Though virtual events were becoming increasingly popular before the COVID-19 outbreak, the pandemic has accelerated that growth significantly.
In 2019, virtual events as a sector was valued at almost $78 billion. However, between 2020 and 2027, this could grow by 23.2% (CAGR). Additionally, a LinkedIn study found that virtual events would account for 45% of all future B2B events.
With 72% of B2B companies in the UK and Ireland would continue leveraging virtual events for the long term. The article states “businesses’ future event mix will be 32% physical, 45% virtual and 23% hybrid.”
Virtual events will receive three-time more investments than in-person events in upcoming 12 months. Companies would continue investing in virtual events post-pandemic since these are “pandemic-proof”, cost effective and provide global access without the need of traveling.
[3 minute read]