The COVID -19 pandemic and the imposition of the lockdown and social distancing norm has been very beneficial to the Virtual Events Industry. Businesses all around the globe had been forced to use virtual channels of communication for purposes such as meetings, live showcases, product reveals, and more. As a result, the adoption of virtual events as a go to communication platform has been phenomenal.
Virtual events market are digitally simulated proceedings such as meetings and conferences using web-based platforms that allow people to share information & discuss and solve problems virtually. Virtual webinar and conferences are held for the same reasons as that of the live events, for instance, to deliver a company’s message to drive leads & revenue and build loyalty lifetime value. The Virtual Events Industry consists of organizers and suppliers that deal in the management and delivery of virtual conference, tradeshow/exhibition, webinar, company meetings, and other related events held to achieve a range of professional & business objectives. Virtual events are less expensive to run as compared to live events. According to the event planner, Wild Apricot, the number of organizations who were planning to run virtual event in 2019 has doubled in 2020, owing to the COVID-19 pandemic.
The rise of the Virtual Events Industry can be ascribed to the fact that such events are extremely cost-effective. The cost-effectiveness allows for a big number of guests from all over the world to attend a meaningful meeting. As a result of their time efficiency, digitally simulated gatherings are becoming increasingly popular among event organisers and attendees, which is expected to fuel market expansion throughout the forecast period. Furthermore, virtual events assist firms in lowering the entire cost of hosting a physical seminar, conference, or meeting by allowing planners to save money on venue, staff, food, attendee accommodation, and travel expenditures. As a result, companies of all sizes are choosing for virtual events over physical events since they are easier to organise, less expensive, and bring in the right individuals. As a result, the aforementioned variables serve as the primary driving forces in the virtual events sector. However, virtual event is completely dependent on technology use. An event app or website with bad user experience (UX), a malfunctioning camera, or weak internet strength can all ruin the virtual event experience. These factors might lead to failure of virtual events; thereby, hampering the Virtual Events Industry growth.
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