The increasing trend of working from home, low operational costs involved in hosting virtual events, and increasing sponsorship of virtual events have driven the growth of the global virtual events market. Asia-Pacific is expected to register the highest CAGR of 13.6% during the forecast period. The pandemic has boosted the virtual events industry as businesses around the world have been forced to use virtual communication channels for meetings, live showcases, and product reveals.
Portland, OR, June 23, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the virtual event market was worth $ 57.71 billion in 2019, and is expected to reach $ 701.39 billion by 2028, growing at a CAGR of 12.6% from 2021 to 2028.
The increase in the trend of working from home, the rise of corporate globalization, the low operating costs involved in hosting virtual events and the increase in sponsorship of virtual events have spurred the growth of the global virtual events industry. However, the lack of awareness is hampering the growth of the market. On the contrary, technological advancements in the virtual events industry would open up new opportunities for market players in the years to come.
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The Covid-19 pandemic has boosted the virtual events industry as businesses around the world have been forced to use virtual communication channels for meetings, live showcases, and product reveals.
The adoption of virtual events has become a go-to communication platform for businesses as the majority of the workforce works from home during the pandemic.
The report segments the global Virtual Events industry on the basis of type, source, age group, and region.
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By type, the entertainment segment dominated the market in 2019, accounting for almost a third of the market. However, the webinar segment is estimated to exhibit the highest CAGR of 14.0% during the forecast period.
Based on the source, the sponsorship segment held the largest share in 2019, contributing more than half of the market. However, the ticket sales segment is expected to represent the highest CAGR of 13.5% from 2021 to 2028.
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The global virtual events industry is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific market is expected to register the highest CAGR of 13.6% during the forecast period. However, the North American market held the largest share in 2019, accounting for almost a third of the market.
Report on Global Virtual Events Industry includes in-depth analysis of major 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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