The post-pandemic world has witnessed a new era of events technology, the Virtual Events, that eventually became mainstream to tackle the critical conditions. Widely used by small and medium-sized organisations for event marketing, access management, analytics, outsourcing, and social media development, a virtual event can be sponsored by a group of people or by a particular corporation that has numerous viewers in attendance. The market for virtual events is currently dominated by North America due to a radical shift toward online communication platforms and tools for athletic events, educational seminars, marathons, film festivals, and other events. The region benefits from having big businesses like Microsoft, Google, and Facebook as well as a number of up-and-coming competitors. Billboard estimates that over a million people attend over 800 music events annually only in the United States. Backing this, with several more opportunities in every domain, the future of virtual events in 2023 is expected to rise steadily.
- In 2022, the market for virtual events is estimated to be worth USD 160.21 billion, and from 2023 to 2030, it is expected to have grown to USD 617.33 billion, with a CAGR of 21.1%.
- During the period of forecast, Corporate Events is anticipated to be the market’s dominant segment.
- In the market for virtual events, North America is anticipated to hold the largest market share.
- The North American Region will account for all of the worldwide growth of 29%. Many industries in North America are implementing fresh strategies to improve the workplace and engage in social seclusion. To reduce production losses and the need for trained personnel, the automotive industry uses virtual inspection. Seminars and meetings are being held in industries like healthcare, hospitality, and finance and banking that may be attended via cell phones, desktop computers, laptops, and tablets. Additionally, in 2023 it is expected that cost-free educational opportunities to help students learn more at lesser costs will bring the necessary revolution in the education industry. In addition, many businesses and IT companies host corporate events for their staff, associates, and clients to introduce and market new products.
Determinants and Constraints
In 2023, the rapidly developing North American event market is riding a wave of technologies that are redefining entire industries. Over time, virtual events will eventually replace the customary conferences and trade exhibits. It will keep implementing virtual technology to supplement or replace live events if attendance is declining.
Virtual event technology has so far been utilised by the private sector for corporate power events, but virtual events in the public sector are steadily gaining ground. The need for digital processes has been significantly impacted by the growing adoption of Unified Communication as a Service (UCaaS) in organisations, educational institutions, and businesses. The expansion of the worldwide virtual events market is being driven by the increase in the number of corporate events. Organisations hold five to seven events annually on average. Corporate events are held for clients, business partners, and workers of Organisations.
Events are planned to introduce and market new products as well as to honour the achievements of the current goods and services. Events are also planned to cultivate client relationships and nurture customer relationships.
The expansion of the global virtual events market would be hampered by new threats from open-source virtual event solutions. Any platform can download and use open-source software. As a result, many micro and small businesses as well as individual users are choosing open-source goods. Most open-source virtual events offer the same fundamental and common features as proprietary virtual events. Furthermore, due to their affordability, individual consumers favour open-source virtual events.
- During the time of the forecast, North America’s market share will expand significantly.
- Global retail and IT companies are widely spread throughout North America. The expansion of the market in this region will be fueled by virtual events, such as international conferences, online product launches, and exhibitions hosted by IT businesses.
- This region’s market will increase more quickly than the market in Europe.
- For the North American virtual events market, the US is a crucial nation.
The global virtual events market is anticipated to increase in 2023 as unified communication as a service adoption among businesses, corporations, educational institutions, and numerous other organisations across industries rises. A few other important factors that are anticipated to contribute to the market growth globally include the growing use of virtual event platforms in the healthcare sector to conduct medical conferences and seminars, increasing demand for VR and AR technologies across industries, growing levels of digitalization and work-from-home policies, an increase in the number of event management companies, and time and money savings for both organisers and participants.
The market is divided into four categories based on type: Webinar, Virtual Expo Fairs & Festivals, Entertainment, and Conference. With a market value of USD 28,172.24 million in 2020, entertainment had the largest market share (35.60%), and it is anticipated that it will expand at the highest CAGR of 26.28% over the next five years. Conference, which had a market worth of USD 22,952.36 million in 2020 and was expected to increase at a CAGR of 25.53% in 2021, was the second-largest market.
What makes North America an incubation for Virtual Events?
High-end solutions for simple app creation and customization are offered by market participants in North America, allowing for simple setup and code customizations. Another source of event income is now being provided via in-app sponsorships and real-time updates. The expansion of the North American event apps industry is accelerated by the incorporation of a city tour, live polling, and gamification for guest participation and feedback. Moreover the demand in the region has also given rise to competition in the market which has further led to the growth of many new players, flooding their way in the market. New entrants like ibentos provide high-end events technology and end-to-end support to its customers across the globe. Though being a new stakeholder in the North American market, ibentos holds a strong presence across many other countries with its world-class virtual events, hybrid events and metaverse platforms. With prime focus on delivering life-like immersive experiences along with in-depth live interactions amongst the attendees to live upto the expectations beyond a physical event.
Now since you already know what ibentos has packed for 2023, for the North American market, it’s time you try your hands too on the ibentos Virtual Events Platform. Get in touch with us today for a larger than life experience.
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