IMARC Group expects the global virtual events market to reach US$385.1 billion by 2027, growing at a CAGR of 22.8% during the period 2022-2027.
SHERIDAN, WYOMING, USA, Oct. 14, 2022 /EINPresswire.com/ — According to IMARC Group’s latest report, titled “Virtual Events Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022 -2027,” offers a comprehensive analysis of the industry, which includes information about the Virtual Events market report. The report also includes competitor and regional analysis, as well as contemporary advancements in the global market. The global virtual events market reached a value of US$114.1 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$385.1 billion by 2027, showing a CAGR of 22.8% in 2022-2027.
Virtual events refer to web-based solutions that allow people who are not physically present at a location to interact in a virtual space through laptops, smartphones, desktops, and tablets. These are corporate webinars and streaming, networking and collaborations, content sharing, media development, event marketing, and more. Virtual events facilitate a personalized experience, improve an organization’s audience reach, and prove to be highly cost effective compared to traditionally used conferencing tools. Therefore, they find wide applications in many industries, such as education, hospitality, banking, business, government, etc.
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We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
Global Virtual Events Market Trends:
Growing urbanization and rising adoption of virtual tools, infrastructure and services by small and large enterprises across countries are mainly driving the virtual events market. In addition to this, the increasing integration of other interactive tools, which include polls, forums, chats, live questions and answers (Q&A), etc., to improve the effectiveness of events acts as another important growth factor. Additionally, the development of advanced software-as-a-service (SaaS) based virtual events that enable organizations to deliver unique interactive experiences is also positively influencing the global market. Apart from this, shifting preferences towards audio and video conferencing procedures for recruitment purposes is further augmenting the market growth. Additionally, the growing deployment of Unified Communication as a Service (UCaaS), the emerging trend of work-from-home policy, due to the sudden spread of the Covid-19 pandemic, and the growing need for institutions to health to organize medical seminars and conferences are expected to propel the virtual events market in the coming years.
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Competitive landscape with key players:
The report has also analyzed the competitive landscape of the market with some of the key players.
• Adobe Inc.
• Avaya Holdings Corp.
• Broadsoft Inc.
• Cisco Systems Inc.
• Citrix Systems Inc.
• International Business Machines
• Microsoft Corporation
• Mitel Networks
• Toshiba Corporation
• Zoom Video Communications Inc.
Virtual Events Market Segmentation:
Our report has categorized the market based on region, type, solution type, application, and end-use.
Market Breakdown by Type:
• Video conferencing and unified communications and collaborations
• Web conferencing
Breakdown of the market by type of solution:
• Corporate webinars and streaming
• Networking and collaborations
• Content sharing and media development
• Marketing events
Market Breakdown by Application:
• Virtual conferences
• Virtual fairs
• Online education programs
• Virtual reality exhibits
Market Breakdown by End Use:
• Health care
• Finance and banking
Market Breakdown by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, others)
Main highlights of the report:
• Market performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s five forces analysis
• Market drivers and success factors
• SWOT analysis
• Value chain
• Complete mapping of the competitive landscape
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