North America Virtual Corporate Events Market Size, Trends and Insights By Type (Webinar, Conference, Virtual Expo Fairs & Festivals, Entertainment, Others), and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI27074

Published Date: July 2023

Pages: 220+

Category: North America

Report Snapshot

CAGR: 27%
132,450.09M
2022
177,060.30M
2023
578,552.25M
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: North America
Largest Market: North America

Major Players

  • Zoom Video Communications Inc
  • Cisco Systems Inc.
  • Microsoft Corporation
  • Adobe Inc.
  • Cvent Inc
  • Others

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Reports Description

As per the current market research conducted by CMI Team, the North America Virtual Corporate Events Market is expected to record a CAGR of 27% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 132,450.09 Million. By 2032, the valuation is anticipated to reach USD 578,552.25 Million.

The North America Virtual Corporate Events market refers to the industry encompassing the planning, organization, and execution of corporate events in a virtual or online format within the North American region.

It involves the use of virtual event platforms and technologies to host corporate gatherings, such as conferences, trade shows, product launches, team-building activities, shareholder meetings, and more. In the virtual corporate events market, businesses and organizations leverage online platforms and tools to replicate the key elements of traditional in-person events in a digital environment.

Virtual corporate events offer a range of features and functionalities, including live video streaming, interactive presentations, networking opportunities, virtual exhibitor booths, audience engagement tools, and analytics capabilities. These virtual events provide businesses with the ability to engage with their target audience, showcase products and services, foster connections, deliver educational content, and gather valuable data and insights.

The North America Virtual Corporate Events market encompasses various industries and sectors, including finance, technology, healthcare, manufacturing, retail, and more. It caters to businesses of all sizes, from small startups to large enterprises. The market has experienced significant growth and adoption, especially accelerated by the COVID-19 pandemic, which led to the widespread transition from physical to virtual events due to travel restrictions and social distancing measures.

North America Virtual Corporate Events Market – Significant Growth Factors

The North America Virtual Corporate Events market is experiencing significant growth due to several key factors:

  • Digital Transformation: The ongoing digital transformation across industries is driving the growth of the virtual corporate events market in North America. Businesses are embracing technology-driven solutions to enhance their operations, communication, and engagement with stakeholders. Virtual corporate events play a vital role in this digital transformation, providing a platform for businesses to connect with their target audience in a cost-effective and efficient manner.
  • Cost Savings and Efficiency: Virtual corporate events offer cost savings compared to traditional in-person events. Businesses can eliminate expenses related to venue rentals, travel, accommodation, catering, and logistics. Furthermore, virtual events save time and provide flexibility in terms of event planning, execution, and attendee participation. The cost-effectiveness and efficiency of virtual events make them an attractive option for businesses looking to maximize their event budgets.
  • Global Reach and Accessibility: Virtual corporate events break down geographical barriers, allowing businesses in North America to reach a global audience without the limitations of physical travel. Companies can connect with clients, partners, and employees from different regions, expanding their market reach and exploring new business opportunities. The ability to reach a broader audience enhances networking opportunities, knowledge sharing, and collaboration.
  • Technological Advancements: Continuous advancements in virtual event technologies contribute to the growth of the North America Virtual Corporate Events market. Innovations such as high-quality video streaming, interactive features, virtual reality (VR), and augmented reality (AR) capabilities enhance the attendee experience and drive the adoption of virtual events. These technological advancements enable businesses to create engaging and immersive virtual event experiences.
  • Flexibility and Scalability: Virtual corporate events offer flexibility in terms of event format, duration, and scalability. Businesses can customize the event experience based on their objectives and target audience. Virtual events can accommodate both large-scale conferences and smaller, more focused gatherings, allowing businesses to scale their events according to their needs.
  • Environmental Sustainability: Increasing environmental awareness and the need to reduce carbon footprints have led businesses to consider sustainable alternatives to traditional in-person events. Virtual corporate events significantly reduce the environmental impact associated with travel and physical infrastructure, making them an eco-friendly choice.
  • Data-driven Insights: Virtual corporate events generate vast amounts of data, providing valuable insights into attendee behavior, preferences, and engagement. Businesses can leverage this data to measure event success, optimize future events, personalize experiences, and make data-driven decisions. The availability of data-driven insights strengthens the value proposition of virtual corporate events.

