Future of the Virtual Event Industry is Potentially Rich

 The pandemic may have slowed down the event market, but virtual events are helping it to catch up. There is still a lot to be done before virtual events successfully replace the in-person experience. It is still in its nascent stage, and the transformation process will only bring positive changes.

There has been a boom in the virtual event market with the impact of COVID-19 in the global event business. The rapid adoption of the virtual infrastructure, familiarizing with tools and services is being noticed worldwide. Large- and small-scale organizations and even marketing is depending completely on online management. The thrust has been on social media and digital access management. Inclusion of interactive tools like polling, chats, live questions and sharing opinions on forums are the best way of enhancing the experience of virtual events. Technological advancement and the presence of software-as-a-service (SaaS) is being noticed in virtual event software like https://www.evenesis.com/. Tools enable you to have unique experiences through the virtual event and these tools are also taking care of the overall sales experience with podcasting, virtual product display and instant messaging that are involving and bringing interaction between exhibitors and buyers.

Virtual meetings are posed to grow

Indeed, the event industry is a backbone of the economy and according to Oxford Economics and the Events Industry Council, the events industry generated $325 billion of direct spending only in the USA and more than 5.9 million jobs are supported by this industry. With the pandemic, this industry has been shaken globally, the projected growth was predicted to be $2.3 trillion by 2026, by the Allied Market research, but there is fear that there will be a 10% decrease in the projected value. But one must not be disheartened as the world is quickly adapting to the new norm of virtual events which are the safest and best way in the present times. The virtual event is also poised to grow ten folds over the next decade from $78 billion to $774billion, a projection made by Grand View Research. Grand events like conferences, exhibitions, corporate events, seminars, music & art festivals and performances, sporting events, trade shows, fundraisers and promotions will mostly depend on virtual events planning software. These will take place on laptops and attended from home. Yes, the challenges too are ten folds but let’s see how the event industry is geared to face this challenge.

Include excitement in virtual meetings

By now most people have participated in one or more virtual event. The most common feedback from attendees is the events lack excitement and at times is downright boring. So, companies need to think about remodeling their content. What worked for in-person meetings may not work for virtual events. In-person events interacted with the crowd. The presenter and the attendees built communication between themselves. Virtual meeting needs greater thinking and organizing. With the given apprehension of returning to an in-person meeting, the virtual platform just cannot do with the makeshift arrangement but must spur up the meeting quality to drive more activity and involvement.

Conclusion

After virtual meetings, interactions are practically nil, as at the end of a meeting people close the meeting app and no longer get together. This is something that benefitted in-person meeting with simple tea break sessions that led to valuable results. Therefore, the approach must be novel with participation being the single most important factor. As expenses have been lessened, why not make use of virtual tool gifts to draw loyalties from attendees? But considering that virtual events attract more audience this may not seem feasible. Think and organize better strategies. This is the best time to literally think out of the box.