The global virtual meeting software market is forecasted to rise with a CAGR of 12.62% across the estimated years, 2022 to 2030. The market’s growth is mainly credited to the increasing adoption of virtual meeting software among government organizations and corporates, the growing adoption of technologies like facial recognition, and the increasing number of virtual meeting software providers globally.
Virtual meetings, also termed virtual conferencing, entails hosting a meeting within a virtual or online environment. Users can host a virtual meeting with video, audio, and screen sharing. Virtual meeting platforms are characterized as applications and software that bring people together over the internet. Typically, this software includes a form of video conferencing, as well as tools such as chat and reactions.
In addition to the impact of COVID-19, workplaces across both private as well as government sectors have been transitioning over the last twenty years. As workplace demographics continue shifting, employers strive to meet the diverse needs of a multi-generational workforce. Moreover, as the use of mobile devices and the internet increases, the pace of change continues to accelerate. Hence, the adoption of virtual meeting software in government organizations and corporates fuels the global market’s growth.
The global virtual meeting software market growth analysis entails the evaluation of North America, Asia-Pacific, Europe, and Rest of World. The Asia-Pacific is set to progress with the highest CAGR during the forecasting years. The regional market’s growth is ascribed to the rise in distance learning and online education, the emergence of numerous start-ups, and significant investments in the software industry.
The industrial rivalry across the global virtual meeting software market is expected to be high during the forecasted period. Some of the top players operating in the market are Adobe Systems Inc, Zoho Corporation, Microsoft Corporation, etc.
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- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
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- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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