Increase in adoption of virtual meeting software among corporate and government organizations and increasing trend of work from home scenario drive the growth.

PORTLAND, OREGON, UNITED STATES, August 11, 2021 /EINPresswire.com/ -- Increase in adoption of virtual meeting software among corporate and government organizations, growth in adoption of technologies, such as facial recognition, to detect and authenticate the meeting participants, and surge in the number of virtual meeting software providers across the globe drive the growth of the global virtual meeting software market. However, high product and solution costs related to virtual meeting software hinder the market growth. Contrarily, the integration of advanced technology such as artificial intelligence and cloud-based technology presents new opportunities in the coming years. According to the report, the global virtual meeting software industry generated $7.62 billion in 2019, and is projected to reach $57.23 billion by 2027, witnessing a CAGR of 27.6% from 2020 to 2027.

Explore the Report Description- https://www.alliedmarketresearch.com/virtual-meeting-software-market-A09378

Impact of COVID-19 Pandemic on Virtual Meeting Software Market:

• The implementation of global lockdown by the government bodies and shutdown of various companies across the globe resulted into the increase in adoption of virtual meeting software.
• Various organizations including IT & telecom, BFSI, manufacturing, and others have majorly invested to adopt virtual meeting software for completing their ongoing projects.
• In addition, the adoption of this software thrived in the education and healthcare sector all over the globe. At the same time, various corporate offices have utilized different applications such as ZOOM, Microsoft Teams, and Skype for training and managing employees of organizations. All these aspects have proliferated the market growth during the pandemic.

Get detailed COVID-19 impact analysis on the Virtual Meeting Software Market: https://www.alliedmarketresearch.com/request-for-customization/9743?reqfor=covid

The solution segment contributed to the highest market share, accounting for more than two-thirds of the global virtual meeting software market in 2019, and will maintain its lead position during the forecast period. This is owing to the need to monitor and manage large number of cloud meeting and growing need to stream meeting with a combination of live video and screen sharing in various organizations. However, the service segment is estimated to grow at the highest CAGR of 29.2% from 2020 to 2027. This is due to increase in the adoption of services among end users, as they ensure effective functioning of virtual meeting software.

For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/9743

Many government organizations mainly believe in virtual meeting software for his or her day-to-day operations, which also creates an enormous demand for the Virtual Meeting Software Market. The Virtual Meeting Software Market. As a result, various organizations like IT & telecom, BFSI, manufacturing, and others have adopted virtual meeting software for completing their ongoing projects. North America has been the earliest adopter of advanced technologies and well-developed infrastructure in the region, which is one of the factors driving the market.

North America contributed to the highest market share in terms of revenue in 2019, accounting for nearly two-fifths of the global Virtual Meeting Software market, and will maintain its lead position by 2027. This is attributed to owing to growing investment by various key players of the market and presence of key players of the market in this region. However, Asia-Pacific is projected to register the highest CAGR of 29.3% from 2020 to 2027. Many startup and key players of the virtual meeting software market are investing heavily to upsurge their revenue opportunity and to increase their customers base in different countries of Asia-Pacific which propels the growth of the market.

Official Press Release: https://www.alliedmarketresearch.com/press-release/virtual-meeting-software-market.html

Leading market players

• Huawei Technologies Co., Ltd.
• Lifesize, Inc.
• LogMeIn, Inc
• Microsoft Corporation
• Ring Central, Inc.
• Zoom Video Communications, Inc.
• Adobe
• Avaya Inc.
• Cisco Systems, Inc.
• Google LLC.

Similar Research Reports for Information, Communication and Technology:

Edge Analytics Market Predicted to Reach $10.03 Billion by 2023 | AMR

Passenger Security Equipment Market to Reach $79,042 Million by 2023

Active Network Management Market to Hit $1,173 Million by 2023 | AMR

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Analytics LLP
+ +1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.