PORTLAND, Ore., Feb. 23, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "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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Drivers, Restraints, and Opportunities
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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The solution segment to maintain its lead position during the forecast period
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 meeting and growing need to stream meeting 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 increase in the adoption of services among end users, as they ensure effective functioning of virtual meeting software.
The IT & Telecom segment to maintain its dominance in terms of revenue by 2027
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 solution such as promotions, content flow, tracking the trends and engagement in various events drives the adoption of virtual meeting software solution.
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North America to maintain its lead position by 2027
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.
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Leading market players
- Huawei Technologies Co., Ltd.
- Lifesize, Inc.
- LogMeIn, Inc
- Microsoft Corporation
- Ring Central, Inc.
- Zoom Video Communications, Inc.
- Avaya Inc.
- Cisco Systems, Inc.
- Google LLC
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