Increased internet penetration, advent of covid 19, and flexibility that the virtual meeting platforms provide in terms of time & place are some of the reasons because of which the Virtual Meeting Software Market is growing at a rapid pace.
Covid-19 Impact & Market Status
The Virtual Meeting Software market size increased immensely due to the advent of Covid-19. This is because of the travel restrictions, flight bans, and quarantines which further resulted in termination of all the offline activities and offices temporarily. These reasons made the usage of virtual meeting software a must as the meetings had to be carried on without meeting physically. Schools, companies and even regular healthcare diagnosis were carried on this software. Due to new Covid variant Omicron identified by scientists in South Africa market is experiencing the positive impact. This has led to the further adoption of these software as more and more people have no other solution than to use this because of the curfews imposed. Due to the massive opportunities created by the Covid 19, many new start-ups are focusing on entering this market by bringing technological innovations.
This Virtual Meeting Software Market report explores the current market, regulatory aspects, and potential opportunities, and challenges in individual market segments. The report also gives a detailed outlook of the competitive landscape.
The Solution Segment to Emerge as the Most Lucrative Segment
Based on component, the solution segment contributed to the highest market share, accounting for more than two-thirds of the global virtual meeting software. This is because of the need to efficiently manage a huge number of cloud meetings and an ever increasing need to stream meeting with a duo 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 2021 to 2028. This is due to increase in the adoption of services among end users, as they ensure effective functioning of virtual meeting software.
On-Premise Deployment to Remain Atop
By deployment model, the virtual meeting software market was led by the on-premise segment in 2021, and is projected to maintain its dominance during the forecast period. This is because of the rise in adoption of on-premise based virtual meeting software by various SMEs, owing to growth in concerns regarding data theft and effective maintenance of information security systems.
Large Enterprises to Ensure Highest Sales
The large enterprises segment has dominated the market in 2020 and it is because of the fact that these large enterprises have a huge number of employees who in turn have to be communicated by their respective managers which is why their extensive network requires the software. Small and medium scale enterprises are analysed to grow at significant rate during the forecast period owing to the high adoption of the cloud-based solutions in these firms
IT sector to come out at top
The IT sector is analysed to hold highest share in 2020 and is analysed to grow at highest rate during the forecast period 2021-2028. Owing to the outbreak of COVID-19, many countries have announced abrupt lockdown resulting in high adoption of work from home strategy in majority of the IT firms. The dire need of monitoring and maintaining of the track of the work carried out by employees alongside the virtual conducting of the corporate meetings is set to boost the market growth rate. The employment of virtual meeting software in the education sector to conduct online classes mandated by many educational institutions is set to impact on the growth rate of the market
North American Region to Render Ample Investment Avenues
North America is the largest contributor to the growth of global Virtual Meeting Software Market. The key factors such as a huge need of meetings, accessibility of high-speed internet are responsible. However, the Asia Pacific region is expected to incur huge demand because of the high population and the IT outsourcing companies present.
The growth in IT & Telecom industry, in addition to the increased time constraints among individuals, is likely to drive the growth of the Virtual Meeting Software Market.
Owing to the deadly situation that Covid 19 created in the world, these kinds of software were needed for a personal meeting like experience. As travel restrictions had been imposed, companies and individuals needed a quick and efficient way to contact which resulted into the growth of Virtual Meeting Software Market.
Virtual Meeting Software is a type of software that helps in communicating with others by joining it through an individual’s respective device. It has removed border barriers and helped people connect in a much more immersive way at the comfort of their homes and because of these benefits it is rapidly becoming a necessity software in every device. These factors collectively influence the global Virtual Meeting Software market, ensuring an overall market size of 68 billion by 2028 with an annual growth rate of 27.6% through the forecast span.
The rise in the adoption of technology and growth in awareness regarding the benefits that Virtual Meeting Software has helped in the growth of this market. The unique feature of these software is that they can provide an immersive meeting experience by using Audio, Video, background styles, and other features. Another benefit of Virtual Meeting Software is that it helps in reducing the operational costs of an organization because it saves their rent, travel allowances and other such expenditures.
Factors like an increase in adoption of virtual meeting software systems among companies and government organizations, growth in adoption of technologies, such as identity verification (facial recognition) , to search out and validate the meeting participants, and increase in number of virtual meeting software providers across the globe drive the expansion of the global virtual meeting software market.
However, lack of technical know-how, lack of penetration of internet in the rural areas of developing countries which constitute a larger segment of population, high software and hardware cost associated with the Virtual Meeting Software Market are major factors hampering the market growth. Nevertheless, Virtual Meeting Software Market has the growth prospects, education sector and IT jobs can become fully dependant on this software due to the ease that they deliver which means that a large chunk of working population and youth will be connected with it in some way or the other.
The major players of this market are Avaya Inc., Google LLC, Huawei Technologies Co., Ltd., Microsoft Corporation, Lifesize Inc., Zoom Video Communications, Inc and Others. Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Virtual Meeting Software market. By applying technology, the R&D teams of the companies must try to mitigate the risks associated with security concerns. The Graphic User Interface i.e., ease of use, size of the software and useful features will prove to be essential factors determining the dominant player in the market.
Latest Innovations in the Global Virtual Meeting Software Market: A Snapshot
- In the latest update, Microsoft has added a couple of new features to make it more exciting for team meetings on video and audio. The newest and most unique one is the new Music mode, which is definitely going to help with presentations where a lot of multimedia files and audio/video playback is involved. There are a few other features to make life during a video call easier.
- Google Meet is obtaining new capabilities which will assist to develop the hybrid work culture and improve the effectiveness of video conferences. On the Web, Google Meet will gain a new Companion Mode feature which will allow users to add distant members through an additional screen. The Companion Mode provides distant users with access to any or all of the advanced interactive capabilities that members within the space have. The new feature is compatible with Google Meet hardware as well as the Nest Hub Max
Virtual Meeting Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 68 billion|
|Growth Rate||CAGR of 27.6% during 2021-2028|
|Segment Covered||Components, Deployment, Enterprise, Industry Vertical, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Avaya Inc., Google LLC, Huawei Technologies Co., Ltd., Microsoft Corporation, Lifesize Inc., Zoom Video Communications, Inc and Others. Product launches, acquisitions, and R&D activities|
Key Segments of the Virtual Meeting Software Market
Virtual Meeting Software Market on the basis of Components Overview, 2018-2028 (USD Million)
Deployment Overview, 2018-2028 (USD Million)
- On – Premise
- Cloud – Based
Enterprise Size Overview, 2018-2028 (USD Million)
- Large Enterprises
- Small and Medium Enterprises
Industry Vertical Overview, 2018-2028 (USD Million)
- IT & Telecom
- Government & Public
- Media & Entertainment
- Oil & Gas
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa