The use of the Online Meetings Platform and Services to conduct important meetings in real time has increased. Due to convenience and evolving trends, businesses and government organizations in particular are holding meetings electronically more frequently.
COVID-19 Impact and Market Status
Significant effects and disruptions have been caused by the spreading of COVID-19 in a number of industrial sectors. During the pandemic, the manufacturing industries and organizations suffered significant losses. The global manufacturing rate has been constrained by the protracted lockdown, limitations in logistics, and production centres. However, the corporate organization has begun implementing initiatives to keep up with commercial operations. Incorporating the work-from-home trend into the workplace has helped to boost productivity throughout this pandemic. As a result, these big firms totally depended on virtual meeting management software for their meetings. According to a recent estimate, Zoom had 2.22 million monthly active users in 2020 who actively used the web conferencing software to conduct important government meetings. As a result, during the epidemic, the value of the virtual meeting software industry was rapidly rising.
Solution segment to be the most rendering market
According to the component segment, the global virtual meeting platform and services market is classified into solution and service. Among these, the solution segment is expected to project the growth during the forecast period. the reason for solution segment’s growth is the emerging need to handle large amount of cloud meetings and streaming with live video in numerous organizations.
On-premise deployment segment to be the most lucrative
According to the deployment model, the entire global virtual meeting platform and services market is classified into cloud and on-premise deployment. Currently, the on-premise deployment model is the most lucrative segment in the entire global market, due to the increase in the acceptance of on-premise virtual meetings.
The government & public segment is likely to grow at the highest market share
The adoption of the working remotely model by government agencies and other significant sectors in recent years has had an impact on the sales of consumer hardware like webcams and headsets, which has in turn had an impact on the expansion of the market for virtual meeting platforms and services. This has accelerated the Virtual Meetings Platform & Services' overall growth. Advanced technologies like artificial intelligence (AI), machine learning, facial recognition, and voice recognition are being increasingly adopted by conference platforms.
Asia Leading the Global Market
The leading nations in the area for the use of virtual event platforms are China and Japan. This market expansion can be attributed to a number of factors, such as the rising demand for compliance with strict regulations, the expanding presence of vendors for virtual event platforms, growing government support, rising public awareness of the benefits of virtual event console utilities, as well as rising rate of return on investment. The need for digital event platform solutions is increasing as a result of significant investments being made by both the public and commercial sectors to manage their valuable assets. To increase their position in the market for virtual event platforms, the vendors have implemented a number of organic and inorganic growth methods, such as new product releases, partnerships and collaborations, or mergers and acquisitions.
The market expansion for Virtual Meetings Platform and Services is being impacted by the growing work-from-home tendency in the business sector. Due to the possible advantages, such as meeting recording, information extraction, security from online attacks and security problems, facial detection, and voice recognition capabilities, internet meeting software solutions are becoming the need of various business organizations.
One type of platform is indeed the Virtual Meeting Platforms and Services, which is used for virtual chatting, discussion groups, and other types of dialogues. Additionally, many businesses all around the world are implementing virtual meeting software due to its many advantages, including boosting employee communication and offering a quick and safe means of internal communication.
The virtual meeting software saves businesses money on operating expenses and enhances client connections, which raises the demand for this type of software. The global virtual meeting platforms and services market was estimated at USD 8.62 billion for 2022, is anticipated to expand to USD 60.23 billion by 2029, with a compound annual growth rate (CAGR) of 27.6 percent between 2022 and 2029.
The ease of use, lower travel costs, and shorter wait times for services are all contributing to the industry's overall development of online meeting software.
The online meeting software market is expanding generally due to the new trends of integrating video banking solutions. The rise in the use of video conference software by business and governmental organizations, as well as the development in the number of online meeting software vendors worldwide, are the main drivers propelling the development of the international virtual meeting software industry trends. Additionally, the rapid uptake of technology like facial recognition to identify and authenticate conference attendees has a favorable impact on the market expansion for virtual meeting software.
The key industry players include Zoho, Zoom Video Communications, LogMeIn, Cisco Systems, Amazon Web Services, IBM, and Microsoft. The features and services provided by these are unmatched and thus consumers are more inclined towards trusting and using these instead of others.
Latest Innovations in the Global Virtual Meeting Platform and Services Market: A Snapshot
• The inclusion of the capability to create different rooms within an ongoing meeting has made it easier for meetings of a large group of attendees to experience a smooth workflow and avoid cumbersome problems.
• An added feature of full telephony, that is, VoIP is being included in the video conferencing and virtual meeting platforms to make it easier for companies to communicate and eradicate the need for pre-existing phone systems.
Virtual Meeting Platform and Services Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||USD 60.23 billion|
|Growth Rate||CAGR of 27.6 % during 2021-2029|
|Segment Covered||Component, Deployment, Enterprise, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||Zoho, Zoom Video Communications, LogMeIn, Cisco Systems, Amazon Web Services, IBM, and Microsoft|
Key Segments of Virtual Meeting Platform and Services Market
Component Overview, 2019-2029 (USD Billion)
Deployment Model Overview, 2019-2029 (USD Billion)
Enterprise Size Overview, 2019-2029 (USD Billion)
- Medium and Small
End-User Overview, 2019-2029 (USD Billion)
- IT & Telecom
- Government & Public
- Media & Entertainment
- Oil & Gas
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa