Virtual Meeting Software Market to Reach $ 57.23 Billion by 27.6% by 2027 CAGR: Allied Market Research

Growth in the adoption of virtual meeting software among corporations and government organizations, growth in the adoption of technologies such as face recognition and authentication of meeting participants, and an increase in the number of virtual meeting software vendors worldwide are driving growth

PORTLAND, Ore.,, February 23, 2021 / PRNewswire / – Allied Market Research published a report entitled, Virtual Meeting Software Market by components (solution and service), deployment model (local and cloud), enterprise size (large enterprises and small and medium enterprises) and industrial vertical (BFSI, education, IT and telecom, government and public, health, manufacturing, Media and entertainment , oil and gas, others): Analysis of global opportunities and industry forecasts, 2020 – 2027. “ According to the report, a global virtual meeting software industry has been generated $ 7.62 billion in 2019, and is projected to reach $ 57.23 billion by 2027, witnessing a CAGR of 27.6% from 2020 to 2027.

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Drivers, limitations and opportunities

Increasing adoption of virtual meeting software among corporations and government organizations, growing adoption of technologies such as face recognition, meeting participant discovery and authentication, and increasing number of virtual meeting software vendors worldwide are driving growth in the global virtual meeting software market. However, the high cost of products and solutions associated with virtual meeting software is hampering market growth. In contrast, the integration of advanced technology such as artificial intelligence and cloud-based technology presents new opportunities in the coming years.

Impact of the COVID-19 pandemic on the virtual meeting software market:

  • The implementation of global locking by government agencies and the shutdown of various companies around the world have resulted in an increase in the adoption of virtual meeting software.

  • Various organizations, including IT and telecom, BFSI, manufacturing, and others, have largely invested in adopting virtual meeting software to complete their ongoing projects.

  • In addition, the adoption of this software has thrived in the education and health sectors around the world. At the same time, different corporate offices use different applications such as ZOOM, Microsoft Teams, and Skype to train and manage employees in organizations. All of these aspects increased market growth during the pandemic.

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Solution segment for maintaining the leading position during the planned period

Component-based, the solutions segment contributed the largest market share, accounting for more than two-thirds of the global virtual meeting software market in 2019, and will maintain its leading position over the forecast period. This is due to the need to monitor and manage a large number of meetings in the cloud and the growing need to stream a meeting by combining live video and screen sharing across organizations. However, the services segment is estimated to grow at the highest CAGR of 29.2% from 2020 to 2027. This is due to increased service adoption among end users, as they ensure the effective functioning of virtual meeting software.

The IT & Telecom segment retains its dominance in terms of revenue until 2027

Based on the industrial vertical, the IT and telecom segment had the largest share in 2019, accounting for almost a fifth of the global virtual meeting software market, and is expected to maintain its revenue dominance over the forecast period. This is attributed to sharing critical files with employees and providing instant meeting services. However, the media and entertainment segment is expected to have the highest CAGR of 29.8% over the forecast period. Numerous advantages of virtual meeting software solutions such as promotions, content flow, trend tracking and engagement at various events trigger the adoption of a virtual meeting software solution.

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North America to maintain the leading position until 2027

Based on the region, North America contributed the largest market share in revenue in 2019, accounting for nearly two-fifths of the global virtual meeting software market, and will maintain its leading position until 2027. This is attributed to the growing investments of various key market players and the presence of key market players in the region. However, Asia-Pacific it is projected to record the highest CAGR of 29.3% from 2020 to 2027. Many startups and key players in the virtual meeting software market are investing heavily to increase their revenue and increase their customer base in different countries Asia-Pacific which encourages market growth.

Official press release: https://www.alliedmarketresearch.com/press-release/virtual-meeting-software-market.html

Leading market players

  • Huawei Technologies Co., Ltd.

  • Lifesize, Inc.

  • LogMeIn, Inc.

  • Microsoft Corporation

  • Ring Central, Inc.

  • Zoom Video Communications, Inc.

  • Adobe

  • Avaya Inc.

  • Cisco Systems, Inc.

  • Google LLC

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About Allied Market Research:

Allied Market Research (AMR) is a comprehensive market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global companies, as well as small and medium-sized enterprises, with the unsurpassed quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their market domains. AMR offers its services in 11 industries, including life sciences, consumer goods, materials and chemicals, construction and manufacturing, food and beverage, energy and energy, semiconductors and electronics, automotive and transportation, ICT and media, space and defense industry and BFSI.

We have professional corporate relationships with a variety of companies and this helps us to extract market data that help us generate accurate research data tables and confirm the ultimate accuracy in our market forecasting. All the data presented in the reports we published were extracted through primary interviews with the top officials of the leading companies in question. Our secondary data acquisition methodology includes detailed online and offline research and interviews with industry professionals and analysts.

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