Virtual Events Market to Soar in the Near Future Owing to Growing Consumer Adoption

Virtual events are digitally simulated meetings and conferences that use web-based platforms to allow people to share information, discuss, and solve problems virtually. Virtual webinars and conferences are held for the same reasons as live events, such as delivering a company's message, driving leads and revenue, and building loyalty lifetime value. The Virtual Events Industry is made up of organisers and suppliers who deal with the management and delivery of virtual conferences, tradeshow/exhibition, webinars, company meetings, and other related events that are held to achieve a variety of professional and business goals. When compared to live events, virtual events are less expensive to run. 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 growth of the Virtual Events Market Industry can be attributed to such events being very cost-effective. The cost-efficiency makes way to bring in large number of attendees from all over the globe to a purposeful gathering. Thus, increase in popularity of digitally simulated gatherings among event organizers and attendees due to their time efficacy is likely to fuel the market growth during the forecast period. Furthermore, virtual events assist organisations in lowering the overall cost of organising a physical seminar, conference, or meeting by allowing planners to save money on venue, staff, meals, attendee accommodation, and travel costs. As a result, organisations of all sizes are opting for virtual events over physical events because they are easier to organise, less expensive, and bring in the right people. As a result, the aforementioned factors serve as the primary driving forces in the virtual events sector. However, the use of technology is completely dependent on the virtual event. A bad user experience (UX) in an event app or website, a malfunctioning camera, or poor internet connection can all ruin the virtual event experience. These factors may cause virtual events to fail, stifling the growth of the Virtual Events Industry.

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.