The global virtual events market was valued at USD 32 billion in 2016 and is expected to surpass USD 86 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global virtual events market, under its enterprise application portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Adobe Systems, Avaya, Cisco Systems, Citrix Systems, IBM, and Microsoft.
According to Ishmeet Kaur, a lead analyst for enterprise application research at Technavio, “Rising prominence of social networking sites is driving growth in the virtual events market. In several developed countries, such as Germany, the US, and Canada, organizations use social networking sites for collecting client information and promoting their events.”
Organizations spend a substantial amount of time on social networking sites to understand the effect of the events. Changing lifestyles has compelled most big and medium-sized establishments to reframe their policies and introduce integrated social networking sites with the enterprise messaging system.
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Growing popularity of virtual events in education
The usage of virtual classrooms to impart education is gaining traction, even in traditional educational institutions. The virtual classroom offers study sessions to students anytime and anywhere. Moreover, students get free educational sessions that reduce expenses and improves their knowledge. Virtual events ensure access to learning from qualified staff members irrespective of geographical boundaries.
Increasing use of audio conferencing and video conferencing
Audio and video conferencing are the preferred methods of communication among organizations as they enable people to communicate face to face without being physically present. When the video is incorporated into a conferencing suite, it can facilitate the sharing of documents, presentations, and voice, leading to improved productivity. The sharing activities also enhance the value of virtual events and increase its demand among consumers.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Virtual Events Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Loan Servicing Market 2017-2021
- Global Event Management Software Market 2016-2020
- Global Event Management as a Service Market 2016-2020
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