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

  • On the Basis of Type
    • Tele-conference/tele-seminar
    • Video Conferences
    • Unified Communication and Collaboration
    • Web Conferences
  • On Basis of End Use Industry
    • Banking, Financial Services, and Insurance (BFSI)
    • Education
    • Corporate Offices
    • Healthcare
    • Hospitality
    • Government
    • Others
  • On Basis of Enterprise Size
    • SMEs
    • Large Enterprises
  • On the Basis of Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users