The Future of Virtual Trade Shows
Introduction
A virtual event is an event that takes place online, rather than in a physical location.
Virtual events can be used for a variety of purposes, such as trade shows, conferences,
training sessions, and product launches.
Report Overview
The Global Virtual Event Market size is expected to be worth around USD 1,066 Billion by
2032 from USD 198.8 Billion in 2022, growing at a CAGR of 18.8% during the forecast
period
from
2022
to
2032.The
Future
of
Virtual
Trade
Shows
Worldwide adoption of communication tools in industries and verticals such as retail and
e-commerce, healthcare, manufacturing, construction, and education is expected to drive
market growth in the forecast period. With the increasing adoption of Unified
Communications as a Service (UCaaS)-based solutions by various organizations and
businesses, including academic institutions, employees and other resources can virtually
participate in all business operations and become more efficient. You can achieve a smart
and effective workflow. This bodes well for market growth.
● The increasing adoption of virtual events by businesses and organizations of all
sizes.
● The growing popularity of online streaming and video conferencing.
● The rising cost of physical events.
● The need for businesses to reach a wider audience.
● The desire to reduce environmental impact.
Market Trend
The virtual event market is expected to continue to grow in the coming years, driven by
the following trends:
● The increasing adoption of cloud-based technologies, which will make it easier
and more affordable for businesses to host virtual events.
● The growing popularity of social media, which can be used to promote and
market virtual events.
● The development of new and innovative virtual event technologies, such as
virtual reality and augmented reality.
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Rising Demand
The demand for virtual events is rising due to the following factors:
● The need for businesses to reach a wider audience.
● The increasing cost of physical events.
● The need for flexibility and convenience.
● The desire to reduce environmental impact.
Challenges in the Virtual Event Market
● The need to create engaging and interactive experiences for attendees.
● The need to ensure that virtual events are accessible to all attendees, regardless
of their technical skills or bandwidth.
● The need to measure the ROI of virtual events.
● The need to compete with the increasing number of virtual event platforms and
providers.
Opportunities in the Virtual Event Market
● The ability to reach a wider audience than traditional physical events.
● The ability to reduce the cost of events.
● The ability to make events more environmentally friendly.
● The ability to provide more flexibility and convenience for attendees.
● The ability to collect data on attendees that can be used to improve future
events.
Recent Developments:
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● In February 2021, PACE Digital entered into a partnership with global virtual event
leader Hubilo. PACE Digital has teamed up to support the South African meeting
industry with its impeccable meeting skills.
● In May 2021, Zoom announced that it will enable businesses to host and monetize
events large and small, such as sales summits and user conferences, with the goal
of replicating the physical experience.
● In April 2022, the second trade promotion activity “Discover the Canton Fair with
bees and honey” was successfully launched by the official Canton Fair Facebook
account under the motto “Fight the pandemic and care for each other”. was held.
The virtual event was organized by Canton Fair mascots Bee and Honey, and
actively interacted with Baiyang Bed Industry, TECBOD Biological Technology and
Contec Medical Systems to deliver various medical devices and healthcare products.
● In October 2022, Zoom announced the Zoom Events virtual platform. It is an
all-in-one platform for creating immersive and engaging virtual experiences for Indian
users.
Market Segmentation in the Virtual Event Market
● Industry: The virtual event market is used by a variety of industries, including
healthcare, education, technology, and business.
● Event type: The virtual event market is used for a variety of event types, including
trade shows, conferences, and training sessions.
● Size: The virtual event market can be segmented by the size of the event, from
small webinars to large-scale conferences.
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● Technology: The virtual event market can be segmented by the technology used
to deliver the event, such as live streaming, video conferencing, and virtual
reality.
Conclusion
The virtual event market is a rapidly growing market with a lot of potential. Businesses
that are able to successfully adopt virtual events can reap a number of benefits, such as
increased reach, reduced costs, and improved environmental impact.
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