| VIRTUAL EVENTS |
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| The global virtual events market size was valued at USD 77.98 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 23.2% from 2020 to 2027. Virtual events cover a wide range of activities, from video and audio conferencing to live streaming and broadcasting. The most common type of digitally simulated events includes job fairs, trade shows, company conferences, sales-meetings, and summits. UCaaS combines communications into a single platform for these events to allow collaboration and increase productivity. Virtual events offer a cost-effective means to efficiently bring the number of attendees from all over the globe to a purposeful gathering. Digitally simulated proceedings use web-based platforms to connect several attendees from across the world and include interactive engagement features, such as polling, Question & Answer (Q&A) sessions, and chat boxes. Moreover, by leveraging the advanced technologies, including Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR), the virtual assemblies are casing all aspects of any physical event. Furthermore, growing popularity of digitally simulated gatherings amongst event organizers as well as participants due to its time efficacy is anticipated to fuel the market growth over the forecast period. The market is witnessing higher demand as most of the companies have adopted the Work-From-Home (WFH) policy owing to the lockdown imposed by the COVID-19 affected countries to avoid the community spread of the disease. The stay-at-home measures have resulted in increased opportunities for industry participants. Corporates are extensively using video conferencing and other communication platforms for business and client meetings. |