North America Virtual Corporate Events Market – Mergers and Acquisitions

The North America Virtual Corporate Events market has witnessed a number of mergers and acquisitions that have shaped the industry landscape. Here are some notable mergers and acquisitions in the market:

  • Hopin’s Acquisition of Boomset: In 2021, Hopin, a leading virtual events platform, acquired Boomset, an event management and on-site registration platform. This acquisition allowed Hopin to expand its offerings by integrating Boomset’s capabilities for seamless registration, check-in, and badge printing at in-person events.
  • Swapcard’s Acquisition of Avolio: Swapcard, a virtual event platform, acquired Avolio, a provider of event management software, in 2021. This acquisition strengthened Swapcard’s position in the European market by enhancing its event management capabilities, including ticketing, scheduling, and attendee management.
  • Eventbrite’s Acquisition of ToneDen: Eventbrite, a global ticketing and event technology platform, acquired ToneDen, a social media marketing and analytics platform, in 2019. This acquisition enabled Eventbrite to enhance its marketing and promotion capabilities for virtual and in-person events, helping event organizers reach a broader audience.
  • Cvent’s Acquisition of Social Tables: Cvent, a leading event management technology company, acquired Social Tables, a platform for event diagramming and seating arrangements, in 2018. This acquisition complemented Cvent’s suite of event management solutions by incorporating Social Tables’ visualization and planning tools for virtual and in-person events.
  • vFairs’ Acquisition of InExpo: vFairs, a virtual events platform, acquired InExpo, a provider of virtual event solutions, in 2017. This acquisition expanded vFairs’ market presence and capabilities, enabling it to offer a comprehensive suite of virtual event solutions, including virtual trade shows, job fairs, and conferences.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

North America Virtual Corporate Events Market Virtual Corporate Events Market Virtual Event Platform Market
CAGR 27% (Approx) CAGR 27% (Approx) CAGR 14% (Approx)
USD 578,552.25 Million by 2032 USD 782.9 Billion by 2032 USD 29,783.34 Million by 2032

North America Virtual Corporate Events Market – Significant Threats

While the North America Virtual Corporate Events market presents significant growth opportunities, there are also several potential threats that could impact its development. Here are some notable threats in the market:

  • Technical Challenges and Connectivity Issues: Virtual corporate events heavily rely on stable internet connections and reliable technology infrastructure. Technical challenges, such as internet outages, platform glitches, or audio/video quality issues, can disrupt the event experience and negatively impact attendee engagement. Ensuring robust technical capabilities and backup systems is crucial to mitigate these threats.
  • Security and Data Privacy Concerns: Virtual corporate events involve the exchange of sensitive information and data. As with any digital platform, there are inherent risks of cybersecurity threats, including data breaches, unauthorized access, and privacy violations. Maintaining strong security measures, encryption protocols, and compliance with data protection regulations is essential to safeguard attendee data and maintain trust.
  • Virtual Event Fatigue: Over time, attendees may experience virtual event fatigue, leading to decreased engagement and attention spans. The repetitive nature of online events and the lack of physical interaction can contribute to attendee disengagement. Event organizers need to innovate and provide fresh and interactive experiences to combat virtual event fatigue.
  • Competition and Market Saturation: The North America Virtual Corporate Events market is becoming increasingly competitive, with numerous virtual event platforms and service providers entering the market. The saturation of the market can make it challenging for new entrants to differentiate themselves and gain market share. Established players with strong brand recognition and a comprehensive suite of offerings may pose a threat to smaller or newer companies.
  • Return to In-person Events: As vaccination rates increase and COVID-19 restrictions ease, there is a possibility of a significant return to in-person events. Some businesses and organizations may prioritize physical gatherings over virtual events. This shift in preference could impact the demand for virtual corporate events and pose a threat to the market’s growth.
  • Limited Networking Opportunities: While virtual events offer networking features, they may not fully replicate the personal connections and networking opportunities of in-person events. The lack of physical interaction and serendipitous encounters can limit the effectiveness of networking at virtual corporate events. Event organizers need to explore innovative ways to facilitate meaningful networking experiences in the virtual environment.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 177,060.30 Million
Projected Market Size in 2032 USD 578,552.25 Million
Market Size in 2022 USD 132,450.09 Million
CAGR Growth Rate 27% CAGR
Base Year 2022
Forecast Period 2023-2032
Key Segment By Type and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Category-Wise Insights

By Type:

The North America virtual corporate events market can be categorized into various types, including entertainment, conferences, virtual expo fairs & festivals, webinars, and others. In 2022, entertainment accounted for the largest market share, representing 37.55% and reaching a market value of USD 30,179.24 Million. It is projected to grow at the highest compound annual growth rate (CAGR) of 27.63% during the forecast period. Conference was the second-largest market segment in 2022, valued at USD 29,442.36 Million. It is expected to grow at a CAGR of 28.11%.

