Market Trends of Virtual Events Industry
Enterprises to be the Largest End Users
- As businesses increasingly adopt digital platforms for communication, collaboration, and event hosting, the enterprise segment of the virtual event market has experienced notable growth. Virtual events provide enterprises with a cost-effective, scalable, and flexible approach to conducting meetings, webinars, conferences, product launches, and corporate training sessions. Additionally, the global shift towards hybrid work models, coupled with an intensified focus on sustainable business practices, is driving the adoption of virtual event solutions within enterprises.
- The corporate sector is wholeheartedly embracing virtual gatherings. As digital transformation reshapes the business landscape, the global popularity and adoption of virtual events have surged. Key drivers of this trend include advancements in high-speed internet, video streaming, and virtual reality. Companies are utilizing virtual events for a wide range of purposes, from hosting international conferences to organizing virtual job fairs.
- Hybrid and virtual events have evolved from temporary solutions during the pandemic to becoming essential components of the corporate events landscape. A survey conducted by Cvent, a software-as-a-service provider for meetings, found that 73% of event planners plan to increase their hybrid event hosting in 2024 compared to 2023. Furthermore, sustainability and social responsibility are gaining prominence among corporate event planners. A study by Eventbrite, an online event ticketing platform, revealed that 84% of event planners are actively implementing sustainability measures for their events.
- Data and analytics are playing a crucial role in shaping corporate events. Event planners utilize data not only to assess the success of their events but also to guide decisions for future gatherings. For example, data can shed light on attendance rates, engagement levels, and return on investment (ROI), as well as reveal trends and patterns in attendee behavior. By leveraging this data, planners can ensure that future events are both more engaging and effective.
- Hybrid events are on track to become the norm. A significant portion of corporate events is expected to adopt a hybrid model, accommodating both in-person and virtual attendees. Sustainability is emerging as a top priority. Event planners are focusing on minimizing their events' environmental impact and actively supporting local communities. Data and analytics are becoming indispensable for corporate virtual events. Advanced technologies such as AR, VR, AI, and blockchain are being utilized to create more engaging and immersive experiences for attendees.
- These trends suggest that corporate events are evolving to be more hybrid, sustainable, personalized, data-driven, and technologically advanced. Event planners who embrace these changes are poised to succeed in the evolving landscape of corporate events.
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Asia Pacific to Register Major Growth
- The demand for virtual events in the Asia-Pacific has been surging, driven by advancements in technology, a shift in business culture, and the impact of global events. Virtual events, including webinars, online conferences, trade shows, and virtual exhibitions, have become essential for companies, educational institutions, and organizations across the region.
- The rapid advancement in communication technologies has significantly contributed to the growth of virtual events in the Asia-Pacific. High-speed internet, widespread adoption of mobile devices, and the increasing penetration of cloud-based platforms have made it easier for organizations to host and participate in virtual events. Many businesses in Asia Pacific have adopted digital transformation, and virtual event solutions have become a natural extension of their operations. The region's tech-savvy population also makes the transition to virtual platforms seamless.
- For instance, in April 2024, the Shanghai Virtual Sports Open (SVS) unveiled plans for China's inaugural comprehensive virtual sports event. This city-owned digital sports initiative, rooted in Shanghai, merges traditional sports with the digital realm. Utilizing advanced simulation equipment and online competition platforms, the event showcases five virtual sports: golf, cycling, skiing, rowing, and car racing.
- Again, looking at the growing demand for virtual events, many companies are launching new virtual event platforms to increase their market share. For instance, in September 2023, Dentsu Group Inc. announced that the company updated its metaverse infrastructure system "xambr", which would provide it as a platform for promoting the metaverse at large-scale events, beginning with its use in the virtual venue "TOKYO GAME SHOW VR 2023'. Such developments are continuously growing in the market, which drives the overall market.
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