Abstract
This study provides an overview of the 3D event streaming industry, key trends, current statistics, future projections, and driving factors.
It also gives key insights into how marketers can benefit from the boom of 3D event streaming with the help of virtual event platforms and use them to their advantage.
It also highlights the various challenges 3D events might face. This study emphasizes the ability of 3D events to become the next big advertising strategy.
3D Event Streaming
3D events are planned, organized, and hosted in a three-dimensional virtual setting. Businesses can host small and large-scale events entirely within a controlled virtual environment, thanks to the emergence of virtual event platforms.
Virtual event platforms simulate the physical trade show by providing dynamic and engaging features that can be accessed by anyone with an internet connection and device in real-time.
Remote engagement is possible with video conferencing software via online video, instant messaging, VoIP, screen sharing, and file sharing.
Virtual event services offered by these platforms provide participants with original, creative, intuitive, and interactive elements. It aids in providing immersive event experiences to guests from all around the world.
The events such as virtual fairs take place online instead of on a physical site. It does not even require organizers or attendees to be physically present. They function similarly to a physical event but with digital components entirely handled by a virtual event management company.
3D Event Streaming Industry
With the technological advancements and greater use of online platforms, particularly video conferencing platforms, it is predicted that the 3D event streaming industry will experience an escalation in the coming years.
The 3D virtual event market was worth USD 110.2 billion in 2021 and is expected to be worth USD 617.3 billion by 2030, growing at a 21.4% CAGR during the forecast period.
Key Market Insights
Technology is rapidly advancing, particularly in how business events are organized and hosted. The integration of virtual meeting solutions with sophisticated technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud-based virtual reality (VR) is expected to drive market expansion.
Furthermore, the increased need for visual communication in enterprises worldwide impacts the 3D events market growth due to globalization, remote workforce management, and rising internet penetration.
The growing popularity of unified communication as a service (UCaaS) among educational institutions, corporations, and other businesses is likely to fuel the industry.
Furthermore, the rising need for visual communication software is expected to fuel market growth. According to Bluejeans, 94% of firms deployed web and video conferencing technologies to boost company productivity.
Impact Of Covid-19
The recent coronavirus pandemic has had a significant impact on numerous economies worldwide. The precautions implemented to combat disease spread have impacted enterprises of all sizes.
However, a few firms have gained considerably from the pandemic, with virtual meeting software and virtual event services being some of the leading areas to benefit.
The rapid adoption of work-from-home policies by top enterprises worldwide massively impacted the total market growth of 3D events, not just during the pandemic but also afterward.
Even today, the growing popularity of virtual conferences, meetings, gatherings, exhibits, and other events is driving up demand for immersive meeting solutions.
- For example, the World Health Organization (WHO) held its first-ever virtual assembly in May 2020 to examine and handle pandemic-related issues.
- In addition, amid the COVID-19 pandemic, the Indian Institute of Technology Bombay (IIT-B) held its 58th convocation ceremony in August 2020 using a 3D distributed virtual environment. Despite the limitations imposed by the pandemic, students received their degrees in virtual reality format, according to the college.
Active initiatives like these are expected to fuel demand for virtual event services in the future years.
Driving Factors
Rising 5G Connectivity Adoption
The increasing use of 5G infrastructure is projected to accelerate the 3D event market growth. 5G-enabled virtual event software aids in the creation of high-quality 3D material.
This covers augmented and virtual reality experiences with cutting-edge features like AR broadcast, volumetric capture, motion capture, and others.
5G services provide high speed, ultra-low latency, seamless connectivity, and high capacity to transmit a significant quantity of data for multiple end-users simultaneously.
Rising Enterprise Adoption of Cloud-based Solutions
The increasing usage of cloud-based virtual meeting solutions across multiple industries is a significant market driver. Increased expenditures in the integration of cloud-based platforms and the availability of low-cost cloud platforms will encourage the growth of the 3D events market.
Cloud-based solutions can provide smooth connectivity and aid in resolving collaboration issues to improve workplace interaction. As a result, the demand for improved staff productivity is projected to increase demand for cloud-based meeting solutions.
Major virtual event management companies are concentrating on producing innovative virtual meeting software based on fundamental technologies such as cloud, Al, and others to achieve a competitive advantage in the industry.
Rise of Artificial Intelligence and IoT
The increasing technological intervention in these items and the acceptance of ideas such as loT and Al have enabled applications in various industry verticals.
The advancements of AI and its multiple applications in creating virtual reality will only increase the demand for event streaming.
AI’s application in building avatars, analyzing 2D user images to 3D scans, and making realistic avatars is just one of the ways virtual 3D events are expected to take over.
