While North America had the biggest share of virtual events in 2019, APAC is expected to lead growth in the forecast period. Photo Credit: LinkedIn/Roslyn Farrar
The global virtual events industry, valued at an estimated US$57.71 billion in 2019, is expected to hit US$701.4 billion by 2028, according to a report by Allied Market Research.
The report projects a compound annual growth rate of 12.6% from 2021 to 2028. APAC is expected to grow at 13.6% annually, outpacing other regions, attributing the outlook to high economic growth.
In 2019, North America generated the major share in 2019, nearly one-third of the market. Early adoption of advanced technology in event industries is the key driving factor of the North American virtual events industry.
By type, the entertainment segment held the major share in 2019, contributing to nearly one-third of the global virtual events market.
However, the report predicts that it is the webinar segment that would cite the fastest CAGR of 14.0% throughout the forecast period. "This is because virtual webinar events help build and strengthen relationship with existing and future clients and agencies," Allied Market Research stated.
By source, the sponsorship segment accounted for more than half of the global virtual events market, and is expected to retain its dominance by 2028.
However, Allied Market Research expects the ticket sale segment — such as Video calling app Zoom's beta OnZoom platform — to post the fastest CAGR of 13.5% from 2021 to 2028.