Introduction

As businesses and organizations have had to adapt to the world’s current circumstances, Virtual Events have become an increasingly popular way for people to stay connected and engaged with each other. Virtual events provide a great platform for individuals, groups, and companies to share their ideas, network with others, host activities and fundraisers, attend workshops or seminars, or just celebrate virtually. In this article we will look at the different types of virtual events available today as well as some of the benefits that come along with hosting a virtual event.

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The Virtual Events Market is experiencing a period of growth, driven by the current global pandemic. Companies and organizations alike are embracing digital solutions to help them continue connecting with their audiences while remaining compliant with social distancing regulations. Businesses across industries and of all sizes are turning to virtual event platforms such as webinars, live streaming tools and video conferencing platforms to reach their customers, partners, employees and stakeholders. 

The virtual events industry is predicted to experience steady growth over the next few years, due in part to the convenience of online services which allow for easy access and more cost-effective solutions for businesses when compared to traditional physical events. Additionally, the increased availability of cloud-based technologies has enabled organizations to deploy new features quickly and efficiently on a global scale that would not have been possible before now.

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Major players profiled in the report include Adobe Systems, Avaya, Cisco Systems, Citrix Systems, IBM, Microsoft, Mitel Networks, Alcatel-Lucent, Atlassian, BroadSoft, Huawei Technologies, Toshiba, and Zoom Video Communications.

Growth is expected to be boosted by the widespread adoption of communication and collaboration tools across various industries and verticals such as retail and ecommerce, education, healthcare, construction, manufacturing, and healthcare. The market is expected to grow due to the increasing adoption of Unified Communication as a Service (UCaaS) based solutions by many organizations and enterprises, as well as academic institutions. This allows employees and other resources virtually engage in all business processes and helps in realizing a more efficient workflow.

Google LLC’s Hangouts, Microsoft Corporation’s Microsoft Teams, Zoom Video Communications, Inc.’s Zoom are some of UCaaS-based options that corporations prefer. Users can participate remotely in any event, regardless of where they are located. Many web-based systems are available to connect participants from around the globe. The combination of Artificial Intelligence, Augmented Reality and Virtual Reality allows for online communication and collaboration to cover all aspects of an actual event. Companies are also adopting virtual simulated platforms to manage their time and resources. This is driving the market’s growth.

Global virtual events market growth is expected to be driven by unified communication as a service. This trend is growing among corporates, educational institutes, enterprises, and other organizations from different industries. The market is expected to grow due to several factors, including the increasing use of virtual event platforms within the healthcare sector for conducting medical conferences and seminars, growing demand for VR/AR technologies across businesses, increased digitization and an increase in the work from home policy, rise of event management companies and time-savings as well as tangible cost benefits for participants and organizers.

Recent Development

PACE digital entered into a partnership agreement in February 2021 with Hubilo, an international virtual event company. PACE digital partnered with Hubilo to help South Africa’s meeting industry by sharing its renowned meeting skills.

Benefits of Virtual Events

Virtual events offer a range of benefits over traditional in-person events. With virtual events, businesses can reach a larger audience with less cost and effort. Virtual events are easier to organize and manage than traditional in-person events, as they require fewer personnel and resources. Additionally, they provide the flexibility to adjust content according to current trends or particular interests of the audience. 

Another advantage of virtual events is the ability to track event performance through analytics tools. This makes it easier for businesses to analyze data quickly and make decisions accordingly. Event organizers can use this data to improve engagement levels or tailor content to fit their target audience’s needs better. Virtual event platforms also enable organizers to easily collect attendee feedback so that they can identify areas for improvement within future events. 

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