Virtual events can be defined as interacting with people or audiences through virtual platforms or services such as web, telephones among others. Virtual events are online exhibitions which include Webinars, Virtual Trade Shows, Online Trade, Video conferences, Teleconference/teleseminar, Videophone call, Webcast, Podcasts, breakout sessions among others. The virtual events can be enabled on laptops, desktop, and smartphones among others.
Factors Driving Growth of the Global Virtual Events Market
The increasing global competition and changing business scenarios are continually driving companies across the globe to focus on cost optimization. Owing to this, various companies are opting for virtual events to minimize travel expenses. Organizing virtual events helps companies to cater to clients in various countries or regions where the company does not have physical presence. Moreover, the companies are coming up with corporate events to launch new products, product promotions, customer summits among others. For instance, in October 2019, OnePlus, a mobile manufacturer in India, launched its new product OnePlus7T in a live event that was telecasted live across the globe via several online platforms. Increasing use of online platforms for such events is expected to drive growth of the virtual events market.
The popularity of virtual events is increasing significantly in the education field. In recent years, online learning platforms and applications have increased significantly. These online learning platforms use webinars, interactive class sessions, and podcasts to connect with students. Moreover, several universities are organising virtual job fairs to create better career opportunities for students. For instance, in May 2019, Memorial University of Newfoundland organized virtual job fairs to learn about different organizations, and view and apply for job opportunities across Canada.
Factors Restraining Growth of the Global Virtual Events Market
However, emerging threat from open-source virtual events solutions such as Livestorm, Samepage, Zoom Video Webinar others is restraining the growth of the virtual events market. Moreover, inadequate communication infrastructure in Africa and South America regions is expected to hamper growth of the global virtual events market over the forecast period.
Regional Analysis of Virtual Events Market
On the basis of region, the global virtual events market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. In 2018, North America accounted for the largest share in the virtual events market and is expected to retain its dominance over the forecast period. North America region includes countries such as the U.S. and Canada, where the adoption of virtual events such as video conferencing and web conferencing among others is highest, as this region has a number of companies that have their global headquarter in these two countries and have presence across the globe. These companies always need to be connected with their regional subsidiaries and offices. Owing to this the use of virtual communication services such as web conferencing, video conferencing, Teleseminar among others are used most widely. For instance, a company such as Google who has its presence globally uses virtual communication services not only to communicate with its regional offices but also to communicate with global customers.
Furthermore, the presence of leading virtual events connectivity system providers such as CISCO Systems, Microsoft, IBM Corporation, and Citrix Systems among others in this region is expected to drive the growth of this market over the forecast period. Moreover, increasing adoption of smart technologies by retail, transportation, telecom, and manufacturing sectors in North America is expected to drive the market growth over the forecast period.
Key players in the Global Virtual Events Market
Some of the key players operating in the virtual events market include Adobe Systems, Avaya, Cisco Systems, Citrix Systems, IBM Corporation, Microsoft, Mitel Networks, Alcatel-Lucent, Atlassian, BroadSoft, COREX (PTY), Huawei Technologies, Toshiba, ubivent, and Zoom Video Communications.
Global Virtual Events Market: Taxonomy
The global virtual events market is segmented on the basis of type, End Use Industry, enterprise size and region