Report Overview

Global Virtual Meeting Software Market - Industry Trends & Forecast Report 2028

Global Virtual Meeting Software Market was worth USD 10.92 billion in 2021 and is further projected to reach USD 27.19 billion by the year 2028, exhibiting a CAGR of 14.2% during the forecast period (2022-2028). During the forecast period, it is anticipated that the widespread use of collaboration and communication tools in several industries and industry verticals, including retail & e-commerce, healthcare, manufacturing, construction, and education, among others, will spur market growth. The increasing adoption of UCaaS-based solutions by various organizations and businesses, including academic institutions, enables the staff and other resources to virtually participate in all business activities and contributes to the realization of a more effective and efficient workflow, which is positive for the market's expansion.

Virtual Meeting Software - Overview

Applications and software that facilitate online meetings are known as virtual meeting platforms. Typically, this software offers chat, reactions, and a type of video conferencing in addition to other features. In addition to COVID-19's effects, workplaces in the public and private sectors have been changing over the past 20 years. Employers work to meet the varied needs of a multigenerational workforce as workplace demographics continue to change. Additionally, as more people use mobile devices and the internet, change is happening faster and faster. Therefore, the adoption of virtual meeting software in businesses and governmental institutions fuels the expansion of the global market.

Global Virtual Meeting Software Market Forecast and Trends

Growth Drivers

Surge in Product Demand during Covid-19 Pandemic

Since the COVID-19 outbreak, the global online meeting software market has gained significant traction. The growing trend of virtual meetings has increased enterprise adoption of online meeting software and services, which has impacted market value. Businesses benefit from implementing virtual meeting solutions because of the benefits of face-to-face meetings via teleconference services provided by B2B telecommunication. Moreover, with the increased adoption of smartphones and internet penetration, businesses were able to implement virtual event software solutions for online marketing. Furthermore, the COVID-19 outbreak increased virtual marketing events to avoid physical events and increase the customer base. Aside from that, the changing consumer lifestyle has compelled organizations to seek innovative solutions for organizing theme-based events that can be accessed from anywhere. The organization is looking for a change in its IT spending due to the unprecedented speed of digital transformation in 2020 to overcome the challenges presented by the outbreak of COVID-19. Throughout the virtual event, the digital media platform keeps the audience engaged and connected. Because of the increased popularity of social media platforms, marketers are focusing on online marketing strategies such as new product launches, advertising campaigns, brand promotions, email marketing, and product demonstrations. As a result, digital marketing activities are expected to propel the virtual event platform market forward.

Increased Productivity of work-from-home workers

To avoid in-person meetings, there is an increase in demand for virtual communication platforms across industries as a result of the COVID-19 outbreak. Real-time information sharing is possible during virtual events like online meetings, video conferences, live chats, and video calls. To improve customer service and get around problems operating different day-to-day business operations due to lockdown restrictions and remote work operations, the organizations use virtual event platforms. Business organizations were able to switch from in-person to online events thanks to unified communication, collaboration, and content delivery technologies. The most interactive and interesting tool for fostering collaboration and communication between customers, partners, stakeholders, and employees of an organization is virtual event software. Businesses understand the value of virtual event software as a strong tool for communicating, interacting, and training with employees regardless of location.

Rise in number of Virtual Meeting Software Providers

Engineering teams began to feel more urgent needs for online meetings than other teams as businesses moved online during the pandemic. To meet the growing demand for meeting-focused applications compatible with their existing platforms, other virtual meeting solution providers also began to steadily increase the release of supporting apps. They spend a lot of money on solving particular use cases for users who require the Scrum Agile development process. Users can start, join, and collaborate remotely, anywhere, across devices, thanks to online meeting software, which also enables more straightforward video conferencing and messaging solutions. Online meeting platforms provide all participants with incredibly interesting and interactive experiences. All these factors boost the growth of the Global Virtual Meeting Software Market during the forecast period (2022-2028).

Utilization of Modern Technologies

The market is growing as a result of an increase in the use of facial recognition technology by both the public and private sectors. This adoption was prompted by worries about civil liberties and privacy, efficacy and accuracy, transparency, and evidence of biased results. Furthermore, facial recognition technologies help businesses increase security at their facilities and provide employees with a multifaceted platform, both of which support the market's expansion. Owners of businesses and internal and external stakeholders can use facial recognition technologies to identify and authenticate meeting participants. As a result, the Global Virtual Meeting Software Market will benefit from lucrative opportunities over the forecast period (2022-2028).

Restraints

High Software and Hardware Cost

The main barrier to virtual meeting software adoption is its high cost for a wide range of applications. Because the cost of products and services encourages or discourages the use of appropriate technology in developing economies, the growth of the virtual meeting software market is expected to be restrained. The high cost of virtual meeting software hardware components such as cameras, virtual devices, and other smartphone devices limits market growth. On the contrary, it is expected that the integration and research of new technologies such as video conferencing software and online conferencing software will reduce costs. Furthermore, increases in monthly subscription fees by key vendors, high setup costs of virtual meeting software, and increases in support service charges impede the market growth. Furthermore, the high cost of additional features associated with virtual meetings, as well as the rise in the cost of different virtual rooms, is a major factor limiting the virtual meeting market.

Impact of COVID-19 on Global Virtual Meeting Software Market

The pandemic has benefited the virtual meeting software market. With the help of virtual meeting software, the COVID-19 pandemic has enabled the transformation of traditional events into virtual events. The proliferation of remote work environments, which has shifted businesses to the cloud, has contributed to the market's growth. The novel virus's unprecedented outbreak sent many businesses scrambling to find a digital platform as soon as possible to avoid physical events, meetings, and conferences and ensure business continuity. The virtual meeting software allows for online meetings and conferences as well as access to business-critical information from any location, whether in the office or working remotely. Organizations in various end-user industries have been investing and allocating necessary budgets to improve customer experiences.