North America Virtual Corporate Events Market – Regional Analysis

The North America Virtual Corporate Events market can be analyzed regionally to understand the dynamics and trends within the market. Here is a regional analysis of the North America Virtual Corporate Events market:

  • United States: The United States is a key player in the North America Virtual Corporate Events market. It has a well-established digital infrastructure, a mature corporate sector, and a high level of technological adoption. The country is home to numerous virtual event platforms and service providers. The United States hosts a wide range of international conferences, corporate events, and trade shows, attracting participants from across the globe. The adoption of virtual corporate events in the United States is driven by the need for cost-effective and efficient event solutions, as well as the ability to reach a broader audience.
  • Canada: Canada is another significant market for virtual corporate events in North America. The country has a strong corporate sector and a growing technology industry. Canadian businesses are increasingly embracing virtual event platforms and solutions to enhance their event experiences and engage with their audiences. Virtual events provide Canadian companies with the opportunity to expand their market reach, foster international collaborations, and optimize their event budgets. The adoption of virtual corporate events in Canada is influenced by factors such as technological advancements, cost savings, and the ability to overcome geographical barriers.
  • Mexico: Mexico is a growing market for virtual corporate events in North America. The country has a rapidly developing corporate sector and a rising technology adoption rate. Mexican businesses are recognizing the benefits of virtual events, particularly in terms of cost savings, global reach, and audience engagement. The COVID-19 pandemic has accelerated the adoption of virtual events in Mexico, leading to increased investment in virtual event technologies and platforms. Mexican companies are leveraging virtual corporate events to connect with their stakeholders, showcase their products and services, and drive business growth.

North America Virtual Corporate Events Market 2023–2032 (By Million)

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List of the prominent players in the North America Virtual Corporate Events Market:

The North America Virtual Corporate Events market is populated by several key players who contribute to the growth and development of the industry. Some of the notable key players in the North America Virtual Corporate Events market include:

  • Zoom Video Communications, Inc.: Zoom is a leading video conferencing and virtual event platform that gained significant popularity during the COVID-19 pandemic. It offers a range of features for hosting virtual corporate events, including webinars, conferences, and interactive sessions.
  • Cisco Systems, Inc.: Cisco is a multinational technology conglomerate known for its collaboration and communication solutions. Their Webex platform provides virtual event capabilities, including webinars, virtual meetings, and conferences, enabling businesses to connect and engage with their audiences.
  • Microsoft Corporation: Microsoft offers the Teams platform, which combines video conferencing, chat, and collaboration tools. It has gained traction in the virtual corporate events market, providing features for hosting webinars, large meetings, and interactive sessions.
  • Adobe Inc.: Adobe Connect is a virtual events platform that enables businesses to host webinars, training sessions, and virtual conferences. It offers features for interactive presentations, audience engagement, and networking.
  • Cvent, Inc.: Cvent is a leading event management technology company that offers virtual event solutions alongside its suite of event management tools. Their virtual event platform allows businesses to host conferences, trade shows, and virtual expos with features for engagement, networking, and attendee management.
  • ON24, Inc.: ON24 is a virtual event and webinar platform that specializes in creating engaging and interactive experiences. It provides features for virtual conferences, product launches, and webinars, enabling businesses to connect with their audiences and drive attendee engagement.

