Virtual Meeting Software Market Trends, Active Key Players, and Growth Projection Up to 2027

Virtual Meeting Software Market by Component (Solution and Service), Deployment Model (On-Premise and Cloud), Enterprise Size (Large Enterprise and Small & Medium Enterprises), and Industry Vertical (BFSI, Education, IT & Telecom, Government & Public, Healthcare, Manufacturing, Media & Entertainment, Oil & Gas, Others): Global Opportunity Analysis and Industry Forecast, 2020-2027."

According to the report, the global virtual meeting software industry generated $7.62 billion in 2019, and is projected to reach $57.23 billion by 2027, witnessing a CAGR of 27.6% from 2020 to 2027.

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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 the market growth. Contrarily, integration of advanced technology such as artificial intelligence and cloud-based technology present new opportunities in the coming years.

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 sector 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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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 owing to growing investment by various key players of the market and 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 startup and key players of the virtual meeting software market are investing heavily to upsurge their revenue opportunity and to increase their customers base in different countries of Asia-Pacific which propels the growth of the market.

Leading market players

Huawei Technologies Co., Ltd.
Lifesize, Inc.
LogMeIn, Inc
Microsoft Corporation
Ring Central, Inc.
Zoom Video Communications, Inc.
Adobe
Avaya Inc.
Cisco Systems, Inc.
Google LLC

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