NEW YORK, December 16, 2022 /PRNewswire/ — According to Technavio, the Global Virtual Events Market Size is estimated to grow $273.82 million from 2022 to 2027. The market is expected to grow at a CAGR of 21.34% over the forecast period. In addition, the growth momentum will accelerate. North America will account for 29% of the global market during the forecast period.
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Global Virtual Events Market – Parent Market Analysis
Technavio has categorized the global virtual events market as part of the global system software Market that includes companies engaged in the development and manufacture of application and system software. This includes companies that offer database management software. Technavio calculates the global system software market size based on the combined revenue generated by companies engaged in the provision of all types of system software, including cloud-based software. It also includes the annual revenue generated by the companies from running and reselling system software.
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Global Virtual Events Market – Five Forces
The global virtual events market is fragmented and the five forces analysis covers:
bargaining power of buyers
The threat of new entrants
threat of rivalry
bargaining power of suppliers
Danger from substitutes
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Global Virtual Events Market – Customer Landscape
The report covers the adoption life cycle of the market, from the innovator phase to the laggard phase. It focuses on adoption rates in different regions based on penetration. Additionally, the report also includes key buying criteria and price sensitivity drivers to help companies evaluate and develop their growth strategies.
Global Virtual Events Market – Segmentation Assessment
Segment overview
Technavio has segmented the market by type (webinar, conference, virtual exhibitions, fairs and festivals, and entertainment), delivery (UC and C, video conferencing, web conferencing) and geography (North AmericaAPAC, Europe, middle East and Africaand South America).
That UC and C segment will account for a significant share of the market growth during the forecast period. This technology has various advantages such as: B. improved employee productivity, improved communication, increased use of collaboration tools and software, improved optimization of business processes, faster decision making and increased availability of employees. Such factors will drive the growth of the segment over the forecast period.
Overview geography
Based on geography, the global virtual events market is segmented into North AmericaAPAC, Europe, middle East and Africaand South America. The report offers actionable insights and estimates each region’s contribution to the growth of the global Virtual Events Market.
North America will account for 29% of global market growth during the forecast period. The region has a large number of global IT and retail organizations. These organizations often host virtual events such as global conferences and online product launches and exhibitions, which drives the growth of the regional market. Hence, owing to the increasing use of virtual event platforms for organizing global conferences, summits, and sporting events, the market in the region is expected to grow over the forecast period.
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Global Virtual Events Market – market dynamics
key factor in market growth
The increasing number of corporate events is driving the growth of the global virtual events market.
Corporate events are held by organizations for employees, business partners and customers. Companies also use events to present and promote new products.
In addition, virtual events ensure efficiency, save advertising costs and enable a greater reach.
Therefore, organizations use virtual events as an efficient and cost-effective way to save on advertising costs and reach a maximum of viewers.
Leading trends affecting the market
The growing popularity of virtual events in education is a major trend in the market.
The use of virtual classrooms is becoming increasingly popular as these classrooms provide students with meetings anytime, anywhere.
Conferencing also enhances real-time interactions between students and faculty members.
Such factors will positively affect the market growth during the forecast period.
Major challenges are hampering market growth
The emerging threat of open-source virtual events solutions is a major challenge for the growth of the global virtual events market.
Open source solutions can be downloaded and run on all platforms. Because of their low cost, several small businesses and individual users prefer open source products.
This poses a major threat to proprietary event management since the basic functionality provided in proprietary virtual events is available in most open source virtual events. Individual users who want to host small events prefer open-source virtual events because of their cost-effectiveness. Therefore, the existence of open-source virtual event solutions poses a threat to the market.
Drivers, trends and challenges are affecting market dynamics which can impact businesses. Find some insights from a sample report!
What are the key dates covered in this Virtual Events market report?
CAGR of the market during the forecast period
Detailed information on factors that will propel Virtual Events Market growth from 2023-2027
Precisely estimate the size of the virtual events market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the virtual events market North AmericaAPAC, Europe, middle East and Africaand South America
A thorough analysis of the competitive landscape of the market and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of vendors in the Virtual Events market
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Scope of the virtual events market | |
report coverage | details |
page number | 161 |
base year | 2022 |
historical period | 2017-2021 |
forecast period | 2023-2027 |
Growth Dynamics & CAGR | Accelerate with a CAGR of 21.34% |
Market growth 2023-2027 | $273.82 million |
market structure | fragmented |
YoY growth 2022-2023 (%) | 21.11 |
Regional Analysis | North America, APAC, Europe, Middle East & Africa, and South America |
make a market contribution | North America at 29% |
key countries | USA, China, Japan, Germany and Great Britain |
competitive landscape | Leading Vendors, Vendor Market Positioning, Competitive Strategies, and Industry Risks |
Important companies in profile | 8×8 Inc., Adobe Inc., ALE International, Atlassian Corp. Plc, Avaya Holdings Corp., Aventri Inc., Bizzabo, Cadence Design Systems Inc, Cvent Inc., EventX Ltd., Hubb, International Business Machines Corp., Microsoft Corp., Mitel Networks Corp., Ungerboeck, Zoom Video Communications Inc. , Huawei Technologies Co. Ltd., Cisco Systems Inc., Active Network LLC and TOSHIBA CORP |
market dynamics | Root Market Analysis, Market Growth Triggers and Obstacles, Fast Growing and Slow Growing Segment Analysis, COVID-19 Impact and Recovery Analysis, and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period. |
customization area | If our report does not contain the data you are looking for, you can contact our analysts and have segments adjusted. |
customization area | If our report does not contain the data you are looking for, you can contact our analysts and have segments adjusted. |
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table of contents
1. Summary
2 market landscape
3 market size
4 Historical market size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 customer landscape
9 Geographical Landscape
10 drivers, challenges and trends
11 provider landscape
12 Vendor Analysis
13 Appendix
about us
Technavio is a leading global technology research and consulting firm. Her research and analysis focuses on trends in emerging markets and provides actionable insights that help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies and spanning 50 countries. Their customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s extensive reporting, extensive research and actionable market insights to identify opportunities in existing and potential markets and to assess their competitive position in changing market scenarios.
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