Global virtual events market is growing annually by 22%

Overview of the virtual events market

The virtual events market is growing annually by 22% and amounted to $58.11 billion in 2019. Regionally, the United States accounts for 47% of the total revenue. The Unified Communications and Collaboration (UC&C) and video conferencing makes up the largest market share of this industry (about 70%). 

Live video streaming market also concurrently growing at more than 20% annually. This trend will continue on until 2027. Globally, more than 8 billion events and meetings are held annually and more than 5 billion of these events have eventually utilized virtual event technologies.

We have summarized our findings in the charts below and the detailed calculations, estimations, assumptions, and statistics used to derive these figures can be found in the “Findings” section of this report.

Global virtual events market size and value at a CAGR of 22%
Global live video streaming market size
Top industries that are utilizing live video streaming


The global virtual event market is growing annually by 22%. This market amounted to $32 billion in 2016 and expected to be about $86.37 billion by 2021. The United States accounts for about 47% of the total market.

[Year-by-year calculation of the global virtual events market size]

  • 2016 = $32 billion
  • 2017 = $32 billion * 1.22 = $39.04 billion
  • 2018 = $39.04 billion * 1.22 = $47.63 billion
  • 2019 = $47.63 billion * 1.22 = $58.11 billion
  • 2020 = $58.11 billion * 1.22 = $70.89 billion
  • 2021 = $70.89 billion * 1.22 = $86.49 billion

The Unified Communications and Collaboration (UC&C) and video conferencing is expected to grow fast by 22% annually and account for the major revenue shares (about 69% of the total market in 2018) and dominate this market. This combined market was valued at $33.11 billion in 2018–$31.82 billion for UC&C and $1.285 billion for video conferencing. The rise in adoption of video conferencing solutions by small- and mid-sized businesses and the growing popularity of UC&C among enterprises as it allows different teams to work together in real-time, will drive the growth of this market segment. 

The increased use of social networking sites will also help the global virtual event market to reach $70 billion market size by 2020. It is also estimated that the cost associated with virtual events is 30% to 85% less as compared with physical events.

Furthermore, market report analysis stated that “the rise in convergence of information as one of the primary factors for the growth of the virtual events market size. With the rising trend of globalization, several enterprises have started expanding their footprint to several countries across the globe. This increases the demand for international communication facilities to enhance business opportunities and will in turn, create the demand for virtual events since they allow data sharing in real-time and also enable end-users to significantly reduce their communication costs.”

Since this market segment accounts for the largest share of the virtual event market, we will check the current trends of this segment.

Accordingly, this segment will grow annually by 8% from 2020 to 2026. The on-premise segment accounts for almost 55% of the UCC market, while cloud accounts for 25% and hybrid at about 20%. The cloud premise is expected to record the highest growing rate owing to the increasing proliferation of cloud networks among startups and SMEs. 

Using the above figures, below is the estimated year-by-year market size of this segment.

[UCC & video conferencing segment estimated annual size]

  • 2016 = $32 billion * 69% = $22.08 billion
  • 2017 = $39.04 billion * 69% = $26.94 billion
  • 2018 = $47.63 billion * 69% = $32.86 billion
  • 2019 = $58.11 billion * 69% = $40.10 billion
  • 2020 = $70.89 billion * 69% = $48.91 billion
  • 2021 = $86.49 billion * 69% = $59.68 billion

Live video streaming market size

The global video streaming market size was pegged at $42.6 billion in 2019 and is expected to register a CAGR of 20.4% from 2020 to 2027. Assuming that the global trend likely resembles regional shares, the live video streaming accounts for about 60% of the market while non-linear video streaming is about 40% of the market. 

[Calculated year-by-year revenue of live video streaming globally]

  • 2019 = $42.6 billion * 60% = $25.56 billion
  • 2020 = $25.56 billion * 1.204 = $30.77 billion
  • 2021 = $30.77 billion * 1.204 = $37.05 billion
  • 2022 = $37.05 billion * 1.204 = $44.61 billion
  • 2023 = $44.61 billion * 1.204 = $53.71 billion
  • 2024 = $53.71 billion * 1.204 = $64.67 billion
  • 2025 = $64.67 billion * 1.204 = $77.86 billion
  • 2026 = $77.86 billion * 1.204 = $93.74 billion
  • 2027 = $93.74 billion * 1.204 = $112.87 billion

The top industries that will be utilizing live video streaming are:

  • Broadcasters, operators and media (30% of the market)
  • Banking, Finance, Security and Insurance (BFSI) (25% of the market)
  • Education sector (20% of the market)
  • All other industries (25% of the market)

Virtual Events Total Addressable Market (TAM)

To determine the total addressable market (TAM) of the live video streaming for virtual events, we look at the target audience that could possibly will utilize these services. The scope will be global.

The global events industry size was valued at $1,100 billion in 2018, and is expected to grow at a CAGR of 10.3% to reach $2,330 billion by 2026. In the US, the event industry size is about $325 billion from about 2.6 billion events and meetings annually.

Average revenue per event or meeting 

= $325 billion / 2.6 billion 

= $125

Thus, using the above average to estimate for the global market;

Estimated total events and meetings held globally per year

= $1,100 billion / $125

= 8.8 billion

Of the above estimated figures, reports stated that about 25% of these events or meetings accounts for internal team meetings, including employee training. Other segments include leadership, senior or Board meeting (17%), conference and tradeshow (13%), client/customer advisory board (16%), product launch (14%), and incentives (15%).

Depending on what events the company is most interested with, for example, if a startup company will be most interested on live video streaming for trades and conferences, then its serviceable available market (SAM) is as per below.

Potential SAM (for trade and conference events target events)

= 8.8 billion * 13%

= 1.14 billion events

On average, 59.9% of global companies are using virtual events’ technology in their meetings–43% in North America, 49% in Europe, 76% in Central and South America, and 70% in Asia Pacific.

Estimated number of events that has utilised virtual event technology, i.e. live video

= 8.8 billion * 59.5%

= 5.24 billion

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