The Global Virtual Meeting Software Market to Surge at 12.49% CAGR by 2028

As per Triton's research report, the global virtual meeting software market accumulated $12098.78 million in 2021 and is evaluated to rise at a CAGR of 12.49% by 2028.

A recent study conducted by Triton Market Research named 'Global Virtual Meeting Software Market' includes Global Analysis and Forecasts by Enterprise Size (Small & Medium Enterprises, Large Enterprises), by Deployment Type (On-premise, Cloud), by Applications (Manufacturing, Healthcare, Government, IT & Telecom, Education, BFSI, Other Applications), by Component (Software, Service), and by Regional Outlook (North America, Latin America, Europe, Asia-Pacific, Middle East and Africa).

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Triton's report reveals that the global virtual meeting software market is anticipated to exhibit growth at a CAGR of 12.49% during the forecasted period 2022-2028 and revenue worth $27909.68 million by 2028.

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Technology working along with an internet connection has made it possible to hold meetings in a virtual online arena. With the help of virtual meeting software programs like Google Meet, Zoom, and Webex, people may easily converse online with each other. The market for virtual meeting software has expanded as a result of the increase in VMS providers and the accelerated technology use by government and corporate institutions.

Moreover, during the pandemic, when physical meeting and mobility were restricted, institutes and companies responded to it by switching quickly from physical interaction to virtual interactions. As productivity was robust with virtual meetings, the demand for VMS increased significantly. These key drivers led to the expansion of the market.

On the other hand, miscommunication has raised major concerns about inefficiency in the workplace. The way digital communication is interpreted by the parties involved sometimes creates misunderstanding that affects the adoption of VMS. Additionally, technical difficulties are yet another serious issue observed while using web conferencing tools. A large number of users believe that these tools do not help them but rather hinder their productivity and efficiency. The set of issues while using VMS has hindered the growth of the virtual meeting software market.

The virtual meeting software market is segmented by enterprise size, deployment type, applications, and component. As per enterprise size, it is divided into small & medium enterprises and large enterprises. Whereas, by deployment type, it is categorized into on-premise and cloud. According to applications, it includes manufacturing, healthcare, government, IT & telecom, education, BFSI, and other applications. Based on component, it consists of software and service.

The Asia-Pacific is estimated to show the fastest growth in the global virtual meeting software market for the forecasted period. The youth population in many developing countries in this region has driven the use of VMS. With the increasing popularity of online education and distance learning, huge investments in the VMS market have led to its growth significantly. Businesses have gained immensely with the use of VMS while dealing with overseas clients and building fruitful customer relations in different sectors. Thus, there is significant growth in the region for the VMS market.

Adobe Inc, Alphabet Inc, Microsoft Corporation, Livestrom Inc, Aventri Inc, Goto Inc, Airmeet Inc, Sine Wave Entertainment Ltd, Zoom Video Communications Inc, Avaya Inc, Lifesize Inc, Zoho Corporation, Huawei Technologies Co Ltd, Cisco Systems Inc, and Amazon Inc are the listed players in the virtual meeting software market.

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Question & Answer: Virtual Meeting Software Market

Question 1: What factors are contributing to the growth of the virtual meeting software market?
Answer: The collaboration of technology with an internet connection has given an open space for conducting meetings in an online virtual environment. People across the world can communicate over the internet by simply using virtual meeting software applications such as Google Meet, Zoom, and Webex. The rise in the number of VMS providers has surged the adoption of technologies by corporate and government organizations leading to the growth of the virtual meeting software market.

Moreover, during the pandemic, when physical meeting and mobility were restricted, institutes and companies responded to it by switching quickly from physical interaction to virtual interactions. As productivity was robust with virtual meetings, the demand for VMS increased significantly. These key drivers led to the expansion of the market.

Question 2: How is the growth of the VMS market affected?
Answer: Miscommunication has raised major concerns about inefficiency in the workplace. The way digital communication is interpreted by the parties involved sometimes creates misunderstanding that affects the adoption of VMS. Additionally, technical difficulties are yet another serious issue observed while using web conferencing tools. A large number of users believe that these tools do not help them but rather hinder their productivity and efficiency. The set of issues while using VMS has hindered the growth of the virtual meeting software market.

Question 3: Which region is the fastest-growing in the VMS market?
Answer: The Asia-Pacific is estimated to show the fastest growth in the global virtual meeting software market for the forecasted period. The youth population in many developing countries in this region has driven the use of VMS. With the increasing popularity of online education and distance learning, huge investments in the VMS market have led to its growth significantly. Businesses have gained immensely with the use of VMS while dealing with overseas clients and building fruitful customer relations in different sectors. Thus, there is significant growth in the region for the VMS market.

Question 4: What are the listed companies in the virtual meeting software market?
Answer: Adobe Inc, Alphabet Inc, Microsoft Corporation, Livestrom Inc, Aventri Inc, Goto Inc, Airmeet Inc, Sine Wave Entertainment Ltd, Zoom Video Communications Inc, Avaya Inc, Lifesize Inc, Zoho Corporation, Huawei Technologies Co Ltd, Cisco Systems Inc, and Amazon Inc are the listed players in the virtual meeting software market.

Related Report:

Global Team Collaboration Software Market-
https://www.tritonmarketresearch.com/reports/team-collaboration-software-market

The global team collaboration software market is estimated to advance at a CAGR of 10.35% during the forecasted period 2019-2028 and earn revenue worth $23.05 billion by 2028.

Team collaboration software allows people to communicate and get valuable insights. The increase in the adoption of cloud-based SaaS and virtual conferencing has fostered this market's growth.

However, hardware and software components costs involved in the deployment of the software have resulted in some concerns. Also, security concerns and integration of personal information with the cloud are some other factors restraining the growth of the market.

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