Global Virtual Meeting Software Market Grows Steadily at a CAGR of 6.2%

Introduction

"Virtual meeting software" refers to real-time employee interaction on a platform. Internet-based video, chat, audio, and application sharing are used for this interaction. Virtual meeting software enables real-time data sharing. Even though they're not together, this happens. Businesses worldwide are using software that allows virtual meetings to boost employee productivity and reduce wasted time and resources. Companies in various sectors use software that facilitates virtual meetings as their primary method of daily communication to interact with customers, employees, and business partners efficiently. Corporate and government adoption of virtual meeting software and increasing global providers drive the virtual meeting software market. Virtual meeting software's high software and hardware costs may hinder the market growth. Incorporating advanced technologies like AI and cloud-based technology is expected to boost the global market during the forecast period.

Market Dynamics

Growing Businesses and Government Agencies, and Surge in Facial Recognition Adoption to Detect and Authenticate Meeting Participants Drives the Global Market

As more companies focus on growing internationally and managing their workforces, demand for virtual meeting software is expected to rise. Numerous businesses across industries, including corporate, BFSI, education, government, and healthcare, are implementing this software to maintain a high standard of service delivery to their customers during the global pandemic, lowering their overhead expenses and raising their workforce's output. Many of the most significant market players are releasing new, sector-specific software to improve safety and close the information gap between workers and employers.

Federal agencies and other government organizations use virtual meeting software. This increases employee and organization efficiency by reducing travel to dangerous or inaccessible areas. Many government organizations rely heavily on virtual meeting software for day-to-day operations, so the market for virtual meeting software is expected to grow.

Public and private sector adoption of facial recognition technologies drives the market growth. Transparency, accuracy and effectiveness, privacy and civil liberties, and biases drive this adoption. Facial recognition technologies help businesses increase security and provide employees with a multi-faceted platform, expanding the market. Facial recognition technology can help business owners and internal and external stakeholders count meeting attendees.

Artificial Intelligence and Cloud Computing Creates Tremendous Opportunities

Cloud computing and AI provide businesses with reliable and flexible options for virtual meetings and video conferences. Apple, Google, and Microsoft integrate machine learning and IoT into their virtual meeting software. AI and ML will help business owners detect visual barriers and optimize light balance. Using automatic camera panning and virtual meeting software with advanced AI will help businesses track the people in the room. This will increase organizations' security. Cloud-connected video conferencing applications allow companies to access information whenever needed. Virtual meeting software has become essential to the modern workplace. This helps businesses increase employee productivity and maintain work-life balance. Due to these benefits, the demand for virtual meeting software will rise in the coming years.

Regional Analysis

North America is the highest revenue contributor, growing at a CAGR of 26.7% during the forecast period. Because of this, the tool for video conferencing is becoming more widespread as an essential method of communicating with customers, employees, and workspaces located at a distance. In addition, the presence of leading market players and a professional culture that emphasizes employee contributions are both factors that contribute to the expansion of the market in this region. The market expansion is also driven by an increase in the number of small and medium businesses in North America purchasing virtual meeting software to meet their growing needs.

Asia-Pacific is the second-largest contributor to the market and is estimated to reach around USD 43,722.83 million at a CAGR of 29.5% during the forecast period because there are several large-scale manufacturers in the area and the availability of high-speed communication networks. In addition, an increase in the conduct of business meetings over telecommunication networks and higher bandwidth calls that enable higher quality audio and video are some of the major factors that boost the growth of the virtual meeting software market across the region.

Key Highlights

• The global virtual meeting software market was valued at USD 8,001.9 million in 2021. It is expected to reach USD 13,750.35 million by 2030, growing at a CAGR of 6.2% during the forecast period (2022–2030).
• Based on the component, the global virtual meeting software market has been categorized into solutions and services. The solutions segment is the highest contributor to the market, growing at a CAGR of 27.2% during the forecast period.
• Based on the deployment model, the global virtual meeting software market has been categorized into on-premise and cloud-based. The on-premise segment was the highest contributor to the market, growing at a CAGR of 26.6% during the forecast period.
• Based on the enterprise size, the global Virtual Meeting Software market has been categorized into large enterprises and small & medium enterprises. The large enterprise segment is the highest contributor to the market, growing at a CAGR of 26.7% during the forecast period.
• Based on the industry vertical, the global Virtual Meeting Software market has been categorized into BFSI, education, IT & telecom, government & public, healthcare, manufacturing, media & entertainment, and oil & gas. The IT and telecom segment is the highest contributor to the market, growing at a CAGR of 24.9% during the forecast period.
• North America is the highest revenue contributor, growing at a CAGR of 26.7% during the forecast period.

Competitive Players

1. Adobe
2. Avaya Inc.
3. Cisco Systems Inc.
4. Google LLC
5. Huawei Technologies Co. Ltd.
6. Lifesize Inc.
7. LogMeIn Inc.
8. Microsoft Corporation
9. Ring Central Inc.
10. Zoom Video Communications Inc.

Recent Developments

• On 5 May 2022, Cisco Releases Its Cloud Controls Framework to The Public, Making Security Certification Ever More Accessible.
• On 26 April 2022, Cisco Study: Employees say hybrid work makes them happier and more productive, but more needs to be done to make it more inclusive.

Segmentation

1. By Component
   1. Solution
   2. Service
2. By Deployment Mode
   1. On-premise
   2. Cloud
3. By Enterprise Size
   1. Large Enterprises
   2. Small and Medium Enterprises
4. By Industry Vertical
   1. BFSI
   2. Education
   3. IT & Telecom
   4. Government & Public
   5. Healthcare
   6. Manufacturing
   7. Media & Entertainment
   8. Oil & Gas