Global Virtual Meeting Software Market 2022-2028
MARKET OUTLOOK
Triton Market Research’s report insinuates that the global virtual meeting software market is forecasted to register growth at a CAGR of 12.49% in the projected phase 2022-2028.
An increase in the number of companies providing virtual meeting software across the world is the primary driving factor of the market. Apart from this, a surge in the usage of technologies such as facial recognition and the enhanced adoption of VM software by several organizations are also supporting the market’s growth. On the other hand, technical difficulties encountered while using this software act as a major hindrance in the path of growth.
Besides, people still prefer face-to-face contact with clients and colleagues for effective communication, which is expected to hinder the adoption of VMS. However, the extended closure of offices due to lockdowns is expected to enhance the need for virtual meeting software. Also, several employees have reported increased productivity due to the remote working culture, which is made easier by the use of such software. These factors are expected to offer lucrative opportunities for market growth.
REGIONAL OUTLOOK
The global market for virtual meeting software spans across North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa.
The Asia-Pacific is expected to exhibit the fastest growth in the global market in the coming years. The youth population in several developing countries in the region is rising. They are the main users of VMS. The growing popularity of online education, distance learning, increasing number of startups, and massive investments for software development are all fueling the expansion of VMS in the APAC. As a result, the market in the Asia-Pacific is estimated to witness stupendous growth in the years to come.
COMPETITIVE OUTLOOK
The key players considered in the report on the virtual meeting software market include Microsoft Corporation, Airmeet Inc, Zoom Video Communications Inc, Lifesize Inc, Amazon Inc, Livestrom Inc, Zoho Corporation, Cisco Systems Inc, Alphabet Inc, Adobe Inc, Huawei Technologies Co Ltd, Aventri Inc, Avaya Inc, Goto Inc, and Sine Wave Entertainment Ltd.
Zoom Video Communications Inc (commonly referred to as Zoom) is a US-based communications technology company with headquarters in San Jose, California. It offers video calling and online chat services via a cloud-based P2P software platform and is largely used all around the world for telecommuting, teleconferencing, distance learning, and social relations.
Its software enables users to host video conferences and webinars, and is embedded with salient features such as a Q&A function, waiting room, and a live chat feed. The company has gained tremendous revenue since 2019, post the COVID-19 pandemic. In 2020, it garnered a revenue of $622 million, and in 2021, a revenue of $2,651.4 million, up by 326% Y-o-Y growth. The increasing revenue of the company is an indicator of its financial stability.
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