Source – https://www.analyticsinsight.net/
Businesses experienced the merits of virtual events first-hand, thanks to artificial intelligence.
Since the time coronavirus gripped our lives, artificial intelligence has played a key role in facilitating the work-from-home and also the leisure-from-home culture. From online meetings, virtual events, press releases, product launches, and client conferences, AI made sure we stayed sane in the most uncertain times.
2020 saw a big shift in the way businesses work. In a way, businesses took the most hit and stole all the spotlight when technology proved to be the savior for not just businesses but also governments by helping everyone stay connected. Online events, conferences, and webinars continued to become increasingly popular with businesses and the general public rapidly adopting collaboration tools like Zoom, Skype, Google Meet, Microsoft Teams, etc. 2020 brought the focus on online event platforms to organize, plan, and execute virtual meetings, exhibitions, and whatnot. Though this was an emergency last resort, it proved to be effective, more than traditional methods in some ways as it added value like cost savings, measurable ROI, and quick audience insights. These events also saw the overall audience experience improve drastically with several engagement interventions and immersive virtual 3D elements.
More Power To Artificial Intelligence
According to a market report by Grand View Research, the virtual events market worldwide stood at $77.98 billion in 2019 and grew at such a rapid rate in 2020 that it is expected to hit the mark of $404 billion by 2027. As the world is still being struck by the pandemic, several industries like IT, retail, healthcare, automotive, and education have actively transitioned to hosting virtual events. Activities like internal training, press releases, product launches, team meetings, etc. are taking the virtual route and it’s slowly becoming a norm rather than an exception.
With artificial intelligence driving virtual events, AI bots are facilitating virtual companionship for audiences, improved customer engagement, personalized experience, and increase in demand. For example, companies can use machine learning technology to observe and learn behavior patterns of engagement.
Virtual Events In The Future
Before COVID-19, around 40% of the total market spend was allotted to physical events. But as the global environment for businesses became increasingly challenging due to COVID-19, on-ground event spends saw a drastic decline as companies welcomed virtual events. Many businesses believe that events will continue to be a big part of their growth and about 80% of marketers claim that businesses are more supportive of online events because adoption of technology is no longer a barrier but a necessity.
As artificial intelligence continues to power virtual event platforms, companies are leveraging the advantage of data and analytics to add value to their work. Seeing ROI improving and leads getting generated in bigger numbers is resulting in better market presence and industry standing. The trajectory of the events industry suggests that virtual events are being perceived as a viable alternative for C-level executives as it saves them travel time and cost.
Another advantage of virtual events that are here to stay is accessibility. With platforms compatible with all devices, events can be experienced and hosted from anywhere. This opens up many opportunities for virtual event marketers and companies who have started to conduct internal events online. The healthcare industry and pharmaceutical industry are using virtual event platforms to host medical conferences that are used for knowledge sharing, networking sharing, training, and discussions.
Augmented reality, virtual reality, and intelligence AI-driven bots are extracting maximum data from virtual events which are proving to be a gold mine. This is making virtual events more streamlined, focused, targeted, and personalized to deliver experiences that are just perfect.