The global online meeting software market can potentially reach a valuation of USD 6.23 billion by 2024, says Market Research Future (MRFR). The market can expand at a rate of 11.1% during the forecast period (2019–2024).
Top Drivers and Key Barriers
Online meeting software is used to conduct virtual meetings like web conferencing and webinars. Online meeting software offers a host of benefits such as allowing the participants to record the session and connecting people over the Internet, enabling them to share information as well as other purposes. Moreover, online meeting software also protects against data breaches along with cyber-attacks.
With the high adoption of online meeting software, companies are now able to successfully hold virtual meetings, which has led to better collaboration between organizations and their clients. Likewise, this software facilitates a connection between geographically dispersed people within an organization, in addition to increasing work productivity, given the reduced travel cost. The global online meeting software market has picked up immense speed in recent years, due to increasing digitalization as well as urbanization, which has boosted the adoption of online meeting software among organizations across the globe.
A number of renowned players are striving to innovate and invest in research and development (R&D) to provide their clients with a cost-effective product portfolio. There has been a surge in the number of mergers and acquisitions, a strategy adopted by business entities to get better access to their clients and also expand their customer base in the market.
The global market for online meeting software has been segmented with respect to component, deployment, organization size and end use.
Considering the component segment, the market includes software and services.
Deployment-wise, the market can be narrowed down to cloud-based and on-premise
Depending on the organization size, the market consists of large enterprises and small and medium enterprises (SMEs).
The end-users in the online meeting software market are IT & telecom, BFSI, healthcare, government, manufacturing, and others.
Europe, North America, Asia Pacific (APAC), and the rest of the world (RoW) are the chief markets for online meeting software, identified in the MRFR report.
In 2018, North America was the leading market for online meeting software, thanks to the presence of a large number of esteemed vendors like Amazon Web Services, Inc., Cisco System, Inc., Microsoft Corporation, IBM Corporation, and others. These companies have expertise in numerous software and services and offer these to various enterprises and industries to conduct online meeting. In addition, the region is known for being an early adopter of modern technologies and has a well-developed infrastructure, which induces market growth. The industry vendors in the region are striving to add latest features in the software to facilitate safety of the meeting data. The United States (US), Mexico and Canada are the top-performing markets for online meeting software in the region. However, the largest portion of the regional market is owned by the US, given the high concentration of well-known players like Ooma, Inc., 8×8, Inc., FluentStream Technologies, LLC, and others. These companies make sizeable investments in the development of new features in the online meeting software and services, thereby boosting market demand.
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