The market for Virtual Meeting Software is forecast to reach $7.32 billion by 2025, growing at a CAGR of 9.58% from 2020 to 2025. Owing to the breakdown of COVID-19, many firms have opted for Online meeting software, web conferencing services for official meetings which is set to positively impact on the growth of the market. Adding to this, the adoption of virtual classroom software in by many educational institutions is set to escalate the growth of the market during the forecast period 2020-2025.
- The breakdown of COVID-19 in many countries has resulted in the lockdown therefore many forms have opted for work from home strategy which is set to boost the virtual meeting software market.
- North America has dominated the market share in 2019, however APAC is analysed to grow at highest rate during the forecast period owing to the adoption of virtual meeting software and technological advancements driven by mobile broadband technologies.
- IT sector is analysed to grow at highest rate owing to the high adoption of the work from home strategy.
By Organization size
The large enterprises segment has dominated the market in 2019 and it majorly is driven by increasing adoption of video conferencing solutions among large enterprises to establish collaborations amongst employees located in various locations. Small and medium scale enterprises are analysed to grow at significant rate during the forecast period owing to the high adoption of the cloud based solutions in these firms. As stated by World Bank, SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development as they represent about 90% of businesses and more than 50% of employment worldwide. Adding to this, the government initiatives supporting the adoption of the cloud in various sectors are set to boost the market growth rate.
By End user- Segment Analysis
The IT sector is analysed to hold highest share in 2019 and is analysed to grow at highest rate during the forecast period 2020-2025. Owing to the outbreak of COVID-19, many countries have announced abrupt lockdown resulting in high adoption of work from home strategy in majority of the IT firms. The dire need of monitoring and maintaining of the track of the work carried out by employees alongside the virtual conducting of the corporate meetings is set to boost the market growth rate. The employment of virtual meeting software in the education sector to conduct online classes mandated by many educational institutions is set to impact on the growth rate of the market. Adding to this, the launch of various products to support the online conference is certainly contributing to the adoption rate. In June 2019, ezTalks enhances video collaboration by announcing all-in-one solutions for middle conference rooms by launching Meet Plus.
Geography – Segment Analysis
North America is analysed to be the dominant region in 2019, followed by APAC and Europe. This is mainly attributed to the high adoption of the advanced technologies in the region alongside the large infrastructural development for implementation of high broadband services. The growing government initiatives in the countries of this region for the rising technological requirements is a major factor contributing to the growth of the market. Government of Canada has initiated a cloud adoption strategy thereby supporting the firms driving high adoption of cloud based technologies thereby positively impacting the market for virtual meeting technologies. APAC is also set to grow at significant rate owing to the COVID-19 lockdown of major countries such China, India, Singapore and so on. In March 2020, Supreme Court of India has announced to deal the urgent hearing cases through video conferencing due to the COVID-19 impact. Therefore severe measures taken by various countries in the region to avoid the spread of COVID-19 has significantly impacted on the adoption of the virtual meeting software thereby boosting the market growth rate.
Drivers – Virtual Meeting Software market
- The outbreak of global pandemics such as COVID-19
The global pandemic COVID-19 has impacted the adoption of the online technologies for the employees. The significant number of cases has resulted in the lockdown of many nations at a global level thereby increasing the work from home for many firms. Therefore the growing adoption of work form strategy in the IT firms as well as other industries is set to boost the Virtual meeting software market during the forecast period 2020-2025, long after the lockdown is lifted.
- Growing adoption of LMS:
The significant rise in the training of the employees through various learning applications is set to impact the growth of the market. The virtual meetings assure the maintenance of the employee and employer relationships. In December 2019, CrossKnowledge launched Blendedx which assists in a company’s learning transformation by converting the learning process into a group project, including through virtual meeting software. Therefore the launch of various LMS involving the virtual meetings is set to boost the market growth rate during the forecast period 2020-2025.
Challenges – Virtual Meeting Software market
- Security Issues
Security issues caused in many of the virtual meeting software are majorly causing the hindrance in the market growth rate. In April 2020, German government has restricted use of the video conferencing service Zoom to fixed-connection computers due to concerns about security issues. Similar steps have been taken by a number of enterprises including NASA, Google, Standard Charted and others. Many issues have been raised in the 2020 due to the breakdown of COVID-19 which are posing the challenges to market growth rate during the forecast period 2020-2025.
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Virtual Meeting Software market. Virtual Meeting Software driver market is expected to be dominated by major companies such as Adobe Inc, Array Telepresence Inc, Avaya Inc, Cisco Systems, Inc, Huawei Technologies Co Ltd, Logitech International S.A., Microsoft Corporation, Plantronics, Inc., Vidyo Inc., and West Corporation. among others.