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Global virtual events market increasing thanks to the emergence of hybrid events

Industry Sector

Information Technology

Published

18 January 2013

Author

Mike King

Type of News

Market

The global virtual events market has been forecast to increase at a compound annual growth rate (CAGR) of 53.10% through to 2016, driven by the demand for high attendance in events and the emergence of hybrid events.

A virtual event is a gathering of people sharing a common virtual environment on the web, rather than meeting in a physical location. Virtual events are highly interactive, looking and feeling a lot like their physical counterparts.

Popular uses of virtual events include virtual tradeshows, virtual job fairs, virtual conferences, virtual sales meetings, and virtual company-wide gatherings. Virtual events are used to deliver presentations, trainings, departmental meetings and sessions led by stakeholders and company executives to product management and human resources.

The increased penetration of technologically advanced smartphones has helped virtual events platform providers to improve the adoption of virtual events. There is an emergence in the use of mobile devices in order to increase interaction with end-users.

Mobile apps are being developed that can provide real-time information about virtual events. Such apps will enable event participation for visitors even if they do not have a computer in their vicinity. In addition, these mobile apps will provide an instant chat option to link exhibitors directly to visitors.

Furthermore, by using these apps, organizers will have access to the real-time behavior of the visitors at the event. Using this feature, organisers will be able to determine the likes and dislikes of visitors through their mobile usage.

One of the major drivers is the demand for high attendance in events. The advancements in technology and the internet are helping organisations to improve attendance at their conferences, tradeshows, and meetings through offering these events as virtual events.

Virtual events provide ease of participation to users, which is why most organizations are adopting virtual events to increase the number of visitors.

Key players currently dominating the global virtual events market include ON24 Inc., InterCall Inc., INXPO Inc., and 6Connex Inc.

For more information on the global virtual events market, see the latest research: Global Virtual Events Market

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