An Increasing Number of Product Innovations
Companies have been encouraged to embrace novel techniques to assist them in creating a larger consumer base.
A growing number of interactive product breakthroughs will have a significant impact on the overall growth of the 3D events software market in the coming years.
Growth Projections: 3D Event Streaming Industry
- The market is worth USD 110.2 billion and will grow at a CAGR of 21% between 2020 and 2030.
- By the end of 2030, the global 3D virtual event market is expected to be worth USD 617.3 billion.
- 92% of organizers have converted to virtual events in 2021, with 94% planning virtual events in 2022 and 48% aiming to expand the amount of virtual events they host next year.
- The communication sector accounted for the largest revenue share of 35.7% in 2021 due to the significant increase in virtual events.
- North America’s virtual events market is expected to be the most dominant in recent years. The North American virtual meeting software market was valued at USD 4.30 billion in 2021. This figure is expected to expand rapidly in the future, reaching a revenue share of 11.9 billion by 2030.
- The existence of various large-scale enterprises in the United States and Canada will contribute to the market’s growth.
3D Event Streaming for Marketing
With time, going virtual has become a new trend. Today, 3D virtual trade exhibitions are the preferred option of top marketers and exhibitors. Virtual exhibitions give businesses and marketers limitless opportunities.
Reduced costs, increased participation, broader reach, higher ROI, valuable data collecting, and the capacity to analyze results have made it the favored choice among large corporations as a marketing tool.
Banners, overlaid logos, company video presentations during breaks, intro and closing moments, adverts on the chat board and dashboard, announcements in any other sort of communication used, such as the event website, social network pages, apps, radio, and TV are some examples of how 3D events can be used for marketing and advertising.
Statistics:
- According to a 2021 poll of 8,227 marketers globally, 40 percent of their events will be virtual in 2022, 35 percent will be hybrid, and the remaining 35 percent will be held in person. This is an increase in virtual events from the 2020 value of 35% but a decline from the 2020 value of 32% for both hybrid and in-person events.
- Respondents claimed virtual events/webinars/online courses created the best outcomes for their content marketing in the previous 12 months (58%).
- 61% of marketers plan to increase their investment in 3D events in 2022.
- About 52% of B2B marketers conduct between 20-30 3D events annually, with 21% saying they host over 30 3D events each year.
- According to 45.7% of marketers, virtual events’ primary purpose is to develop a pipeline.
- According to 68% of B2B marketers, live events help generate the most leads.
- Most companies now allocate 10 to 20% of their marketing budget for 3D events.
Advantages
- Increased Return on Investment- According to 78% of businesses, or three-quarters, arranging an event results in “good event ROI.” Virtual exhibitions provide a higher return on investment compared to on-site events. It enables exhibitors to plan their next tactic and cultivate the most important leads.
- Increase In Global Presence and Audience Numbers– Virtual exhibitions help attract people from all over the world, resulting in greater reach and increased attendance.
Because of their minimal cost, these actions can even be repeated several times a year to gain public trust while strengthening organic development. A 3D event can take place in multiple locations at various times.
- Increased Audience Engagement and Attention- 3D events go beyond videos and internet conferences. Virtual event platforms allow attendees to communicate with one another and brand managers in the same way they would at an in-person event. Marketers can create visually appealing and customized landing pages to make the most of a virtual exhibition.
Marketers can use virtual event platforms that include interactive elements such as live audio/video chats to increase engagement. The platform’s interactive capabilities and features boost real-time interactions between exhibitors and attendees.
One-on-one encounters at virtual exhibitions help to reduce the huge lines. In addition, interactive elements aid participants with questions, keeping them interested throughout the session.
- Provides Accurate Big Data- Metrics and participation are fully controlled in 3D events. Virtual event services are an ally for marketers, providing them with the most precise data about their audience.
Furthermore, because 3D events are digital in nature, those analytics elements that physical events do not. Online dashboards display engagement statistics like clicks, views, comments, and impressions. Marketers can use post-event analytics and customer behavior to execute more targeted lead-nurturing advertising.
- Significant Cost Reductions in Marketing– 3D events provide significant cost savings not only for travel and overnight stay expenses but also for the cost of renting a physical avenue, arranging an event set up, and paying for security or other event requirements.
- Increases Audience by establishing a business as environment conscious- Companies are becoming more aware of the challenges that society faces due to contamination of the environment.
And reducing the carbon footprint of their events through virtualization makes a brand appear more environmentally conscious. This is why 3D events are a marketing tactic that boosts audience trust and benefits the environment.
- The use of live translation technology is inclusive – When it comes to digitally crossing borders and amassing a worldwide audience, live translation integrated into virtual event platforms can be a game changer.
This will make the experience more tailored and personalized and speed up the interchange of ideas between people of diverse linguistic and ethnic backgrounds.
Businesses that are more diverse and inclusive will have a better awareness of the global landscape and will be able to make more informed decisions to thrive and market themselves.
- Creates brand loyalty – 3D events create an online community and a more personalized and easy-going space through their virtual fairs. This is important for creating a sense of belonging in potential customers and increasing brand loyalty.
- Keeps Attendees Informed of Marketing Announcements – A virtual event platform provides live updates to your attendees. Unlike traditional trade shows, a 3D virtual trade show instantly attracts spectators’ attention with a pop-up notification. It aids in keeping the audience informed and updated at all times.
If you want to keep the 3D virtual fair show running after it has ended, virtual event platforms allow you to do so. The material can be shared across multiple platforms and remains evergreen in a virtual manner. Even after the live feature has ended, organizers can still receive notifications about questions from visitors who visit virtual booths.
- Enhanced Accessibility- Virtual exhibitions, as opposed to conventional trade exhibits, are extremely accessible. Attendees can evaluate it from any location, device, or browser. Virtual fairs even provide disabled guests access to the same, which they typically do not have during traditional events.
Challenges
- 80% of people join virtual events only for educational purposes. The next biggest reason for joining virtual events is marketing.
- 38% of marketers face technical problems when hosting 3D events.
- Audience interaction instead of just being an attendee is important to increase audience engagement and help increase sales.
3D Event Streaming Detailed Analysis and Recent Trends
- Type Analysis
- The VR headset segment will dominate the virtual event services market: The virtual event market has been divided into two types: VR headsets and non-VR headsets. VR headsets are expected to increase demand for low-cost 2D devices, such as laptops or tablets, for conducting 3D virtual events in several verticals. The VR headset industry is predicted to rise significantly, owing to the increasing use of VR headsets in gaming, advertising, and other applications.
- The gamification segment will likely gain traction during the forecast period: The market is further subdivided based on function into 3D events, video conferencing, mobile event apps, virtual event management, event administration, attendee management, lead retrieval, gamification, and others.
- Deployment Analysis
- Growing cloud-based deployment demand: The deployment sector is divided into cloud-based and on-premise deployments based on the scope. Because of the increased usage of cloud-based virtual meeting solutions across multiple verticals such as BFSI, IT & telecom, healthcare, and others, the cloud segment is expected to develop at the fastest rate.
During the forecast period, the on-premises category is expected to have the highest revenue share. This is due to major enterprises’ increasing use of on-premise deployment methods in response to data security concerns and the maintenance of information security systems.
- Enterprise Analysis
- Large enterprise adoption of virtual event platforms: During the forecast period, the small and medium-sized enterprises sector is expected to develop at the fastest rate in the market. The increased adoption of cost-effective virtual event solutions coupled with sophisticated technologies such as cloud, artificial intelligence (Al), and others in company operations is linked to growth.
The big enterprises category is expected to retain a sizable market share during the projected period. The market is projected to be driven by major organizations’ increasing adoption of virtual meeting software solutions to develop collaborations among employees in different places.
- Industry Analysis
- Increasing virtual meeting solution adoption in advertising and marketing to drive market growth: The market is divided into industries such as IT & telecommunication, media & entertainment, education and research, automotive, and others.
Because of the increased usage of virtual and digital event platforms for engaging with their target audiences, promoting their business, and other purposes, advertising and marketing opportunities are expected to grow exponentially.
The Future Outlook For 3D Event Streaming
3D events such as virtual exhibitions and virtual fairs are expected to rise in the coming years resulting from its multiple possible applications and use cases.
With advancing technology, such as AI and cloud-based solutions, virtual event platforms will begin to offer more and more possibilities.
The boom of 3D event streaming and online video conferencing platforms was not only due to the traction gained after covid.
According to a survey, 84% of attendees want a safety net of a virtual option for an event in case of any issue causing a change in plans.
This indicates that virtual platforms are here to stay and only prosper further, especially as a tool for marketing.
Summary
Digital experiences and 3D events will continue to be the most beneficial and cost-effective way of reaching a big audience in the future. In addition, the growth trajectory of online events is projected to impact the business ecosystem in the near future.
As we look back on the past year, we can infer that virtual events are here to stay. This means businesses and marketers must be more creative and use virtual event services to increase engagement and involvement in the digital realm.
Virtual events, when planned well, can be impactful, engaging, and value-adding immersive experiences that extend far beyond the computer screen.
