The global virtual events market is projected to reach $4.44bn (£3.36bn) by 2025, up from $1.57bn (£1.19bn) in 2020, growing at a compound annual growth rate of 23.1%, according to analysis by business growth consultant Frost & Sullivan.
Advanced data reporting and analytics, greater accessibility, enhanced ease of use, along with reduced travel and growing sustainability goals are the primary growth drivers.
Roopam Jain, VP research, information and communication technology at Frost & Sullivan said: “Representing a highly fragmented space, webinars and virtual events are ripe for market consolidation and technology unification. Businesses will increasingly demand a unified end-to-end platform that meets the full spectrum of needs from online meetings to events of all sizes, spanning in-person, virtual and hybrid experiences. A single platform that integrates onsite and offsite tools allows customers to realise the full potential of hybrid events, including the ability to centralise audience analytics.”
To tap into the opportunities presented in the market, Frost & Sullivan advises participants should:
- Harness the full potential of AI: Providers should tap into AI-enabled technologies that better capture timely, actionable insights to understand attendee engagement, event experiences, and outcomes.
- Reimagine virtual events: Aligning with experienced physical event organisrs and producers can help virtual event providers move into the hybrid space while each party remains focused on their core competencies.
- Bridge the gap between virtual and physical: Focus on offering connected and unified experiences across a range of event types, and join modes leveraging technologies that allow physical and virtual events to complement, not cannibalise, each other.
- Focus on team collaboration integration: Create a vast ecosystem of third-party hardware, software and integrated collaboration technologies to simplify the process of the event lifecycle.
Jain added: “Artificial intelligence (AI) and data-driven insights along with hyper-personalisation are becoming the cornerstone technologies. The market is seeing an unprecedented pace of innovation with intelligent software, allowing for AI-based attendee insights, personalised content and networking recommendations accelerating engagement and better business outcomes.”