The research study covers the present scenario and growth prospects of the global virtual events market for 2017-2021. To determine the market size, the study considers revenue generated from web conferencing, unified communication and collaboration (UC&C) and video conferencing.
The global virtual events market is expected to show fast growth during the forecast period and is expected to be valued at USD 86.37 billion by 2021. The Americas take up a majority, about 47% of the market share and will likely be responsible for a massive 122% of the incremental growth through the forecast period.
UC&C and video conferencing is the most popular application segment in the global virtual events market, responsible for generating over 85% of the total revenue (2016 figures). Software as a service (SaaS)-based models are quickly gaining traction in the market, especially from the small and medium-sized businesses (SMBs) segment. Companies seek laidback flow of information among everybody associated with the organization to achieve seamless operation, which becomes much more efficient and easy with the adoption of UC&C and video conferencing.
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Technavio analysts highlight the following four factors that are contributing to the growth of the global virtual events market:
- Rise in number of corporate events
- Growing prominence of social networking sites
- Increasing need to improve competitive responsiveness
- Rise in convergence of information
Rise in number of corporate events
“Companies organize corporate events for their employees, business partners, and clients to socialize, launch and promote products, celebrate successes, and nurture relations, among other things. Organizations use event management services to ensure efficiency, save advertising costs, and have a wider audience reach,” says Amit Sharma, one of the lead analysts at Technavio for enterprise application research.
On an average, organizations host five to seven events per year and the rising number of corporate events such as conferences, training, seminars, and fundraisers are driving the global virtual events market. In 2015, the US alone was responsible for around 1.5 million events and meetings that took place and the number is expected to rise during the forecast period.
Growing prominence of social networking sites
Developed countries such as the US, Germany, and Canada, are witnessing increasing use of social networking sites by organizations for collecting client information and promoting their events. Organizations participate actively in different social networking activities to reach out to customers and participants of the events. Social media campaigns usually carry a link that redirects visitors back to the parent site for registration and payment. Organizations also make use of Facebook and Twitter to list the number of events with the details and payment options, which not only increases the efficiency but also reduces the cost of hosting an event.
In 2015, Newcastle Brown Ale used Facebook for its award-winning Super Bowl Band of Brands campaign, thereby generating 2.3 billion campaign impressions. Instead of paying USD 4.5 million for 30 seconds of airtime, Newcastle decided to take the help of social media, underlining the significance of social media for promoting events.
Increasing need to improve competitive responsiveness
The ever-increasing customer demands have intensified competitiveness in the market with new vendors providing attractive pricing and services. This has led to an accelerated development of strategies to plan competitive strategies and hasten the decision-making process while cutting costs.
In this competitive environment, it has become imperative for enterprises to differentiate their marketing activities with quality customer care. The virtual events solutions help in sharing information among employees, clients, and shareholders, which the vendors compliment by increasing the capability of their software to support the decision-making capability of clients with better technology.
Rise in convergence of information
“With globalization, there is an increasing scope for businesses, which is enabling enterprises to expand their global footprint. In this scenario, the convergence of information plays a vital role in enhancing global business opportunities, thus creating an increased demand for international communication facilities for information sharing. This can be achieved with the help of virtual events like video conferencing, video calls, Skype calls, instant messaging, emails, and online chats,” says Amit.
Virtual events not only save time spent in commute but also allow end-users to reduce their communication costs significantly. With this technology, information sharing and communication have become cost-effective for many organizations. It also allows the faster exchange of real-time data and information.
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