According to the report published by a Portland-based research firm, Allied Market Research, the global virtual meeting software market was pegged at $7.62 billion in 2019 and is estimated to hit $57.23 billion by 2027, registering a CAGR of 27.6% from 2020 to 2027.
Increase in adoption of virtual meeting software among corporate and government organizations, growth in adoption of technologies, such as facial recognition, to detect and authenticate the meeting participants, and surge in number of virtual meeting software providers across the globe drive the growth of the global virtual meeting software market.
However, high product and solution costs related to virtual meeting software hinder the market growth. Contrarily, integration of advanced technology such as artificial intelligence and cloud-based technology present new opportunities in the coming years.
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The global virtual meeting software market is analyzed across components, deployment model, enterprise size, industry vertical, and region. On the basis of component, the solution segment contributed to more than two-thirds of the total market share in 2019, and would retain its dominance during the forecast period. Simultaneously, the service segment is projected to grow at the fastest CAGR of 29.2% from 2020 to 2027.
On the basis of industry vertical, the IT & Telecom segment accounted for nearly one-fifth of the total market revenue in 2019, and is anticipated to rule the roost by 2027. At the same time, the media and entertainment segment would exhibit the fastest CAGR of 29.8% during the forecast period.
On the basis of region, North America held the highest share in 2019, generating nearly two-fifths of the global market. Asia-Pacific, on the other hand, is projected to cite the fastest CAGR of 29.3% from 2020 to 2027.The other two regions analyzed through the report include LAMEA and Europe.
Impact of Covid-19 on Virtual Meeting Software Market:
- The global lockdown led to increase in adoption of virtual meeting software. Several organizations in the sectors such as IT & telecom, BFSI, manufacturing, education & healthcare, and others have majorly invested to take on virtual meeting software for accomplishing their ongoing projects.
- Moreover, various corporate offices have also made use of different applications such as Skype, ZOOM, and Microsoft Teams for training purposes. These factors have boosted the market growth.
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The leading market players analyzed in the global virtual meeting software market report include Avaya Inc., Cisco Systems Inc.( NASDAQ: CSCO), Ring Central Inc. (NYSE: RNG), Google LLC, Zoom Video Communications Inc. (NASDAQ: ZM), Huawei Technologies Co., Ltd., Lifesize, Inc., LogMeIn Inc., Adobe (NASDAQ: ADBE), and Microsoft Corporation (NASDAQ: MSFT). These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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