Advanced data reporting, greater ease of use, and a growing focus on sustainability drive market growth, says Frost & Sullivan
SAN ANTONIO, Dec. 8, 2021 /PRNewswire/ -- Frost & Sullivan's recent analysis finds that the long-term, sustainable impact of hybrid work and the adoption of digital channels are creating an unprecedented wave of webinars and virtual events. The global webinars and virtual events market is projected to reach $4.44 billion by 2025, up from $1.57 billion in 2020, growing at a compound annual growth rate of 23.1%. Advanced data reporting and analytics, greater accessibility, enhanced ease of use, along with reduced travel and growing sustainability goals are the primary growth drivers.
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"Representing a highly fragmented space, webinars and virtual events are ripe for market consolidation and technology unification," said Roopam Jain, VP, Research, Information & Communication Technology at Frost & Sullivan. "Businesses will increasingly demand a unified end-to-end platform that meets the full spectrum of needs from online meetings to events of all sizes, spanning in-person, virtual and hybrid experiences. A single platform that integrates onsite and offsite tools allows customers to realize the full potential of hybrid events, including the ability to centralize audience analytics."
Jain added: "Artificial intelligence (AI) and data-driven insights along with hyper-personalization are becoming the cornerstone technologies. The market is seeing an unprecedented pace of innovation with intelligent software, allowing for AI-based attendee insights, personalized content and networking recommendations accelerating engagement and better business outcomes."
To tap into the opportunities presented in the market, participants should:
- Harness the full potential of AI: Providers should tap into AI-enabled technologies that better capture timely, actionable insights to understand attendee engagement, event experiences, and outcomes.
- Reimagine virtual events: Aligning with experienced physical event organizers and producers can help virtual event providers move into the hybrid space while each party remains focused on their core competencies.
- Bridge the gap between virtual and physical: Focus on offering connected and unified experiences across a range of event types, and join modes leveraging technologies that allow physical and virtual events to complement, not cannibalize, each other.
- Focus on team collaboration integration: Create a vast ecosystem of third-party hardware, software and integrated collaboration technologies to simplify the process of the event lifecycle.
Growth Opportunities in the Global Webinars and Virtual Events Market is the latest addition to Frost & Sullivan's Information & Communication Technology research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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SOURCE Frost & Sullivan