In 2022, the market for virtual events was estimated to be worth USD 160.12 billion. From 2023 to 2030, it is expected to increase at a CAGR of 21.4%. During the projection period, it is predicted that the widespread usage of collaboration and communication tools across a number of industries and industry verticals, including retail & e-commerce, healthcare, manufacturing, construction, and education, among others, will spur market growth and the demand for virtual conferences in North America particularly. The increasing adoption of Unified Communications as a Service (UCaaS)-based solutions by various organizations and businesses, including academic institutions, enables the staff and other resources to virtually participate in all business activities and contributes to the realization of a more effective and efficient workflow, which is positive for the market’s expansion.
What led to the popularity?
Accessibility: Users are engaging remotely through virtual conferences in North America via digital platforms, regardless of where they are. Attendees from all over the world can connect via a number of web-based platforms. Online communication and collaborative activities are specially made possible by the confluence of artificial intelligence (AI), augmented reality (AR), and virtual reality (VR), which can encompass all parts of a physical event. Additionally, businesses are quickly implementing virtual simulation platforms to efficiently manage their time and resources, which is fueling the market’s expansion.
Multi-event Support: Not just corporate virtual conferences, but Sales meetings, job fairs, summits, audio/video conferences, exhibitions, and trade displays can also be covered by digitally simulated events. One of the key elements influencing the market is the Work-From-Home (WFH) policy, which many businesses implemented in reaction to the lockdowns and limitations on people’s movement imposed by various governments across the world as part of the efforts to stop the spread of the coronavirus. At this point, virtual events are crucial in enabling organizations to communicate with their distant employees and carry out their daily operations.
Enhanced Client Experience: On the other hand, the shifting demands of the end consumers are driving market participants to launch novel solutions. For instance, ibentos, a virtual conference and hybrid conference provider, has stepped into the market of virtual event platforms in North America with the goal of improving client experience with its improved virtual conference and networking solutions. The organization is eager to expand its network and community capabilities in order to support learners throughout the world in connecting with one another and participating in the virtual conference. The company is also updating its price structure to make it more accessible to a wider variety of conference budgets.
Flexibility: Over time, the distribution models known as Software as a Service (SaaS) and UCaaS became popular. Due to the flexibility that SaaS and UCaaS-based solutions may provide, Small- and Medium-sized Enterprises (SMEs) like them the most. However, established players in the BFSI, hotel, healthcare, and education sectors frequently use digitally mimicked platforms. Other companies also communicate with customers and promote their goods using virtual channels, particularly when new products are introduced. In order to meet evolving needs and increase profitability, market players are placing a high priority on the introduction of innovative solutions and services.
Global Connectivity: The actions being taken by the market participants are ultimately resulting in the creation of a connectivity network that has the potential to transcend all geographical boundaries and reach the vast majority of people. All online activities, including those connected to the virtual world, are, however, constantly vulnerable to cyberattacks. Data security and privacy protection are equally important to service providers, even though information convergence is still essential for launching international connectivity services and subsequently generating new growth opportunities. Invoicing, group work management, mobile event management, client administration, and email marketing are among the features that are frequently facilitated by integrating virtual event management platforms with various communication and collaboration tools, which may present security risks.
Ride the Tide
Over the projection period, the market growth is expected to be constrained by these escalating concerns over data security and privacy protection. One of the key reasons hindering the market’s expansion is the ongoing release of free, open-source event management systems. However, in an effort to allay security worries, a number of governments are creating norms, standards, and rules that will guarantee data security and privacy protection. A simple and easy way to get past this is by partnering with a trusted virtual events platform like ibentos that offers world-class event technology with complete data security at affordable prices. The ibentos is an XR platform with extensive experience in catering to a wide gamut of leading brands across the globe. Renowned to create brand campaigns, businesses, and events in immersive virtual environments and metaverse, for global organizations. At ibentos, we develop the most comprehensive and personalized metaverse, virtual and hybrid event models for each client to cater to their specific requirements and offer complete end-to-end solutions, from ideation to implementation.
Want to execute an enriching virtual event for your audience, reach out to us now.