Pune, India, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The global virtual meeting software market size was worth USD 12.11 billion in 2019. It is projected to rise from USD 41.58 billion by 2027, exhibiting a CAGR of 17.0% during the forecast period, 2020-2027. Availability of Low-cost Cloud Platforms Will Emerge in Favour of Market Growth. Fortune Business Insights™ has published this information in its latest research report titled, “Virtual Meeting Software Market Forecast, 2022-2027.”
Industry Developments:
NexTech AR Solutions Corp. (NexTech) announced the launch of a new interactive and immersive conferencing and virtual events software - "ScreenAR". This is an augmented reality (AR)-based software designed to keep end-user engaged in virtual events, trade shows, or classrooms, etc. and accelerate the business opportunities.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 17.0% |
| 2027 Value Projection | USD 41.58 billion |
| Base Year | 2019 |
| Virtual Meeting Software Market Size in 2019 | USD 12.11 billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 160 |
| Segments covered | Type, Function, Deployment, Enterprises Size, Industry and Geography |
| Virtual Meeting Software Market Growth Drivers | Increasing Number of Product Innovations Will Emerge in Favor of Market Growth |
Surge in Product Demand during Covid-19 Pandemic is Consequential to Growing Adoption of Work from Home Policies
The recent coronavirus outbreak has had a massive impact on several economies across the globe. Due to the rapid spread of the disease, several countries are looking to implement strict measures with a view to controlling the spread of the disease. The measures taken to curb the spread of the diseases have affected businesses across all sectors. However, a few businesses have benefited significantly from the pandemic and virtual meeting software is among the leading sectors that have benefited from this. The surge in adoption of work from home policies by leading organizations across the world will have a massive impact on the growth of the overall Virtual Meeting Software Market, not just during the pandemic, but also in the post-pandemic period.
Click here to get the short-term and long-term impact of COVID-19 on this Market:
https://www.fortunebusinessinsights.com/virtual-meeting-software-3d-virtual-event-market-104064
Drivers and Restraints
Increasing Number of Product Innovations Will Emerge in Favour of Market Growth
The Virtual Meeting Software Market report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the increasing demand for the product, there is a healthy market competition across the world. The increasing competition has encouraged companies to adopt newer strategies that will help them establish a wider consumer base. In July 2020, NexTech AR Solutions Corp. announced the launch of an interactive virtual meeting solution. The company introduced ‘ScreenAR,’ an interactive and immersive conferencing software. The company stated that this product is integrated with augmented reality; a concept that will cater to real time applications. Increasing number of such product innovations will have a huge impact on the growth of the overall market in the forthcoming years.
Regional Insights
North America to Emerge Dominant; Increasing Adoption of AI and Cloud-integrated Platforms Will Emerge in Favor of Market Growth
The Virtual Meeting Software Market report analyzes the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of numerous large scale companies in the US and Canada will contribute to the growth of the regional Virtual Meeting Software Market. The increasing adoption of concept such as cloud and artificial intelligence by major companies across this region will emerge in favor of growth of the regional market. As of 2019, the market in North America was worth USD 4.30 billion and this value is projected to rise at a considerable pace in the coming years.
List of the Key Companies Profiled Virtual Meeting Software Market:
- Cisco Systems, Inc.
- Microsoft Corporation
- Adobe Inc.
- Aventri, Inc.
- Walcon Virtual Events
- LearnBrite - Learning Experience Platform
- MootUp
- LogMeIn, Inc.
- Sine Wave Entertainment Ltd.
- HexaFair
- VirBELA
- Virtway Events
- Personify, Inc.
- Intrado Corporation
- Hubilo Softech Private Limited
- Pathable, Inc.
- Whova Inc.
- 6Connex, Inc.
- vFairs
- Streampoint Solutions Inc.
- Livestrom SAS
- EventsAIR
- NexTech AR Solutions Corp.
- VentureBeat
- AIRMEET Inc.
- EventMobi
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Major Table of Contents:
- Global Virtual Meeting Software (3D Virtual Event) Key Players Market Share Insights and Analysis, 2019
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure/Appendix
- Global Virtual Meeting Software (3D Virtual Event) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016 – 2027
- By Type (Value)
- VR Headset
- Without VR Headset
- By Function (Value)
- Virtual Event
- Video Conferencing
- Personal Video Meetings
- Webinars
- Event Management
- Lead Retrieval
- Attendee Management
- Gamification
- Others
- By Deployment (Value)
- Cloud
- On-premises
- By Enterprise Size (Value)
- Small and Medium Enterprises
- Large Enterprises
- By Industry (Value)
- BFSI
- IT & Telecommunication
- Education and Research
- Automotive
- Health Care
- Media & Entertainment
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- By Type (Value)
- North America Virtual Meeting Software (3D Virtual Event) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Type (Value)
- VR Headset
- Without VR Headset
- By Function (Value)
- Virtual Event
- Video Conferencing
- Personal Video Meetings
- Webinars
- Event Management
- Lead Retrieval
- Attendee Management
- Gamification
- Others
- By Deployment (Value)
- Cloud
- On-premises
- By Enterprise Size (Value)
- Small and Medium Enterprises
- Large Enterprises
- By Industry (Value)
- BFSI
- IT & Telecommunication
- Education and Research
- Automotive
- Health Care
- Media & Entertainment
- Others
- By Country (Value)
- US
- By Type (Value)
- Global Virtual Meeting Software (3D Virtual Event) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016 – 2027
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