In recent years, there has been a rising trend of virtual events due to globalization and digitization. With the advances in technology, it has become easier for people to connect online and share information.
This has led to an increase in the number of virtual events, which are events that are held online instead of in person.
While we all know virtual events have proven to be a massive success in recent years, here are 5 virtual event statistics every business should know about. Wondering what are virtual event statistics every business should know? Let’s walk you through all the major virtual event statistics.
What are Virtual Events
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As the world becomes increasingly connected, businesses are finding new and innovative ways to reach their target audiences. One of the most popular and effective methods is through virtual events.
Virtual events are events that take place online, usually via video conferencing or webcasting platforms. They can include everything from live-streamed panel discussions and keynote speeches to virtual trade shows and exhibitions.
Benefits of Virtual Events
Virtual events have become increasingly popular in recent years as technology has advanced. There are many benefits to holding a virtual event, including the ability to reach a wider audience, lower costs, and increased flexibility.
Reach a Wider Audience
One of the main benefits of virtual events is that they allow you to reach a much wider audience than you would be able to if you were holding a traditional event. With a virtual event, people from all over the world can tune in and participate, no matter where they are. This is especially beneficial for businesses that want to reach a global market.
Moreover, they can be attended to by people from all over the world, and they don't require expensive travel or accommodations. Additionally, virtual events are often more accessible to people with disabilities.
More Cost-effective
Another benefit of virtual events is that they tend to be much less expensive than traditional events. You don't have to worry about booking a venue, hiring staff, or any other associated costs. Virtual events can also be run on a smaller scale, which further reduces costs.
Greater Flexibility
Finally, virtual events offer increased flexibility when it comes to planning and execution. You can experiment with different formats and structures until you find something that works well for your business and your audience. And if something goes wrong during the event, it's much easier to fix it in a virtual setting than it would be in person.
5 Virtual Event Statistics to Know
Here are some statistics every business should know about virtual events.
1. Virtual Events are Here to Stay
Companies have been forced to get creative with how they connect with their audiences and continue to market their products and services. One way they've done this is by hosting virtual events.
Even though physical events have resumed, 92% of companies say they will continue to host virtual events, according to a recent survey.
There are several reasons why companies are choosing to keep virtual events in their marketing mix.
- First, virtual events are more cost-effective than traditional in-person events.
- They also offer a wider reach, since anyone with an internet connection can attend.
- And lastly, virtual events can be easily customized and tailored to the specific needs of the audience.
What's more, attendees prefer virtual events over in-person ones. They cite convenience and comfort as the main reasons why. So it's a win-win for both businesses and consumers.
As we continue to navigate these uncertain times, it's clear that virtual events are here to stay. And that's good news for everyone involved.
2. Increased Investment in Virtual Event Technology
Almost six in ten companies are planning to increase their investment in virtual event technology this year, according to a new report.
The research, from events software company EventMobi, found that 59% of respondents said they would be investing more in virtual events in 2020. This is up from just 35% who said the same thing last year.
The rise in investment comes as more and more companies are looking to embrace virtual events as a way to reach their audiences. Virtual events offer a viable alternative that can help companies maintain their event programming and keep their audiences engaged.
EventMobi's report found that the majority of companies (84%) see virtual events as an effective way to reach their target audiences.
- And with good reason: virtual events offer several advantages over traditional live events, including lower costs, greater flexibility, and wider reach. So it's no surprise that we're seeing such a surge in interest in virtual event technology.
With so many companies looking to invest in the space, it's clear that virtual events are here to stay as the market for virtual events is estimated to reach $366.5 billion by 2027.
When it comes to Virtual Event technologies, partnering with Oreed is not going to disappoint you.
With its 360-degree level of understanding of users, you will be able to keep track of all the previous activities the user has attended, how many of them he/she attended in the last month, quarter, and year as well as all the data related to the activities. Oreed will surely be able to help you out with your current as well as upcoming virtual events.
3. Attendance and Engagement Stats
A recent study found that companies measure the success of their events by attendance and attendee engagement. This means that a large majority of businesses are focused on ensuring that their events are well-attended, which makes virtual event attendance certificates an important statistic to consider, and that attendees are engaged throughout the event.
There are several ways to increase attendance at an event, such as promotion through social media or personal invitations. However, once people are in the door, it is important to make sure they have a good experience.
Engaging attendees can be achieved through various methods such as
- Providing interactive activities,
- Interesting speakers,
- Or networking opportunities.
Making sure that attendees are engaged is important not only for ensuring the success of the event but also for building relationships with potential customers or clients. By ensuring that attendees have a positive experience at your event, you are more likely to create lasting relationships that can benefit your business in the long run.
When it comes to virtual event attendance statistics, Oreed’s all-in-one event management platform makes sure to manage all attendees' data. From registration to online payment and attendance, Oreed looks after it all.
Once, the attendees have joined the virtual event, Oreed offers several gamification features to keep attendees engaged and interested during events. Moreover, it also generates certification for attendees at the end of the event which would provide the attendees with recognition and form long-term relationships for future correspondence.
4. Return on Investment Stats
Businesses are increasingly looking to measure the success of their events by return on investment (ROI). This is because ROI provides a clear and concise way to compare the costs and benefits of holding a virtual event.
To calculate ROI, businesses need to consider both the costs of running the event and the benefits generated by it.
The benefits can include
- Increased sales,
- Brand awareness,
- And lead generation.
To get an accurate picture of ROI, businesses need to track metrics such as these over time. By doing so, they can see whether their virtual event was successful in achieving its objectives.
5. Attendees Willing to Attend Virtual Events for Professional Purposes
Asynchronous work and learning models have been on the rise in recent years, and this trend is only expected to continue in the coming years.
According to a study by EventMB, individuals are planning to attend more virtual events for professional purposes in 2023 than they did in 2020. The study found that 45% of respondents said they would attend more online conferences, webinars, and other events, while only 5% said they would attend fewer. These stats depict the shift towards virtual events in the coming years and one that businesses should consider when it comes to formulating their future strategies.
So if you're planning on attending any professional events in 2023, chances are they'll be held virtually. And if you're looking to get ahead of the curve, start planning your own virtual event today!
Final Thoughts
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As we wrap up our series on virtual event stats, we wanted to share some final thoughts on the matter. Overall, the data shows that virtual events are becoming increasingly popular and effective. They offer a great way to reach a wider audience, while still providing the personal touch that people crave.
Organizing a virtual event can be daunting, but with the right planning and execution, it can be a resounding success. Oreed can help take your event to the next level by providing a comprehensive platform for all your needs.
Promote lifelong learning through Oreed by experiencing the most powerful all-in-one training and development intelligent platform that streamlines all your organization's learning, training, and development activities in one place.So what are you waiting for? Book a demo with Oreed today and make your upcoming virtual event a huge success.
