Increasing Virtual Meeting Software Providers contribute to Global Virtual Meeting Software Market Growth

Inkwood Research estimates that the Global Virtual Meeting Software Market is evaluated to project a CAGR of 12.62% in terms of revenue during the forecasting years of 2022-2030.

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Virtual meetings, also called virtual conferencing, includes hosting a meeting in a virtual or online environment. Users can host a virtual meeting with video, audio, as well as screen sharing. Virtual meeting platforms are characterized as software and applications that connect people over the internet.

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Rise in Virtual Meeting Software Providers to Augment Market Growth

A key factor fueling the demand for virtual meeting software is the increase in remote work. As cloud-based communications as well as collaboration applications emerge, companies are discovering that the same level of productivity can be accessed from remote team members as in-office employees. Furthermore, the remote workforce across the globe increased by nearly 140% from 2005 to 2019, with the number accelerating even further in 2020, following the COVID-19 pandemic.

Virtual meeting software is primarily used to conduct meetings/group discussions or any conversations over the internet. Hence, the presence of numerous large-scale vendors worldwide will lead to broader product adoption, subsequently contributing to the global virtual meeting software market's growth.

IT & Telecom Segment to Dominate the End-Users Category

The IT & telecom sector is the oldest user of virtual meeting software, with its expansion in daily office activities highly prevalent even before the pandemic. In this regard, events and meetings between different office places, international corporate meetings, collaborations between teams, and others were accomplished with virtual meeting software. With the COVID-19 pandemic in effect since 2020, the IT & telecom sector has shifted its physical office model to the remote working mode, thereby increasing the use of virtual meeting software on a significant scale.

Asia-Pacific to Lead the Global Market by 2030
The rise in online education and distance learning, as well as the substantial investments in the software industry, are among the key factors linked to the expansion of the virtual meeting software market in the Asia-Pacific.

Moreover, the innovative use of virtual meeting software such as cultural events, virtual weddings and receptions, and election campaigning are continually increasing in developing countries like South Korea, China, and India. In addition, the reduction of travel costs due to the use of virtual meeting software increases its adoption in the corporate sectors of IT & Telecom and BFSI, among others.

The competitive rivalry in the global virtual meeting software market is set to be high over the forecasting years. The major players operating in the market are Microsoft Corporation, Adobe Systems Inc, Zoho Corporation, etc.

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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.

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