The global virtual events market size is estimated to reach USD 404.45 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 23.2% from 2020 to 2027. Increasing number of business events, along with growing adoption of virtual infrastructure, tools, and services by enterprises for business meetings worldwide, is expected to fuel the growth of the market over the forecast period.
The new generation of Artificial Intelligence (AI)-enabled communication and collaboration solutions brings people together and allows more focused interactions between event participants irrespective of their location. Besides, the integration of AI with business communication platforms, such as Unified Communications (UC), improves employee productivity, saves time, and improves overall business flow. The innovation in Natural Language Processing (NLP) and computer vision to support the virtual environment is expected to impact the market growth positively. For instance, NLP facilitates the automated recordings of meetings, sharing documents, and even the translation of the conversations into different languages. Moreover, computer vision captures meeting participants and then mechanically alters the zoom feature to provide a better video experience for individuals on the far end.
The healthcare industry is increasingly adopting the virtual platform for remote patient monitoring. For instance, in March 2020, Cisco Systems Inc. declared that 17,000 healthcare organizations across 118 countries deployed the Cisco Webex platform for providing telehealth services. The COVID-19 pandemic and imposed lockdown have resulted in wider adoption of digitally simulated events solutions by end-use industries.
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Further key findings from the report suggest:
- Platform providers and event management firms are continuously investing in technological research & development for bringing innovations in the market to cater to the growing requirements of the corporates and organizations
- The sales and marketing and training service segments are likely to witness significant growth over the forecast period owing to the rapidly changing competitive landscape and growing need for business process training and promoting and launching product and solutions portfolio
- Asia Pacific is expected to witness a significant surge in the adoption of virtual events, primarily due to growing number of Small and Medium-sized Enterprises (SMEs) in the region.