Virtual Meeting Software Market Expected to Reach USD 57.23 Billion by 2027 | Top Players Such as - Lifesize, LogMeIn & Avaya

According to the report published by Allied Market Research, The Virtual Meeting Software Market Expected to Reach USD 57.23 Billion by 2027 | Top Players Such as - Lifesize, LogMeIn & Avaya. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

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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The global virtual meeting software market size was valued at USD 7.62 billion in 2019, and is projected to reach USD 57.23 billion by 2027, growing at a CAGR of 27.6% from 2020 to 2027.

The global virtual meeting software is segmented on the basis of component, deployment model, enterprise size, industry vertical, and region. By component, the market is divided into solution, and service. On the basis of deployment model, it is divided into on-premise and cloud. In terms of enterprise size, the market is segmented into large enterprises and small & medium enterprises. By industry vertical, it is divided BFSI, education, IT & telecom, government & public, healthcare, manufacturing, media & entertainment, oil & gas, others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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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 many 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.

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 are 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.

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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 industry 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 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 into 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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