Surge in adoption of technologies, such as facial recognition, to detect and authenticate meeting participants positively impacts the market growth.
PORTLAND , PORTLAND, OR, UNITED STATE, August 8, 2022 /EINPresswire.com/ — Rise in adoption of virtual meeting software among corporate and government organizations, increase in adoption of high-end technologies, such as facial recognition, to detect and authenticate the meeting participants, and surge in number of virtual meeting software providers across the globe fuel the growth of the global virtual meeting software market.
On the other hand, high product and solution costs related to virtual meeting software impede the growth to some extent. However, the integration of advanced technology such as artificial intelligence and cloud-based technology present new opportunities in the coming years.
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Impact of Covid-19 on Virtual Meeting Software Market:
• The global lockdown led to increase in adoption of virtual meeting software. Several organizations in the sectors such as IT & telecom, BFSI, manufacturing, education & healthcare, and others have majorly invested to take on virtual meeting software for accomplishing their ongoing projects.
• Moreover, various corporate offices have also made use of different applications such as Skype, ZOOM, and Microsoft Teams for training purposes. These factors have boosted the market growth.
The global virtual meeting software market is analyzed across components, deployment model, enterprise size, industry vertical, and region. On the basis of component, the solution segment contributed to more than two-thirds of the total market share in 2019, and would retain its dominance during the forecast period. Simultaneously, the service segment is projected to grow at the fastest CAGR of 29.2% from 2020 to 2027.
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On the basis of industry vertical, the IT & Telecom segment accounted for nearly one-fifth of the total market revenue in 2019, and is anticipated to rule the roost by 2027. At the same time, the media and entertainment segment would exhibit the fastest CAGR of 29.8% during the forecast period.
On the basis of region, North America held the highest share in 2019, generating nearly two-fifths of the global market. Asia-Pacific, on the other hand, is projected to cite the fastest CAGR of 29.3% from 2020 to 2027.The other two regions analyzed through the report include LAMEA and Europe.
The leading market players analyzed in the global virtual meeting software market report include Avaya Inc., Cisco Systems Inc.( NASDAQ: CSCO), Ring Central Inc. (NYSE: RNG), Google LLC, Zoom Video Communications Inc. (NASDAQ: ZM), Huawei Technologies Co., Ltd., Lifesize, Inc., LogMeIn Inc., Adobe (NASDAQ: ADBE), and Microsoft Corporation (NASDAQ: MSFT). These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
Key Benefits For Stakeholders
• The study provides an in-depth analysis of global virtual meeting software forecast along with current trends and future estimations to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on the global virtual meeting software market share is provided in the report.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The quantitative analysis of the virtual meeting software market from 2020 to 2027 is provided to determine the market potential.
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