Virtual Meeting Software Market Predicted to Reach $57.23 Billion by 2027, Claims Allied Market Research

Rise in adoption of virtual meeting software among corporate and government organizations, increase in adoption of high-end technologies, such as facial recognition, to detect and authenticate the meeting participants, and surge in number of virtual meeting software providers across the globe fuel the growth of the global virtual meeting software market. By component, the solution segment held the major share in 2019. By region, on the other hand, North America appeared as the highest revenue holder in the same year.

According to the report published by a Portland-based research firm, Allied Market Research, the global virtual meeting software market was pegged at $7.62 billion in 2019 and is estimated to hit $57.23 billion by 2027, registering a CAGR of 27.6% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

Rise in adoption of virtual meeting software among corporate and government organizations, increase in adoption of high-end technologies, such as facial recognition, to detect and authenticate the meeting participants, and surge in number of virtual meeting software providers across the globe fuel the growth of the global virtual meeting software market. On the other hand, high product and solution costs related to virtual meeting software impede the growth to some extent. However, the integration of advanced technology such as artificial intelligence and cloud-based technology present new opportunities in the coming years.

Impact of Covid-19 on Virtual Meeting Software Market:

• The global lockdown led to increase in adoption of virtual meeting software. Several organizations in the sectors such as IT & telecom, BFSI, manufacturing, education & healthcare, and others have majorly invested to take on virtual meeting software for accomplishing their ongoing projects.
• Moreover, various corporate offices have also made use of different video conferencing and collaboration applications for training purposes. These factors have boosted the market growth.

The global virtual meeting software market is analyzed across components, deployment model, enterprise size, industry vertical, and region. On the basis of component, the solution segment contributed to more than two-thirds of the total market share in 2019, and would retain its dominance during the forecast period. Simultaneously, the service segment is projected to grow at the fastest CAGR of 29.2% from 2020 to 2027. 

On the basis of industry vertical, the IT & Telecom segment accounted for nearly one-fifth of the total market revenue in 2019, and is anticipated to rule the roost by 2027. At the same time, the media and entertainment segment would exhibit the fastest CAGR of 29.8% during the forecast period.