PORTLAND, Ore., July 6, 2021
Increase in trend of work-from-home and surge in the globalization of businesses drive the growth of the global virtual events market.
PORTLAND, Ore., July 6, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Virtual Events Industry by Type (Webinar, Conference, Virtual Expo Fairs & Festivals, Entertainment, and Others), Source (Ticket Sale, Sponsorship, and Others), and Age Group (Below 20 Years, 21 to 40 years, and Above 40 years): Global Opportunity Analysis and Industry Forecast, 2021–2028." According to the report, the global virtual events industry was estimated at $57.71 billion in 2019, and is expected to hit $701.39 billion by 2028, registering a CAGR of 12.6% from 2021 to 2028.
Drivers, restraints, and opportunities-
Increase in trend of work-from-home, surge in the globalization of businesses, low operational cost involved in organizing virtual events, and rise in sponsorship for virtual events drive the growth of the global virtual events market. On the other hand, lack of awareness impedes the growth to some extent. However, technological advancements in the virtual event industry would create lucrative opportunities for the market players in the future.
Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/6961
The entertainment segment to dominate by 2028-
By type, the entertainment segment held the major share in 2019, contributing to nearly one-third of the global virtual events market. The fact that virtual entertainment events are meant to provide individuals with a variety of entertainment possibilities, including musical entertainment, live entertainment, mass media entertainment, and electronic entertainment has driven the segment growth. However, the webinar segment 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.
The sponsorship segment to maintain the dominant share-
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. This is attributed to fact that sponsorship serves as a powerful and effective marketing tool to increase and reinforce brand awareness among the targeted groups. However, the ticket sale segment is anticipated to portray the fastest CAGR of 13.5% from 2021 to 2028, due to increase in penetration of the Internet and rise in number of netizens worldwide.
North America garnered the major share in 2019-
By region, the market across Asia-Pacific is expected to grow at the fastest CAGR of 13.6% throughout the forecast period. This is because high economic growth in the Asia-Pacific countries which has influenced the business environment in this region. At the same time, the market across North America generated the major share in 2019, garnering 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.
For Purchase Enquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/6961
Key players in the industry-
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter
Get more information: https://www.alliedmarketresearch.com/library-access
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: 1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on: LinkedIn Twitter