Global Virtual Meeting Software Market - By Component

Based on the component, the Global Virtual Meeting Software Market is segmented into Service and Solution. During the forecast period, the solutions segment is the market's largest contributor. The demand for streaming meetings with a mix of live video and screen sharing in various organizations, as well as the need to monitor and manage numerous cloud meetings, are the main drivers of market growth. Additionally, the ability of virtual meeting solutions to provide participants with a variety of features, including the sharing of HD video and slides. All these factors propel the growth of the Global Virtual Meeting Software Market during a forecast period (2022-2028).

Global Virtual Meeting Software Market – By Mode of Deployment

Based on the mode of deployment, the Global Virtual Meeting Software Market is segmented into On-Premise and Cloud-Based. The on-premise segment contributed the most to the market over the forecast period. On-premise virtual meeting software accelerates communication between businesses, employees, and customers when compared to more traditional methods. As a result, on-premise virtual meeting software has emerged as a major market driver. Organizations can also benefit from on-premise virtual meeting software, which allows them to connect with employees in different locations and securely share important files with them. The cloud-based segment is expected to be the second-largest during the forecast period. The virtual meeting software market is growing due to lower travel costs for small businesses and increased organizational productivity by providing quick and easy meetings. All these factors boost the growth of the Global Virtual Meeting Software Market during the forecast period (2022-2028).

Global Virtual Meeting Software Market - By Enterprise Size

Based on enterprise size, the Global Virtual Meeting Software Market is segmented into Large Enterprises, Small Enterprises, and Medium Enterprises. During the forecast period, the large enterprise segment is the market's largest contributor. Virtual meeting software is being adopted by many large organizations, including government agencies, healthcare facilities, and educational institutions. These businesses use virtual meeting software to train staff members and enhance customer relationships during the pandemic. As the practice of working from home gains popularity, many large corporations are utilizing video conferencing software to improve communication with their workforces and boost productivity. The second-largest segment, small and medium-sized businesses, is anticipated to expand during the forecast period. Because of its adaptability and affordability, virtual meeting software is being used by an increasing number of small and medium-sized businesses.

Global Virtual Meeting Software Market - By End-User

Based on end-user, the Global Virtual Meeting Software Market is segmented into Organizations, Public, Private, Hospitals, Educational Institutions, and Others. Among these, organization dominates the market. This is because many employees are working from home. During virtual events such as online meetings, video conferences, live chats, and video calls, information can be shared in real-time. Furthermore, video conferencing increases productivity saves time, lowers travel costs, and promotes overall collaboration. The advantage of video conferencing is that it allows all of these benefits to be realized without requiring constant travel for face-to-face communication. Moreover, educational institutions account to hold the second-largest market share. Video conferencing in education allows teachers to communicate with students regardless of where they are. This allows teachers and students to interact both audibly and visually in real-time.

Global Virtual Meeting Software Market - By Industry Vertical

Based on industry vertical, the Global Virtual Meeting Software Market is segmented into Education, Media & Entertainment, Healthcare, Aerospace, Logistics, Telecom and IT, Automation, Manufacturing, Government and Public, BFSI, and Others. During the forecast period, the IT and telecom segment is the largest contributor to the market. Reduced travel costs for IT and telecom companies, the ability to share critical documents with employees, and the provision of instant meeting services are driving the global virtual meeting software market. Furthermore, the manufacturing sector is the second-largest and is expected to grow rapidly during the forecast period. To communicate with their remote offices and allow their employees to participate in multi-point video conferencing, many toy manufacturing companies now use virtual meeting software.

Global Virtual Meeting Software Market - By Region

Geographically, the Global Virtual Meeting Software Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among these, North America is the region that contributes the most revenue. As a result, video conferencing equipment is being used more frequently as a vital tool for connecting with clients, staff members, and remote workspaces. Additionally, the presence of major market players and a corporate culture that values employee contributions both support the growth of the market in this area. Due to the presence of several large-scale manufacturers and high-speed communication networks, Asia-Pacific is expected to grow at a rapid pace to become the second-largest contributor to the market, during the forecast period.

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.

Recent Development

• In April 2021, MediaPlatform and 6Connex partnered to integrate live webcasting and virtual event platforms. With the integration, both companies utilized each other’s capabilities to maximize ROI.

• In March 2021, Cvent partnered with Accor to launch a leisure request for proposal product to facilitate the end-to-end tracking of leisure contract creation. This integration would support hotels and sales teams and offer a 360-degree vision of sales activities to provide improved service to business-to-business customers.

Scope of the Report

By Component

• • Service
  • Solution

By Mode of Deployment

• • On-Premise
  • Cloud-Based

By Enterprise Size

• • Large Enterprises
  • Small Enterprises
  • Medium Enterprises

By End User

• • Organizations
    • Public
    • Private
  • Hospitals
  • Educational Institutions
  • Others

By Industry Vertical

• • Education
  • Media & Entertainment
  • Healthcare
  • Aerospace
  • Logistics
  • Telecom and IT
  • Automation
  • Manufacturing
  • Government and Public
  • BFSI
  • Others

By Event Type

• • Virtual Event
  • Video Conferencing
    • Personal Video Meetings
    • Webinars
  • Event Management
  • Lead Retrieval
  • Attendee Management
  • Gamification
  • Education Fair
  • Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa