The industry forecast of the Global Virtual Reality Market predicts the market revenue to grow at the rate of 23.7% CAGR between 2021-2028. In 2021, the market size equaled 114.12 billion USD. The predicted value for 2028 is 504.76 billion USD. Tradeshows and exhibitions dominate the Virtual Events market, followed by virtual summits and conferences.
Grandview Research also gives us information that the other segments that take up a majority share are virtual events such as concerts, job fairs, and webinars. With such good predictions, the future of Virtual Events holds untold benefits.
The launch of Oculus Quest 2, an affordable VR headset, has now made it possible for businesses to explore the full benefits of VR. Before the launch, businesses had to focus on Augmented Reality, a widely used technology. And it didn’t require the use of special glasses or sensors. Compared to Virtual reality, Augmented Reality is still much more affordable. It also has a more significant user base. Facebook’s launch of Oculus Quest 2 has started a revolution. We are now embarking on a journey to a future where VR headsets will become just as irreplaceable as computers.
Virtual Events Statics:
We are sharing some Virtual event’s statistics to help you understand what goes into planning a virtual event. The following statistics are based upon input from event organizers and marketers.
Live-Example of how Virtual and Augmented Reality has affected the Events Industry:
The key to successful virtual event’s isn’t just the turn-up but the ultimate attendee experience. We’ll share with you some examples of Virtual and Augmented Reality events that have changed the outlook of the Events Industry, giving them an entirely new method to wow their captive audiences.
1. Samsung’s Launch of Gear 360 Camera & Headset:
The image is a snapshot of the 360-degree video that can be viewed on Youtube. The arrows on the top left corner allow the viewer to navigate the field.
Lollapalooza, a four-day music festival held in Chicago’s Grant Park was the ground Zero for Samsung’s VR Event. Samsung offered event participants access to their new product Samsung Gear 360 to capture their own 360-degree videos of the Event. They took it a step further by uploading these videos to Lollapalooza’s website selling them for 349.99 USD. They went all out with the VR-Palooza, an interactive VR experience that could share Livestream stage performances powered by Oculus.
2. Great Barrier Reef Virtual Event:
Image Reference: Natural History Museum
Greenpeace Field, a destination for environmental education, attracts thousands of festival-goers to its abode. Recently, they held a 20-minute immersive VR Event that allowed the participants to dive into the Great Barrier Reef, the world’s largest coral reef system. The experience allowed the participants to board a virtual submarine, which took them into the heart of this fabulous Reef teeming with sharks, corals, and fish. As they manoeuvre through the Reef, visitors can learn about marine life from a top-notch naturalist. The goal of this event was to raise awareness about the threat to the Great Barrier Reef, which is being adversely affected by factors such as climate change and mining.
How can VR and AR benefit the Event’s Industry?
Virtual Reality has benefits beyond simply hosting an Event. It can help the event staff, coordinator, venue manager, and the organizations in numerous other ways. We’ll shed some light on the benefits of VR and AR tech on the event’s industry, including how VR can help plan a traditional in-person event.
Gives early adopters a competitive edge
There was a time when traditional in-person meetings were the only available option. But with the growing advancements, more options such as video conferences and events became a possibility. But these have their own limitations that VR is bound to overcome as it grows. In 2021, VR is still at an early stage and an untapped resource that can spin the event’s industry on its ears. Early adopters can gain a competitive edge over other businesses by incorporating VR into their Virtual events. The sports industry has successfully adopted VR tech in numerous ways, including using VR to display advertisements in sports stadiums.
Many event-oriented businesses have already shifted their focus to Virtual events, turning their best venues into a Virtual space that their clients can explore from the comfort of their homes.
Virtual Training for staff and planners:
Virtual Reality’s key benefits include training for employees and staff in all sectors. Event staff are such employees that can practise in a virtual environment before they work at an event, leading to higher satisfaction and better service. Reputed brands like Mercedes Benz have already implemented 3D video resources for training all their employees. Walmart and Porsche are two other big names that have joined the ranks of companies using VR to train their staff.
Better tools to hire planners and vendors for an event:
VR doesn’t take away from traditional in-person events. They are just as important. But VR offers a set of exclusive tools that can be used when you are working under time and location constraints. A venue manager can use VR to speed up the process of hiring event planners or vendors by taking them inside the venue space. It can also be used to keep the entire team updated on the current plans, which will add consistency, helping plan a perfect event.
Build interactive AR or VR apps for boosting event attendance:
Since its launch in March 2018, Google’s AR core has made it possible for android users to interact with Augmented scenes, presenting businesses with another means to drive traffic to their websites, services, or events. Plan an elaborate event month ahead of the day it is supposed to happen. Include features that build-up up the event, making the viewers curious and encouraging them to purchase tickets for the event. Make the app so versatile that the event attendees can use the same app to interact with trade show booths at the conferences or exhibitions. Based on the latest VR event statistics, around 78% of entrepreneurs have confirmed that building an app for the event has had a positive effect on the event’s Return on Investment.