Virtual Events Industry Expected to Reach Approximately $701.4 Million by 2028
01 Aug 2022
The popularity of virtual events continues to grow across the world, according to a new report from Allied Market Research. The global Virtual Events Industry size was valued at $57,715.1 million in 2019 and is projected to reach $701,392.4 million by 2028—a compound projected annual growth rate (CAGR) of 12.6% from 2021 to 2028, says the report. The entertainment segment was the highest contributor to the market in 2019 and is estimated to grow 11.2% during the forecast period. Webinars are projected to experience the highest CAGR of 7.1% in revenue during the forecast period.
North America held a leading position in the global Virtual Events Industry in 2019 and is expected to maintain its dominance in the future.
The Virtual Events Industry is made up of organizers and suppliers that deal in the management and delivery of virtual conferences, tradeshows/exhibitions, webinars, company meetings and other related events.
The growth of the Virtual Events Industry is attributed to its cost-effectiveness, says the report. It’s a budget-friendly way to bring in a large number of attendees from across the globe—helping organizations reduce the overall cost associated with organizing a physical seminar, with possible savings on the venue, staff, meals, attendee accommodations and travel costs.
The key players in the virtual events space and profiled in the report include APB, Pace Digital and Revolution CMES.