The North America Virtual Corporate Events Market is segmented as follows:

By Type

  • Webinar
  • Conference
  • Virtual Expo Fairs & Festivals
  • Entertainment
  • Others

On the basis of North America Geography

  • U.S
  • Canada
  • Mexico
  • Rest of North America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 North America Virtual Corporate Events Market, (2023 – 2032) (USD Million)
    • 2.2 North America Virtual Corporate Events Market : snapshot
  • Chapter 3. North America Virtual Corporate Events Market – Industry Analysis
    • 3.1 North America Virtual Corporate Events Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Digital Transformation
      • 3.2.2 Cost Savings and Efficiency
      • 3.2.3 Reach and Accessibility
      • 3.2.4 Technological Advancements
      • 3.2.5 Flexibility and Scalability
      • 3.2.6 Environmental Sustainability
      • 3.2.7 Data-driven Insights.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Type
  • Chapter 4. North America Virtual Corporate Events Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 North America Virtual Corporate Events Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. North America Virtual Corporate Events Market – Type Analysis
    • 5.1 North America Virtual Corporate Events Market overview: By Type
      • 5.1.1 North America Virtual Corporate Events Market share, By Type, 2022 and 2032
    • 5.2 Webinar
      • 5.2.1 North America Virtual Corporate Events Market by Webinar, 2023 – 2032 (USD Million)
    • 5.3 Conference
      • 5.3.1 North America Virtual Corporate Events Market by Conference, 2023 – 2032 (USD Million)
    • 5.4 Virtual Expo Fairs & Festivals
      • 5.4.1 North America Virtual Corporate Events Market by Virtual Expo Fairs & Festivals, 2023 – 2032 (USD Million)
    • 5.5 Entertainment
      • 5.5.1 North America Virtual Corporate Events Market by Entertainment, 2023 – 2032 (USD Million)
    • 5.6 Others
      • 5.6.1 North America Virtual Corporate Events Market by Others, 2023 – 2032 (USD Million)
  • Chapter 6. North America Virtual Corporate Events Market – Regional Analysis
    • 6.1 North America Virtual Corporate Events Market Regional Overview
    • 6.2 North America Virtual Corporate Events Market Share, by Region, 2022 & 2032 (USD Million)
  • Chapter 7. Company Profiles
    • 7.1 Zoom Video Communications Inc
      • 7.1.1 Overview
      • 7.1.2 Financials
      • 7.1.3 Product Portfolio
      • 7.1.4 Business Strategy
      • 7.1.5 Recent Developments
    • 7.2 Cisco Systems Inc.
      • 7.2.1 Overview
      • 7.2.2 Financials
      • 7.2.3 Product Portfolio
      • 7.2.4 Business Strategy
      • 7.2.5 Recent Developments
    • 7.3 Microsoft Corporation
      • 7.3.1 Overview
      • 7.3.2 Financials
      • 7.3.3 Product Portfolio
      • 7.3.4 Business Strategy
      • 7.3.5 Recent Developments
    • 7.4 Adobe Inc.
      • 7.4.1 Overview
      • 7.4.2 Financials
      • 7.4.3 Product Portfolio
      • 7.4.4 Business Strategy
      • 7.4.5 Recent Developments
    • 7.5 Cvent Inc
      • 7.5.1 Overview
      • 7.5.2 Financials
      • 7.5.3 Product Portfolio
      • 7.5.4 Business Strategy
      • 7.5.5 Recent Developments
    • 7.6 ON24 Inc
      • 7.6.1 Overview
      • 7.6.2 Financials
      • 7.6.3 Product Portfolio
      • 7.6.4 Business Strategy
      • 7.6.5 Recent Developments
    • 7.7 Others.
      • 7.7.1 Overview
      • 7.7.2 Financials
      • 7.7.3 Product Portfolio
      • 7.7.4 Business Strategy
      • 7.7.5 Recent Developments
List Of Figures

Figures No 1 to 12

List Of Tables

Tables No 1 to 2

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Players

  • Zoom Video Communications Inc
  • Cisco Systems Inc.
  • Microsoft Corporation
  • Adobe Inc.
  • Cvent Inc
  • ON24 Inc
  • Others

FAQs

The key factors driving the Market are Digital Transformation, Cost Savings and Efficiency, Global Reach and Accessibility, Technological Advancements, Flexibility and Scalability, Environmental Sustainability And Data-driven Insights.

The “Type” category dominated the market in 2022.

The key players in the market are Zoom Video Communications Inc, Cisco Systems Inc., Microsoft Corporation, Adobe Inc., Cvent Inc, ON24 Inc, Others.

The market is projected to grow at a CAGR of 27% during the forecast period, 2023-2032.

The North America Virtual Corporate Events Market size was valued at USD 132,450.09 Million in 2022.

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