In 1993, the first documented virtual event happened — an online trade show organized by the Visual Data Corporation. Now, decades later, virtual events may be one of the most lucrative weapons in any enterprise’s marketing arsenal. While the popularity of virtual events may have been gradual since the 90s, it is often perceived as a serendipitous outcome of the otherwise notorious pandemic. In fact, it’s not surprising that virtual events have almost become the norm in today’s hyper-digital world, given that the groundwork was laid over thirty years ago, with constant innovations throughout. The transformation of the events industry and its technologies over the last few years has given virtual and hybrid events an edge over in-person or physical events. In fact, according to this AnyRoad report, 9 out of 10 B2B marketers believe that their virtual and hybrid events have been successful.
How virtual events became the lifeline for businesses during a global pandemic While video conferencing was being used sporadically through the years, the rapid transformation started in 2020 due to the COVID-19 pandemic, when in-person interactions were impossible. Businesses, universities, schools, and organizations struggled to stay afloat and maintain the continuity and momentum of their everyday operations. This was when the business world witnessed a mass adoption of virtual events because it was an easy, simple, and, more importantly, cost-effective solution to an unprecedented problem. Virtual events and video conferencing soon became the backbone of almost every business to sustain and continue operations. As per this report, in December 2020 alone, the number of virtual events being hosted per week went up to 12,000. While video calls became common for meetings, the demand for virtual events and webinars increased during the lockdown, offering solutions to the challenges caused by the COVID-19 pandemic. In 2020, during an interview with Forbes, Ruben Castaño, CEO of 6Connex, said: “Over the last few months, we have seen our business of virtual events grow by 1000%. We have been working overtime and hiring non-stop to keep up with the demand.” Starting with simple video conferences and webinars, the popularity of virtual events is growing at a large scale, and it is projected to reach $262.52 billion by 2030, registering a CAGR of 18.8% from 2023 to 2030. Today, virtual events provide organizations worldwide with the flexibility to operate and network globally. This flexibility has removed geographical limitations and enabled event planners to host various events, from hackathons to virtual recruitment drives, on a larger scale.
The evolution of virtual events and the technology behind them A virtual trade show in 1993 was said to be the first-ever virtual event to take place. Back then, the tech infrastructure was not as mature as it is today — neither in terms of internet connectivity nor ideal event platforms. In the years that followed, video conferences swiftly created a space for virtual interactions. Events like WWDC23 by Apple, INBOUND by Hubspot, and Meta’s F8 Refresh are prime examples of the great shift of event formats from in-person to virtual since 2020. Today, setting up a meeting, webinar, conference, or even a large-scale event is easier than ever, and that too from a single location. Virtual events have become accessible to everyone, from small businesses to large corporations and educational institutions. It is also fair to establish that, with every passing day, new technologies are driving digital progression and shaping the present and future of virtual events. Virtual events are now more than just a simple medium to connect with people.
