Virtual Meeting Software Market Statistics: 2027
The global virtual meeting software market size was valued at $7.62 billion in 2019, and is projected to reach $57.23 billion by 2027, growing at a CAGR of 27.6% from 2020 to 2027. Virtual meeting software is a type of platform, which is used to conduct meetings, group discussions, and any other conversations over the internet. In addition, various companies across the globe are adopting virtual meeting software, owing to its various benefits such as providing fast and secure way of communication within organization, improving communication between employees. Furthermore, virtual meeting software helps organizations to save their operational cost and to improve business relationships with their customers, which increases demand of virtual meeting software.
The key factors driving the growth of the global virtual meeting software market trends include rise in adoption of virtual meeting software among corporate and government organizations and rise in number of virtual meeting software providers across the globe. In addition, surge in adoption of technologies, such as facial recognition, to detect and authenticate meeting participants positively impacts the virtual meeting software market growth. However, high software and hardware cost associated with virtual meeting software is a major factor expected to hamper growth of the market to a certain extent. On the contrary, integration of advanced technology such as artificial intelligence and cloud-based technology are anticipated to offer remunerative opportunities for expansion of the global market during the forecast period.
By deployment model, the virtual meeting software market was led by the on-premise segment in 2019, and is projected to maintain its dominance during the forecast period. This is attributed to 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. However, the cloud segment is expected to grow at the highest rate during the forecast period, owing to rise in popularity of cloud-based software among various organizations and rise in need for enhanced security features such as better encrypted and password protected software, which propels growth of the market.
By Component
Solution is projected as one of the most lucrative segments.
Region wise, the virtual meeting software market was dominated by North America in 2019, and is expected to retain its position during the forecast period. This is attributed to increase in demand for visual meetings and continuous access to high-quality internet across North American countries. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to strong presence of knowledge outsourcing companies and small & medium size business rapidly adopting virtual meeting software to reduce operational costs in developing nations of Asia-Pacific.
The report focuses on growth prospects, restraints, and trends of the global virtual meeting software market analysis. The study provides porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers of the global virtual meeting software market.
By Deployment Model
On-premise is projected as one of the most lucrative segments.
Segment review
The global virtual meeting software is segmented on the basis of component, deployment model, enterprise size, industry vertical, and region. By component, the market is divided into solution, and service. On the basis of deployment model, it is divided into on-premise and cloud. In terms of enterprise size, the market is segmented into large enterprises and small & medium enterprises. By industry vertical, it is divided BFSI, education, IT & telecom, government & public, healthcare, manufacturing, media & entertainment, oil & gas, others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the virtual meeting software industry include Adobe, Avaya Inc., Cisco Systems, Inc. Google LLC, Huawei Technologies Co., Ltd., Lifesize, Inc., LogMeIn, Inc., Microsoft Corporation, Ring Central, Inc. and Zoom Video Communications, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the virtual meeting software industry.
By Enterprises Size
Large Enterprise is projected as one of the most lucrative segments.
COVID-19 impact analysis
The virtual meeting software market has witnessed significant growth in past few years; however, owing to outbreak of the COVID-19 pandemic, the market is projected to exhibit a sudden rise in 2020. This is attributed to the implementation of lockdown by governments in majority of countries and shutdown of various companies across the globe. As a result, various organizations such as IT & telecom, BFSI, manufacturing, and others have adopted virtual meeting software for completing their ongoing projects. In addition, rise in adoption this software in the education and healthcare sector across the globe increases the demand for virtual meeting software. Furthermore, various corporate offices have adopted different applications such as ZOOM, Microsoft Teams, and Skype for training and managing employees of organizations, which drives growth of the market.
Top impacting factors
Rise in adoption of virtual meeting software among corporate and government organizations
Increase in focus of organizations in expanding their business and managing workforces globally increases the need for virtual meeting software in various organization. In addition, various organizations in sectors such as corporate, BFSI, education, government, and healthcare are adopting this software to provide high quality services to their clients in the global pandemic to reduce overhead cost as well as to increase productivity of employees. Furthermore, various leading players of the market are introducing new software for different industries to increase security features and reduce communication gap between employees and companies. For instance, in April 2020, RegTech start-up Signzy launched its secure Video Conferencing (VC) tool for secure, private one-to-one communication between banks, other financial institutions and their customers. Thus, number of such developments across the globe drive growth of the market. In addition, various IT & telecom companies are adopting virtual meeting software to increase business continuity among enterprises to increase their market value, which propels growth of the market. Moreover, federal agencies and government organizations are also using virtual meeting software, owing to reduction in need to travel to unsafe or unreachable areas and to increase operational efficiency of employees as well as organizations. Many government organizations mainly rely on virtual meeting software for their day-to-day operations, which also creates a huge demand for the virtual meeting software market.
By Industry Vertical
IT & Telecom is projected as one of the most lucrative segments.
High product and solution costs associated with virtual meeting software
The major barrier for adoption of virtual meeting software is its affordability for its wider range of applications. As product and service cost encourages or discourages application of appropriate technology in developing economies, growth of virtual meeting software market is expected to restrain, owing to its high-cost. High cost associated with hardware component of virtual meeting software such as cameras, virtual devices, and other smartphone devices restrain growth of the market.
On the contrary, integration and research of new technologies such as video conferencing software and online conferencing software is expected to decrease the cost. In addition, rise in monthly subscription fees by key vendors, high setup cost of virtual meeting software, and growth in support service charges hamper growth of the market. Furthermore, high additional features cost associated with virtual meeting and rise in cost of different virtual rooms is a major factor that restrains the virtual meeting software market growth.
By Region
Asia-Pacific would exhibit the highest CAGR of 29.3% during 2019-2027.
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.
Virtual Meeting Software Market Report Highlights
| Aspects | Details |
 By Component |
|
 By Deployment Mode |
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 By Enterprise Size |
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 By Industry Vertical |
|
 By Region |
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 Key Market Players | Avaya Inc., Huawei Technologies Co., Ltd., Microsoft Corporation, Zoom Video Communications, Inc., Cisco Systems, Inc., LogMeIn, Inc, Google LLC, Adobe, Lifesize, Inc., Ring Central, Inc. |
Analyst Review
Adoption of virtual meeting software has increased over time to improve business insights of organizations and to enhance communication between clients and employees. In addition, virtual meeting software helps organizations to connect to large audience and provide high security features compared to video conferencing software owing to which many organizations are shifting to virtual meeting software. Furthermore, many banking and manufacturing industries are investing in virtual meeting software to increase security of their information and data shared online and reduce compliances issues in the organization. In addition, various government agencies are adopting virtual meeting software in the pandemic situation to carry out various routine issues, which include review of budget.
Strengthening of economy of developing nations such as China and India are expected to provide lucrative opportunities for the market growth. North America is expected to dominate the market during the forecast period. Moreover, emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities during the forecast period. Global players are focused toward product development and increase in their geographical presence, owing to increase in competition among local vendors in terms of features, quality, and price.
In addition, these players are adopting various business strategies to enhance their product offerings and strengthen their foothold in the market. For instance, in May 2020, LogMeIn, Inc. introduced new edition its GoTo Unified Communications & Collaboration (UCC) portfolio with a new version of GoToMeeting designed with needs of telehealth professionals in mind. GoToMeeting for Healthcare is an easy-to-use video conferencing platform that comes pre-configured with robust technical, organizational, and physical security measures so that telehealth professionals can safely and securely transmit patient data and continue to meet their own HIPAA compliance obligations.
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