Global Virtual Meeting Software Market to Grow at a CAGR of 14.2%, during Forecast Period
Published | 28 September 2022
Global Virtual Meeting Software Market is flourishing owing to the growing popularity of digital media marketing platforms to broaden the audience base, the rise in popularity of online streaming to replace in-person presentations, and the transition of businesses to remote working approaches.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Virtual Meeting Software Market was worth USD 10.92 billion in the year 2021. The market is projected to grow at a CAGR of 14.2%, earning revenues of around USD 27.19 billion by the end of 2028. The primary driving factor of the market is an increase in the number of companies providing virtual meeting software around the world. A rise in the use of technologies such as facial recognition, as well as increased adoption of VM software by several organizations, are also contributing to the market's expansion. On the other hand, technical difficulties encountered while using this software pose a significant impediment to growth. Furthermore, for effective communication, people still prefer face-to-face contact with clients and colleagues, which is expected to impede VMS adoption. The extended closure of offices due to lockdowns, on the other hand, is expected to increase the demand for virtual meeting software. However, high software and hardware cost, in turn, may act as a huge restraining factor for the market growth.
Increased Productivity of WFH Employees Increased Demand for VMS
Both the number of virtual meeting software providers worldwide and the use of virtual meetings among corporate and governmental organizations have grown in recent years. A significant rise in productivity among those who work from home has boosted the market, and by 2019, many companies will permit remote work. Furthermore, the industry growth of virtual meeting software is positively impacted by the increased adoption of technologies like facial recognition, better compatibility, and security. Additionally, it is anticipated that the integration of technology, such as cloud-based technology and artificial intelligence, will open up lucrative opportunities for the expansion of the global market.
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Adoption of Advanced Technologies
An increase in the use of facial recognition technologies by both the public and private sectors is fueling the market's expansion. Concerns about privacy and civil liberties, accuracy and effectiveness, transparency, and evidence of biased results led to this adoption. Additionally, facial recognition technologies assist companies in enhancing the level of security at their facilities and offering employees a multifaceted platform, both of which contribute to the market's growth. Facial recognition technologies can also help company owners and both internal and external stakeholders identify and authenticate the attendees of meetings. This results in offering lucrative opportunities for the Global Virtual Meeting Software Market during the forecast period (2022-2028).
Increased Adoption among Corporate and Government Organizations
As more businesses concentrate on expanding their operations internationally and improving workforce management, the demand for software that enables organizations to hold virtual meetings is anticipated to increase. Additionally, many organizations from a range of sectors, including corporate, BFSI, education, government, and healthcare, are implementing this software to keep up a high standard of customer service delivery despite the global pandemic, thereby reducing their overhead costs and increasing the level of output produced by their workforce. Additionally, many of the most significant market players are launching brand-new software designed for particular industries, strengthening current safety precautions and reducing the knowledge gap between employees and employers.
Challenge: Inability to Integrate Virtual Event Software due to a Lack of Technological Expertise
Organizations are embracing digital transformation. As a result, organizations are rapidly adopting off-premises applications to save money on software and hardware upgrades. Organizations that have successfully implemented digital transformation face challenges in integrating existing infrastructure with virtual event platform software. A critical activity for a business is configuring an existing business model with virtual event software. Compatibility issues at various business levels necessitate organizations to ensure efficient business operations at various levels. To recreate the live event experience, technical expertise and dependent support are required. Many event managers use various systems for various business operations. Organizations maintain separate systems for email and video conferencing, which increases the chances of failure.
Segmental Coverage
Global Virtual Meeting Software Market - By Event Type
Based on event type, the Global Virtual Meeting Software Market is segmented into Virtual Event, Video Conferencing, Personal Video Meetings, Webinars, Event Management, Lead Retrieval, Attendee Management, Gamification, Education Fair, and Others. Among these, Virtual event accounts hold the largest market share. More accessibility for all employees to interact with clients and coworkers in other locations. Less money is spent on travel and expenses across the organization. More inclusive workplaces for those who are unable to travel. The flexibility of a virtual conference is by design. You can design an event to meet the requirements of the organizers, attendees, and speakers. Additionally, these events give you access to a level of interaction, a fluid language, monetization options, and much more.
Impact of COVID-19 on Global Virtual Meeting Software Market
The market for virtual meeting software has benefited from the pandemic. The COVID-19 pandemic has made it possible to convert conventional events into online meetings with the aid of virtual meeting software. The market has expanded as a result of the rise of remote work settings, which have caused businesses to move to the cloud. Many businesses were compelled by the novel virus's unprecedented outbreak to search for a digital platform as soon as they could to avoid physical events, meetings, and conferences and guarantee business continuity. The virtual meeting software enables remote or office-based workers to access business-critical information as well as online meetings and conferences. Businesses across a range of end-user industries have been making the necessary investments and budget allocations to enhance customer experiences.
Competitive Landscape
The leading market players in the Global Virtual Meeting Software Market are Cisco Systems, Inc., 6Connex, ALIVE, Avaya Inc., ALE International, Arkadin Cloud Communications, Cvent Inc., Eventxtra, George P. Johnson, GES, Kestone, Martiz Holdings Inc., Microsoft Corporation, Pathable, Inc., uBivent GmbH, Veritas Events, vFairs, Zoom Communications, Inc., and other prominent players.
The Global Virtual Meeting Software Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Virtual Meeting Software Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Virtual Meeting Software Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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