What is Virtual Meeting Software Market?
Virtual meeting software is a type of platform on which meetings, group discussions, and other conversations are held over the Internet. In addition, various companies around the world are using virtual meeting software because of its various advantages, such as providing a quick and secure way of communication within the company and improving communication between employees. With an unprecedented COVID-19 health crisis, the healthcare industry also saw significant growth as more virtual meetings were introduced between various hospitals and healthcare professionals for non-urgent hospital visits to ease pressure in emergency clinics as well and minimize the risk of infection among healthcare workers. In addition, virtual meeting software helps companies lower their operating costs and improve business relationships with their customers, which increases the demand for virtual meeting software. In addition, federal agencies and government organizations are also using virtual meeting software because it reduces the need to travel to unsafe or inaccessible areas and increases the operational efficiency of employees and organizations. Many government organizations rely primarily on virtual meeting software in their daily operations, which also creates a huge demand for the virtual meeting software market.
Highlights from Virtual Meeting Software Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||Cisco Systems, Inc. (United States), Google LLC (United States), Microsoft Corporation (United States), Adobe Inc. (United States), Aventri, Inc. (United States), Walcon Virtual Events (Spain), LearnBrite - Learning Experience Platform (United States), MootUp (United States), LogMeIn, Inc. (United States), Sine Wave Entertainment Ltd. (United States), HexaFair (India), VirBELA (United States), Virtway Events (Spain), Personify, Inc. (United States), Avaya Inc. (United States) and Huawei Technologies Co., Ltd. (China)|
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Virtual Meeting Software market throughout the forecasted period. Cisco Systems, Inc. (United States), Google LLC (United States), Microsoft Corporation (United States), Adobe Inc. (United States), Aventri, Inc. (United States), Walcon Virtual Events (Spain), LearnBrite - Learning Experience Platform (United States), MootUp (United States), LogMeIn, Inc. (United States), Sine Wave Entertainment Ltd. (United States), HexaFair (India), VirBELA (United States), Virtway Events (Spain), Personify, Inc. (United States), Avaya Inc. (United States) and Huawei Technologies Co., Ltd. (China) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Lifesize, Inc. (United States), RingCentral, Inc. (United States) and Zoom Video Communications, Inc. (United States).
Virtual Meeting Software Market Segmentation:
|Application / End User||Virtual Event, Video Conferencing, Event Management, Lead Retrieval, Attendee Management and Others|
|Type||Solution and Service|
|Organization Size||Small and Medium Enterprises,Large Enterprises|
|Industry Vertical||BFSI,Education,IT & Telecom,Government & Public,Healthcare,Manufacturing,Media & Entertainment,Others|
On the basis of geography, the market of Virtual Meeting Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
A Rise in Popularity of Cloud-Based Software among Various Organizations, Rise in Need for Enhanced Security Features and The Surge in Adoption of Technologies, Such As Facial Recognition, To Detect and Authenticate Meeting Participants
Market Growth Drivers:
Increasing Adoption of Remote Work, Rise in Number of Virtual Meeting Software Providers and Rising Acceptance of the Software from Corporate and Government Organizations
Rise In Monthly Subscription Fees by Key Vendors and High Setup Cost of Virtual Meeting Software, And Growth in Support Service Charges
High Additional Features Cost Associated With Virtual Meeting and Rise in Cost of Different Virtual Rooms
Increase in Demand for Visual Meetings and Continuous Access to High-Quality Internet, The Massive Investments in the Integration of Cloud-Based Platform and Integration of Advanced Technology Such As Artificial Intelligence and Cloud-Based Technology
Key Target Audience
Providers of Virtual Meeting Software, Potential Investors, Market Research Firms, Regulatory Bodies, End-Users and Others
Market Leaders & Development Strategies
In May 2021, Cisco acquired privately held US-based Socio Labs, a modern event technology platform that provides event organizers with everything they need to successfully host in-person, virtual or hybrid events of any size and format. Cisco, along with Socio Labs, will enhance Webex Events beyond meetings, webinars, and webcasts to include large-scale multi-session hybrid events and conferences as well.
In April 2020, RegTech, which is a start-up Signzy had launched its secure Video Conferencing (VC) tool for the means of securing private one-to-one communication between banks, other financial institutions as well as their customers.