Popularly known as the online exhibitions or online marketplaces, the virtual events market that includes video conferencing, web conferencing, collaboration tools, communication and social networking, is predicted to grow at a CAGR of 21.55% over the period of 2013-2018. Extensively used in Healthcare, finance and banking, hospitality and education sectors, with virtual events one can offer informational opportunities to both the attendees and the respondents. Usually they are used to launch a product, train, provide new information or even get to the vendors.
The increased global convergence of information is one of the major factors that are driving the growth of the market. Due to rapid globalization, various enterprises are extending their businesses in vast geographical locations. This further increases the demand for a facility that will enable information sharing and seamless communication. The communication here is facilitated by messages, calls, video conferencing, face to face meetings, online chat, and therefore reduces the need for meeting face to face at a physical location.
There are also hybrid events that combines the physical events with virtual components. These help the audience to get into face-to-face interactions with different exhibitors at a physical event. Furthermore, virtual events hardly incur major operational charges and is capable of reaching out to a greater number of attendees within a stipulated time. The hybrid events successfully serve two kinds of audiences - one that cannot attend the event physically, and other who want to review the events that were missed. These virtual events are conducted mostly due to restraints in economic situations, travel restrictions and budget cuts. The events improve the overall customer participation, and captures more market share across different geographical locations. Lastly, with the help of these events the companies can further expand their networking opportunities and improve the overall brand image of the enterprise.
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