28, April 2022
A virtual meeting refers to a meeting conducted online with the help of software and tools designed specifically for this purpose. These tools and platforms are equipped with advanced features like screen sharing, chat reactions, annotations, etc., to make the environment more interactive.
The market for virtual meeting software (VMS) has witnessed immense growth in recent years, which is attributable to the advancements in technology, growing acceptance by the public, and increased penetration of digital platforms, among others. According to Triton Market Research, the global virtual meeting software market is expected to grow at a CAGR of 12.49% in the forecast years 2022-2028.
Virtual meeting tools have found applications in multiple areas. Triton’s report studies the use of VMS across education, BFSI, IT & telecom, healthcare, government, manufacturing, and other applications.
The BFSI application is expected to observe the fastest growth in the Asia-Pacific market.
The banking sector in the region largely uses VMS for connecting with other offices in the world due to the secure network it offers for communication. In today’s highly digitalized environment, it is a must for companies handling their customers’ financial data to ensure security at all times. At the time of the pandemic, the secure and feature-rich virtual conferencing systems allowed BFSI organizations to streamline internal communication and thus serve clients more efficiently.
The healthcare application accounts for the largest share in the market in North America.
In the healthcare sector, virtual meeting software has largely helped physicians as they can consult with patient’s right from their clinic or home office. Being highly developed nations, the United States and Canada have always been at the forefront of adopting new technological trends. Thus, the concept of online consultations with doctors is not new in the region.
In their nascent stages of use, VM platforms were used by large organizations and individuals to connect with international clients or closed ones in another corner of the world. But there are some key market-redefining trends that have made VMS an almost irreplaceable communication mode in today’s times.
The onset of the COVID-19 pandemic in early 2020 affected individuals, institutions, and corporations to an extent never seen before. And, as a means to contain its spread, governments across the world imposed stringent lockdowns that dramatically disrupted everyday activity. Thus, the affected ones adapted quickly to this extreme situation by working or learning remotely, communicating mainly via online platforms.
As a result, downloads of virtual conferencing applications recorded the highest growth on both the App Store as well as Google Play. Zoom Cloud Meetings emerged as the clear winner, with a record-breaking feat – from 14th to 21st March 2020, it was downloaded 14 times more than its weekly average download rate in the fourth quarter of 2019 in the US; and a whopping 55 times more in Italy. Thus, COVID-19 brought about a mammoth change in the way VM platforms were used.
More than 1.2 billion students in over 186 countries worldwide were affected by school and college closures due to the pandemic. This led to the distinctive rise of e-learning, as professors took to virtual conferencing platforms to impart education. Studies have shown that online learning enables faster learning and also enhances the information retention rate. Interestingly, the last two years witnessed an increase in people signing up to learn various skills online, be it languages, art, or other hobbies, with the help of video communication software.
With the ‘work from home’ culture gaining momentum across the world, the adoption of virtual meeting software grew leaps and bounds. The popularity of platforms like Zoom, Webex, and Google Meet encouraged aspiring software developers to set foot into the market. Also, the entry of new players is expected to reduce the monopoly of established brands, and thereby increase the level of competition.
Even with the world returning to normalcy, there is high demand for virtual conferencing mediums. With location independence, a large percentage of corporate employees showed increased productivity levels and improved performance. Thus, companies worldwide have adopted the hybrid working concept, which will ensure continued market demand over the years to come.
Besides, the incorporation of technologies like AI and IoT have also increased the applications of VMS across diverse industry verticals. The rising technological interventions and increasing investments for the same will emerge in favor of the virtual meeting software market’s growth.
The global virtual meeting software market is expected to gain a revenue of $27909.68 million by 2028.
Zoom Meetings, Microsoft Teams, Skype, Google Meet, Zoho Meeting, Webex Meetings, Breakroom, Meetingplay+, Amazon Chime, Airmeet, and Jami are some of the leading virtual meeting platforms.
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