MUMBAI: Virtual events are witnessing a rise in popularity in India, with an overwhelming 78% of organisers expressing a preference for this format over traditional in-person gatherings. This shift reflects the transformative impact of virtual events on revenue generation, return on investment (ROI), global participation, and cost effectiveness.
The virtual events market in India is integrated into the global industry, which was valued at an impressive $78.53 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 18.8% through 2030. As companies increasingly adopt virtual and hybrid formats, they can effectively engage a wider audience while also benefiting from substantial revenue growth.
Enhancing ROI is a key advantage of virtual events, easting the transition to virtual platforms has encouraged businesses. Companies are now open to the idea of allocating approximately 10-20% of their annual marketing budgets to digital events, demonstrating confidence in achieving higher returns in a competitive landscape.
Moreover, virtual events significantly boost attendance from global partners. A recent survey revealed that 53% of respondents are open to hybrid and virtual models, indicating a strong preference for flexible participation options. This acceptance is reflected in the forecasted growth of the global virtual events market, which is projected to reach USD 1066 billion by 2032, showcasing a pronounced global shift towards remote participation.
Approximately 14.90% of respondents report significant savings on overhead costs, eliminating expenses associated with venue rentals, travel, accommodation, and logistics, highlighting the compelling cost efficiency of virtual events. This financial relief allows organisations to invest more resources into enhancing the quality of their events and engaging with their audience.
Prateek N Kumar, founder, CEO, NeoNiche Integrated Solutions said, “The great thing about virtual platforms is that we can monitor engagement in real-time, seeing which sessions attendees participated in, how they engaged with the content, and even collecting live feedback. This kind of insight is immensely helpful in improving future event strategies.”
As India adapts to the evolving business landscape, the company said that it is clear that virtual events are not just a temporary solution, but a vital component of modern event strategies. By harnessing the benefits of virtual formats, companies can forge deeper connections, improve engagement, and achieve impressive results.
