In the year 2019, the global virtual events market had a whopping total market valuation of $77.98 Billion. With the outbreak of the COVID19 pandemic & renewed focus on social distancing and ensuing WFH being adopted by companies worldwide, the virtual events market size was bound to grow!
According to recent estimates, the CAGR of the industry stands at 23.2% beginning from 2020 to 2027. Ergo by 2027, the virtual events industry would have a gargantuan valuation of $404 Billion!
While it is tough to say how the market would have behaved without the pandemic, it undoubtedly did play a major role in its exponential growth. For example, by March 2020, Microsoft Teams had reported a rapid increase in its DAUs and reached a peak of 44 Million.
Meanwhile, the growth and expansion within the virtual events market have also increased competition. According to CrunchBase virtual event hosting platforms raised $1.6 Billion in funding within the first six months of 2020.
The size & growth of the market is so enticing that many offline event companies are now entering the space. Bevy & Run The World both, big offline event management firms, made $15 Million & $11 Million respectively, from virtual events alone!
