Dallas, Texas, Oct. 27, 2022 (GLOBE NEWSWIRE) -- A growing quantity of corporations global is embracing the usage of software that allows virtual meetings platform and services to reinforce productivity in their employees and decrease the amount of time and sources wasted by using the employer. In addition, groups in numerous sectors have all started employing software that facilitates virtual meetings as their primary method of each day communication to interact with their clients, employees, and commercial enterprise companions effectively and uncomplicatedly.
Key factors riding the increase of the virtual meeting platform and services market are an increase in the adoption of digital assembly software programs amongst companies and governmental organizations and a boom in the wide variety of virtual meeting platforms and services vendors globally available.
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Virtual Meeting Platform and Services Market Major Players:
- Zoho Corporation Pvt. Ltd.
- Zoom Video Communications, Inc.
- LogMeIn, Inc
- Cisco Systems
- Amazon Web Services, Inc.
- IBM Corporation
- Microsoft Corporation
The global virtual meeting platform and services market is expected to reach close to $65.26 Billion by 2029 with an annualized growth rate of 28.3% through the projected period 2022-2029.
In addition, special businesses around the arena are adopting virtual meeting platforms due to various benefits such as it presents a quick and comfortable line of conversation inside the company and improving conversation between personnel. Additionally, virtual conferencing software helps companies reduce operating costs and improve business relationships with customers. This will increase the demand for virtual meeting platforms and services.
Excessive Product and solution prices related to virtual meeting platforms and services and the charge of the software program required for the increasingly more significant use of virtual meeting platforms is a primary components inhibiting its adoption. In addition, the high value of services and products related to virtual meeting platforms and services and increasing hardware-related charges are impeding the enlargement of the marketplace. The high rate of hardware components of virtual meeting platforms together with cameras, digital devices, and other smartphone devices is a prime aspect restraining the growth of the marketplace. On the opposite, the mixing of advanced technology together with synthetic intelligence and cloud-based totally technology is expected to provide worthwhile opportunities for expanding the worldwide market all through the forecast period.
Virtual Meeting Platform and Services Industry Component includes:
- Solution
- Service
Virtual Meeting Platform and Services Industry Deployment model includes:
- Cloud
- On-premise
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Virtual Meeting Platform and Services Industry End-Users includes:
- BFSI
- Education
- IT & Telecom
- Government & Public
- Healthcare
- Manufacturing
- Media & Entertainment
- Oil & Gas
The global virtual meeting platforms and services market is segmented into industry, component, enterprise size, deployment model, and region. In terms of industry, the global virtual meeting platforms and services market is classified into media & entertainment, oil & gas, healthcare, manufacturing, IT & telecom, education, BFSI, government & public, and others. The IT and telecom section is the very best contributor to the market by means of factors consisting of reduced journey charges for IT and telecom agencies, the potential to share critical documents with employees, and the supply of on-the-spot meeting services
The industry is divided into services and solutions on the basis of components. . The solutions segment is the most lucrative segment due to the requirement to keep track of and manipulate many cloud conferences, contributing to the expansion of the market. On considering enterprise size, the industry is fragmented into small & medium enterprises. Among these large enterprise has a large revenue share in the market as large industries adopt virtual meeting platform and services on the large scale. In terms of deployment model, the industry is classified into cloud and on-premise. Geographically, the Asia-Pacific region will grow significantly during the forecast period due to the strong presence of knowledge outsourcing firms and SMEs, who are rapidly adopting virtual conferencing software to reduce operating costs in the developing Asia-Pacific region expected to grow.
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