Market Trends of Virtual Events Industry
Increased Frequency of Business Events may Drive the Market Growth
- Virtual events allow businesses to overcome geographical barriers and reach a global audience. Attendees can join from anywhere worldwide without needing to travel, making it easier for enterprises to connect with customers, partners, and employees worldwide.
- Moreover, virtual events offer flexibility in terms of timing and accessibility. Attendees can join from their homes or offices, eliminating the need for travel and time away from work. Virtual events also allow on-demand content, allowing attendees to conveniently access presentations, workshops, and resources.
- Further, technological advances have made it easier than ever to host virtual events. Reliable video conferencing platforms, interactive virtual environments, and networking tools have improved the overall experience and engagement levels during virtual events. Businesses use these technological advancements to create immersive and interactive virtual experiences for their audiences.
- Additionally, virtual events offer valuable data analytics and insights that can help businesses measure the success of their events and make data-driven decisions. Metrics such as attendee engagement, session popularity, and lead generation can be tracked and analyzed in real time, providing businesses with valuable information to optimize future events. The availability of such data-driven insights further fuels the demand for virtual events as businesses seek to improve their event strategies and outcomes.
- Such factors are significant in recognizing the potential of virtual events across various businesses and driving the market growth. According to the Ten Times website data, approximately 33 thousand events were published on an event platform for the United States between May 2022 and April 2023, making it the country with the most conferences, business meetings, and trade exhibitions scheduled during that time. With 6.4 thousand events spanning all industries, the United Kingdom came in second.
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North America to Hold the Highest Market Share
- North America is home to developed economies like the United States and Canada, which further drive advanced networking infrastructure. The region is widely recognized as an early adopter of the latest technologies and is considered a business hub. The rapid increase in the application of digitally simulated platforms, primarily in the healthcare industry, is expected to drive market growth in Canada over the forecast period.
- The rising disposable income, continued development of UCaaS applications, and the growing number of start-ups and conglomerates in these regions are among other factors driving the growth of the studied market.
- In addition, North America has a robust technological infrastructure, including reliable internet connectivity and advanced digital platforms. This infrastructure enables seamless hosting and participation in virtual events, leading to increased adoption and growth in the market. For instance, as per GSMA reports, there will be about 280 million 5G connections in North America by 2025, or roughly two-thirds of all mobile connections.
- Furthermore, according to a recent Harris poll among adults in the United States, most respondents (61%) pointed to safety concerns as the major reason for choosing a virtual event. However, 43% enjoyed the convenience, and 39% welcomed the ability to attend events far from home as some of the major driving trends for virtual events.
- North America has a thriving business ecosystem across various industry verticals, including technology, finance, healthcare, entertainment, education, and more. Each of these sectors has unique requirements and opportunities for virtual events. As businesses within these industries recognize the benefits and potential of virtual events, they are increasingly adopting and investing in virtual event solutions, driving the market's growth.
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