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.
Download sample report: https://www.alliedmarketresearch.com/request-sample/9743
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.
Get a detailed analysis of the impact of COVID-19 on the virtual meeting software market: https://www.alliedmarketresearch.com/request-for-customization/9743?reqfor=covid
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.
For purchase inquiries: https://www.alliedmarketresearch.com/purchase-enquiry/9743
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.
Ring Central, Inc.
Zoom Video Communications, Inc.
Cisco Systems, Inc.
Similar research reports on information, communications and technology:
It is expected that there will be big data analysis in the retail market $ 4.43 billion until 2027
The market for reconciliation software is expected to reach $ 5.38 billion until 2027
The market for risk analytics is expected to reach $ 65.25 billion until 2026
It is expected to reach the Clickstream analytics market $ 2.56 billion until 2026
Reaching the debt collection software market $ 5,660.8 million until 2026
AVENUE – Subscription-based library (Premium model on request, subscription-based price model):
AMR introduces its online premium subscription-based Avenue library, designed specifically to offer a cost-effective one-stop solution for businesses, investors and universities. Along with Avenue, subscribers can use an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can gain online access to quantitative and qualitative data in PDF and Excel formats, along with analyst support, customization, and updated versions of reports.
Access the report library anytime from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
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.
5933 NE Win Sivers Drive
# 205, Portland, OR 97220
United Kingdom: + 44-845-528-1300
hong kong: + 852-301-84916
India (Pune): + 91-20-66346060
Fax: + 1-855-550-5975
Follow us on: LinkedIn Twitter
See original content: http: //www.prnewswire.com/news-releases/virtual-meeting-software-market-to-reach-57-23-billion-globally-by-2027-at-27-6-cagr- allied market-research-301233198.html
SOURCE Allied Market Research