The UK and Ireland virtual event market is poised for substantial growth, projected to reach a value of $36.18 billion by 2027, with a notable Compound Annual Growth Rate (CAGR) of 13.3%.
This surge is attributed to the increasing adoption of virtual events as a cost-efficient method to convene attendees from across the globe for meaningful gatherings.
Virtual events, which digitally simulate proceedings such as meetings and conferences using web-based platforms, have gained significant traction in recent years. They serve as a platform for sharing information, discussing ideas, and solving problems virtually. Amidst the COVID-19 pandemic, the popularity of virtual events skyrocketed, with a doubling in the number of organisations planning to host such events in 2020 compared to 2019.
Challenges and Opportunities
One of the key drivers fuelling the growth of the UK and Ireland virtual event market is the cost-effectiveness and efficiency they offer. Virtual events enable organisations to significantly reduce overall costs associated with physical seminars, conferences, or meetings. Savings on venue, staff, meals, accommodation, and travel expenses contribute to the attractiveness of virtual events for businesses of all sizes.
While virtual events present numerous advantages, they are also dependent on technology, making them susceptible to technical glitches that can impact user experience. Factors such as poor website or app design, malfunctioning equipment, or weak internet connectivity can hinder the success of virtual events. Despite these challenges, the sponsorship segment is gaining traction as a powerful marketing tool to enhance brand awareness and reinforce engagement among targeted audiences.
Segment Analysis and Key Players
The UK and Ireland virtual event market is segmented based on event type, revenue source, and age group. Entertainment events, sponsorship, and the 21 to 40 years age group are identified as significant contributors to market growth. Key players in the market include First Event, George P Johnson Event Marketing Private Limited, Hopin, and Saville Group Ltd., among others.
Key findings from the study include the projection that the conference virtual event market size is expected to reach $8,624.7 million by 2027, with rapid growth expected in the ticket sale segment. Additionally, the 21 to 40 years age group segment is anticipated to maintain dominance throughout the forecast period, underscoring the importance of catering to this demographic in virtual event marketing strategies.
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