Growing popularity of virtual events such as video conferencing and web conferencing augmenting the growth of the virtual events market

 

Virtual Events Market

Shifting the preferences of companies to reduce travel expenses is driving the growth of the virtual events market. Virtual events support companies to cater to clients across various countries where the organization does not have a physical presence. Key players are introducing various corporate events to launch new products, customer summits, and product promotions which are again fostering the growth of the market. For instance, in October 2019, OnePlus, a mobile manufacturer in India, launched its new product OnePlus7T in a live event that was telecasted live across the globe via several online platforms. Moreover, the growing adoption of online platforms for such events is further anticipated to propel the growth of the virtual events market. Rapid penetration of virtual events in the education field such as online learning platforms and applications are projected to bring new market opportunities.

North America is expected to hold the dominant position in the global market and this is accredited to the growing popularity of virtual events such as video conferencing and web conferencing among others. This region has the highest number of companies that have global headquarters in the U.S. and Canada. For instance, a company such as Google has its presence globally uses virtual communication services not only to communicate with its regional offices but also to communicate with global customers.

1.      In May 2021, Zoom has launched a paid platform to enable users to host large-scale virtual events. The move comes as several events including large conferences and concerts worldwide continue to be held virtually

2.      In April 2021, Percept digitICE announced the launch of virtual product for Sintex-BAPL

3.      In May 2020, LinkedIn launches a new virtual events tool. It was launched in tandem with a new Polls feature on the professional networking platform and represents a tighter integration between the existing LinkedIn Live and LinkedIn Events products.

Key players engaged in the virtual events market include  Avaya, Cisco Systems, Adobe Systems, Citrix Systems,  Microsoft, Mitel Networks, IBM Corporation, Alcatel-Lucent, Atlassian, BroadSoft, COREX (PTY), Huawei Technologies, Toshiba, ubivent, and Zoom Video Communications

A virtual event is basically an internet-based event that involves participants interacting over the internet, rather than physically meeting each other in an offline venue. Virtual events are often multi-Session online events, which tend to feature webcasts and webinars. Participants can easily communicate with each other using personal computers and text chat/ emoticons. These events generally take place within the group's own virtual space, with all of the group members sharing the same room.


Location: India

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