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Virtual Meeting Software Market to Reach $57.23 Billion, Globally, by 2027 at 27.6% CAGR: Allied Market Research

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

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Allied Market Research

Feb 23, 2021, 08:20 ET

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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.

Download Sample Report: https://www.alliedmarketresearch.com/request-sample/9743

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.

Get detailed COVID-19 impact analysis on the Virtual Meeting Software Market: https://www.alliedmarketresearch.com/request-for-customization/9743?reqfor=covid

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.

For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/9743

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.

Official Press Release: https://www.alliedmarketresearch.com/press-release/virtual-meeting-software-market.html

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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AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
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