Press release
The Global Virtual Meeting Software Market to Exhibit 12.49% of CAGR by 2028
Global Virtual Meeting Software Market
Our report highlights that the global market for virtual meeting software would expand with 12.49% of CAGR for the forecasted period 2022-2028.
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The surge in the adoption of technologies and software across the globe has increased the demand for virtual meeting software. These virtual meeting platforms allow users to connect over the internet with audio, video, and screen sharing. Moreover, corporate and government organizations are transforming their workplace culture with the widespread proliferation of information technology. With the rise in the use of the internet and software, the workplace environment is emerging into a better place where employees can connect, collaborate, communicate, and deliver services with ease. These key drivers have contributed significantly to the growth of the global virtual meeting software market.
Lack of face-to-face communication and miscommunication among the parties has hindered the growth of the market. Such issues are mainly attributed to digital communications and the way people interpret them. In addition, multiple issues, such as incompatible browsers, technical glitches, bad resolution, and sharing of sensitive data accidentally, are some of the problems encountered. Due to the rise in such technical issues, the growth of the global virtual meeting software market is hampered.
North America holds a leading position in the virtual meeting software market by capturing the largest share in 2021. It is expected to continue its stronghold in the years to come. Due to the pandemic, many offices and workplaces were shut down, which led to the rapid increase in the number of users of VMS. Post pandemic, people are still looking to work from home using the software. This shift in the working mode has leveraged the virtual meeting software market growth.
The key players that drive the growth of the virtual meeting software market are Zoom Video Communications Inc, Huawei Technologies Co Ltd, Alphabet Inc, Cisco Systems Inc, Adobe Inc, Airmeet Inc, Zoho Corporation, Livestrom Inc, Avaya Inc, Sine Wave Entertainment Ltd, Lifesize Inc, Aventri Inc, Goto Inc, Microsoft Corporation, and Amazon Inc.
A number of new players can be seen entering the global virtual meeting software market. Due to low initial capital investment, the number of startups is growing. As a result, this has led to an increase in the competition as the monopoly power of Google, Microsoft, and Zoom is reducing gradually.
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