Increasing Virtual Meeting Software Providers contribute to Global Virtual Meeting Software Market Growth
Inkwood Research estimates that the Global Virtual Meeting Software Market is
evaluated to project a CAGR of 12.62% in terms of revenue during the
forecasting years of 2022-2030.
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Virtual meetings, also called virtual conferencing, includes
hosting a meeting in a virtual or online environment. Users can host a virtual
meeting with video, audio, as well as screen sharing. Virtual meeting platforms
are characterized as software and applications that connect people over the
internet.
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Rise in
Virtual Meeting Software Providers to Augment Market Growth
A key factor fueling the demand for virtual meeting software
is the increase in remote work. As cloud-based communications, as well as collaboration applications, emerge, companies are discovering that the same
level of productivity can be accessed from remote team members as in-office
employees. Furthermore, the remote workforce across the globe increased by
nearly 140% from 2005 to 2019, with the number accelerating even further in
2020, following the COVID-19 pandemic. Virtual meeting software is primarily
used to conduct meetings/group discussions or any conversations over the
internet. Hence, the presence of numerous large-scale vendors worldwide will
lead to broader product adoption, subsequently contributing to the global virtual
meeting software market’s growth.
IT &
Telecom Segment to Dominate the End-Users Category
The IT & telecom sector is the oldest user of virtual
meeting software, with its expansion in daily office activities highly
prevalent even before the pandemic. In this regard, events and meetings between
different office places, international corporate meetings, collaborations
between teams, and others were accomplished with virtual meeting software. With
the COVID-19 pandemic in effect since 2020, the IT & telecom sector has
shifted its physical office model to the remote working mode, thereby
increasing the use of virtual meeting software on a significant scale.
Asia-Pacific
to Lead the Global Market by 2030
The rise in online education and distance learning, as well
as the substantial investments in the software industry, are among the key
factors linked to the expansion of the virtual meeting software market in the
Asia-Pacific.
Moreover, the innovative use of virtual meeting software such
as cultural events, virtual weddings and receptions, and election campaigning
are continually increasing in developing countries like South Korea, China, and
India. In addition, the reduction of travel costs due to the use of virtual
meeting software increases its adoption in the corporate sectors of IT &
Telecom and BFSI, among others.
The competitive rivalry in the global virtual meeting
software market is set to be high over the forecasting years. The major players
operating in the market are Microsoft Corporation, Adobe Systems Inc, Zoho
Corporation, etc.
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relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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