Virtual Meeting Software Market Expected to Reach USD 57.23 Billion by 2027|Top Players such as - Lifesize, LogMeIn and Avaya
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 market growth. Contrarily, integration of advanced technology such as artificial intelligence and cloud-based technology presents new opportunities in the coming years.
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Based on industry vertical, the IT & Telecom segment accounted for the highest share in 2019, accounting for nearly one-fifth of the global virtual meeting software market and is expected to maintain its dominance in terms of revenue during the forecast period. This is attributed to sharing critical document files with employees and offering instant meeting services. However, the media and entertainment segment is expected to witness the highest CAGR of 29.8% during the forecast period. Numerous benefits provided by virtual meeting software solutions such as promotions, content flow, tracking the trends and engagement in various events drive the adoption of virtual meeting software solutions.
Based on component, the solution segment contributed to the highest market share, accounting for more than two-thirds of the global virtual meeting software market in 2019 and will maintain its lead position during the forecast period. This is owing to the need to monitor and manage large number of cloud meetings and the growing need to stream meetings with a combination of live video and screen sharing in various organizations. However, the service segment is estimated to grow at the highest CAGR of 29.2% from 2020 to 2027. This is due to an increase in the adoption of services among end users, as they ensure the effective functioning of virtual meeting software.
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Based on region, North America contributed to the highest market share in terms of revenue in 2019, accounting for nearly two-fifths of the global Virtual Meeting Software market and will maintain its lead position by 2027. This is attributed to growing investment by various key players of the market and the presence of key players of the market in this region. However, Asia-Pacific is projected to register the highest CAGR of 29.3% from 2020 to 2027. Many startups and key players of the virtual meeting software market are investing heavily to increase their revenue opportunity and to increase their customers base in different countries of Asia-Pacific which propels the growth of the market.
The key players profiled in the virtual meeting software market include Adobe, Avaya Inc., Cisco Systems, Inc. Google LLC, Huawei Technologies Co., Ltd., Lifesize, Inc., LogMeIn, Inc., Microsoft Corporation, Ring Central, Inc. and Zoom Video Communications, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the virtual meeting software market industry.
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Impact of COVID-19 Pandemic on Virtual Meeting Software Market:
● The implementation of global lockdown by the government bodies and shutdown of various companies across the globe resulted in the increase in adoption of virtual meeting software.
● Various organizations including IT & telecom, BFSI, manufacturing, and others have majorly invested to adopt virtual meeting software for completing their ongoing projects.
● In addition, the adoption of this software thrived in the education and healthcare sectors all over the globe. At the same time, various corporate offices have utilized different applications such as ZOOM, Microsoft Teams, and Skype for training and managing employees of organizations. All these aspects have proliferated the market growth during the pandemic.
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