Global market to reach $889 billion by 2032 due to growing demand for flexible, time-saving, and cost-effective solutions

virtual event market

DUBLIN, April 22, 2024 (Globe Newswire) — The “Virtual Events Market Report 2024-2032 by Type, Solution Type, Application, End Use and Region” report has been added. ResearchAndMarkets.com Recruitment.

The global virtual events market size will reach USD 171.4 billion in 2023. In the future, the market is expected to show a growth rate (CAGR) of 20.1% between 2023 and 2032, reaching USD 889 billion by 2032. Increasing number of smartphone users across the world, emergence of various advanced technologies, and increasing adoption among businesses to build brand image and acquire more customers are some of the key factors driving the market. It represents.

North America (US and Canada) was the largest market for virtual events. The factors driving the North American virtual events market include the increasing adoption of digital simulation platforms in the healthcare industry, increasing number of multinational companies, and increasing demand for business meetings in the government sector. Moreover, the demand for virtual events is increasing as they are easy to conduct and can generate more revenue, driving the growth of the market in the region.

Increasing adoption of virtual events due to rising demand for convenient meetings between individuals is currently one of the key drivers positively impacting the market. Additionally, there is a growing demand for flexible, time-saving, and cost-effective business conferencing solutions among various organizations around the world. This, coupled with the increasing use of virtual events to deliver high-quality interactive sessions and increase brand awareness, is strengthening the market growth.

What is a virtual event?

Virtual events, also known as online events, provide virtual interactions in different locations through a variety of connected devices such as smartphones, laptops, desktop computers, and tablets. It provides flexibility and scalability even in remote locations and allows for real-time language translation in a variety of languages. It helps you maximize your reach to a wide audience while reducing the cost of your event.

It can also help you better track attendee data, improve accessibility, increase business revenue, and improve your company’s brand image. In addition to this, it is also beneficial in building trust among customers, increasing sales for companies, and reducing travel costs. Widely used to efficiently conduct webinars, live streams, trade shows, online classes, product launches, corporate meetings, online tours, etc., the demand for virtual events is increasing around the world.

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Virtual event market trends:

Currently, the use of virtual events is increasing among businesses as they manage time and resources effectively compared to physical events and is one of the key factors contributing to the growth of the market. In addition to this, virtual events are gaining adoption as they are highly interactive and friendly, offering live chat and download options during the meeting, leading to a positive outlook for the market.

Additionally, there is a growing demand for flexible remote workplaces to organize work procedures among employees around the world. This, coupled with the increasing adoption of virtual events as the focus shifts towards strengthening and building brand loyalty and acquiring more customers, is driving market growth. Apart from this, increasing adoption of virtual events in content and social media management and event marketing among businesses across the globe is driving the market growth.

Moreover, the increasing emergence of advanced technologies that enable enhanced online communications around the world, such as artificial intelligence (AI), augmented reality (AR), and virtual reality (VR), is a growth that is favorable to investors in the industry. opportunities are provided. Furthermore, rapid digitalization and increasing number of smartphone users across the world are supporting the market growth. Additionally, leading companies are introducing enhanced virtual conferencing and networking solutions to improve customer experience, which is reinforcing the market growth.

Key questions answered in this report

• How big is the virtual event market?

• What is the expected growth rate of the global virtual events market from 2024 to 2032?

• What are the key factors driving the global virtual events market?

• What impact has COVID-19 had on the global virtual events market?

• What is the breakdown of the global virtual events market by type?

• What is the breakdown of the global virtual events market based on end use?

• What are the key regions in the global virtual events market?

• Who are the key players/companies in the global Virtual Events market?

Key attributes:

Competitive environment:

Key market segmentation:

Type insight:

Solution type insights:

• Webinars and enterprise streaming

• networking and collaboration

• Content sharing and media development

• event marketing

• others

Application insights:

End-use insights:

• For companies

• education

• health care

• finance and banking

• government

• others

Regional insights:

• North America

• America

• Canada

• Asia Pacific

• China

• Japan

• India

• South Korea

• Australia

• Indonesia

• others

• Europe

• Germany

• France

• England

• Italy

• Spain

• Russia

• others

• latin america

• Brazil

• Mexico

• others

• middle east and africa

For more information on this report, please visit https://www.researchandmarkets.com/r/d0vxlx.

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