.5 Business performance
10.1.6 Key strategic moves and developments
10.2 REVOLUTION CMES
10.2.1 Company overview
10.2.2 Company snapshot
10.2.3 Operating business segments
10.2.4 Product portfolio
10.2.5 Business performance
10.2.6 Key strategic moves and developments
10.3 SHOWCASE EVENTS
10.3.1 Company overview
10.3.2 Company snapshot
10.3.3 Operating business segments
10.3.4 Product portfolio
10.3.5 Business performance
10.3.6 Key strategic moves and developments
10.4 TARGET EXHIBITIONS
10.4.1 Company overview
10.4.2 Company snapshot
10.4.3 Operating business segments
10.4.4 Product portfolio
10.4.5 Business performance
10.4.6 Key strategic moves and developments
10.5 TCJ MANAGEMENT CO. LTD
10.5.1 Company overview
10.5.2 Company snapshot
10.5.3 Operating business segments
10.5.4 Product portfolio
10.5.5 Business performance
10.5.6 Key strategic moves and developments
10.6 THE COLLABORATIVE EXCHANGE
10.6.1 Company overview
10.6.2 Company snapshot
10.6.3 Operating business segments
10.6.4 Product portfolio
10.6.5 Business performance
10.6.6 Key strategic moves and developments
10.7 VIETAPPS CO., LTD.
10.7.1 Company overview
10.7.2 Company snapshot
10.7.3 Operating business segments
10.7.4 Product portfolio
10.7.5 Business performance
10.7.6 Key strategic moves and developments
10.8 MORPH DIGITAL SOLUTIONS PRIVATE LIMITED
10.8.1 Company overview
10.8.2 Company snapshot
10.8.3 Operating business segments
10.8.4 Product portfolio
10.8.5 Business performance
10.8.6 Key strategic moves and developments
10.9 LONDON FILMED
10.9.1 Company overview
10.9.2 Company snapshot
10.9.3 Operating business segments
10.9.4 Product portfolio
10.9.5 Business performance
10.9.6 Key strategic moves and developments
10.10 AMERICAN PROGRAM BUREAU, INC.
10.10.1 Company overview
10.10.2 Company snapshot
10.10.3 Operating business segments
10.10.4 Product portfolio
10.10.5 Business performance
10.10.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Virtual Events Industry Market,' the virtual events industry market was valued at $306.3 billion in 2021, and is estimated to reach $1024.8 billion by 2031, growing at a CAGR of 13% from 2022 to 2031.Virtual events are digitally simulated proceedings such as meetings and conferences using web-based platforms that allow people to share information & discuss and solve problems virtually. Virtual webinar and conferences are held for the same reasons as that of the live events, for instance, to deliver a company’s message to drive leads & revenue and build loyalty lifetime value. The virtual event market consists of organizers and suppliers that deal in the management and delivery of virtual conference, tradeshow/exhibition, webinar, company meetings, and other related events held to achieve a range of professional & business objectives. Virtual events are less expensive to run as compared to live events. According to the event planner, Wild Apricot, the number of organizations which were planning to run virtual event in 2019 has doubled in 2020, owing to the COVID-19 pandemic.
The virtual events industry market growth can be attributed to such events being very cost effective. The cost efficiency makes way to bring in large number of attendees from all over the globe to a purposeful gathering. Thus, increase in popularity of digitally simulated gatherings among event organizers and attendees due to their time efficacy is likely to fuel the market growth during the forecast period. Furthermore, virtual events help organizations reduce the overall cost associated with organizing a physical seminar, conference, or meeting as planners may save on venue, staff, meals, attendee’s accommodation, and travel costs. Therefore, organizations of all sizes are adopting virtual events instead of preferring physical events, as they are quick to arrange, inexpensive, and bring the relevant people for events, results in the virtual events industry market trends.
Thus, the abovementioned factors act as the key driving forces of the virtual events industry. However, virtual event is completely dependent on technology use. An event app or website with bad user experience (UX), a malfunctioning camera, or weak internet strength can all ruin the virtual event experience. These factors might lead to failure of virtual events; thereby, hampering the growth of the market as per the virtual events industry market forecast report.
The virtual events industry market size is segmented on the basis of type, source, age group, and platform. Based on type, the market is divided into webinar, virtual expo fairs & festivals, entertainment, conference, and others. On the basis of source, it is categorized into ticket sale, sponsorship, and others. Based on age group, the market is classified into below 20 years, 21 to 40 years, and above 40 years. On the basis of platform market is categorized into web based platform, and XR platform.
Based on type, the virtual events industry market share in entertainment segment witness major growth during the forecast period. This is attributed to the fact that virtual entertainment events are responsible for providing the general public with a variety of entertainment possibilities, including musical entertainment, live entertainment, mass media entertainment, and electronic entertainment. Thus, increase in popularity of these entertainment events is one of the key factors driving the entertainment segment growth.
On the basis of source, the virtual events industry market size in sponsorship segment contributed for the highest share into the market, and is expected to remain dominant throughout the forecast period 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 for strong marketing, owing to the fact that most of the events use sponsorship support to offer exciting programs and to help defray rising costs.
Based on age group, the 21 to 40 years segment was the largest segment in 2021, and is expected to remain dominant throughout the forecast period. 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.Based on platform, the web based platform segment contributed the highest share, 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 presentation can be changed accordingly.
The key players have adopted product launch and expansion as their key strategies to stay competitive in the virtual events market. The key players profiled in the report include London Filmed, American Program Bureau, INC., Pace Digital, Revolution CMES, Showcase Events, Target Exhibitions, TCJ Management Co. Ltd, The Collaborative Exchange, Vietapps Co., Ltd., and Morph Digital Solutions Private Limited.
Key findings of the study
Virtual events industry market analysis by type, the conference segment has the largest market share in 2021 and is expected to grow with the CAGR of 12.8%, during the forecast period.By source, the virtual events industry market opportunity in sponsorship segment dominate the market in 2021.
By age group, the virtual events industry market demand in below 20 years segment witness major growth during the forecast period.
By platform, XR platform segment is expected to grow with the highest CAGR of 29.4% during the forecast period.
Companies Mentioned
- Pace Digital
- Revolution Cmes
- Showcase Events
- Target Exhibitions
- Tcj Management Co. Ltd.
- the Collaborative Exchange
- Vietapps Co. Ltd.
- Morph Digital Solutions Private Limited
- London Filmed
- American Program Bureau, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 259 |
| Published | October 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 306.3 billion |
| Forecasted Market Value ( USD | $ 1024.8 billion |
| Compound Annual Growth Rate | 12.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
