ID: MRFR/ICT/6825-HCR | 111 Pages | Published By Ankit Gupta on April 2023
The Online Meeting Software Market is estimated to reach USD 60.5 Billion, registering a CAGR of 26.90% during the forecast period of 2030
The Online Meeting Software solutions were increasingly deployed to carry out the critical meetings in real-time. Especially, the enterprises, government agencies are increasingly conducting meetings virtually owing to the convenience and changing trends. The increasing work-from-home trend in the corporate sector is also impacting the overall growth of the Online Meeting software market. The adoption of the online meeting software solutions was increasing owing to the potential benefits such as recording the meeting, extracting the information, security from the online threats and security issues, face recognition, and voice recognition features. The increasing penetration of the internet facility at an affordable price is also considered as the major driver for Online meeting software market growth. The Online Meeting Software Market is estimated to reach USD 60.5 billion by 2030, registering a CAGR of 26.90% during the forecast period of 2022-2030.
The emerging trends of implementing video banking solutions are also driving the overall growth of the Online meeting software market. The convenience and reduction in the travel expenses and reduction in time taken for acquiring the services are also impacting the overall growth of the Online Meeting Software Industry.
COVID 19 Analysis:
The widespread COVID 19 has created significant impact and disruptions in several industrial verticals. The manufacturing sectors and organizations were facing significant losses during the pandemic. The prolonged lockdown, restrictions in the logistics and production centers have limited the production rate across the globe. However, the corporate organization has started carrying out strategies to continue the business activities. The work from home trend was brought into the working environment which has helped to increase productivity during this pandemic. Therefore the meetings conducted by these corporate firms were completely reliant on the Online meeting software solutions. A recent report from a reputed organization confirmed that there were over 2.22 million monthly users of Zoom in the year 2020, those users were actively utilizing the online meeting software solution to conduct the key official meetings. Therefore the Online Meeting software Industry value was rapidly increasing during the pandemic.
The changing attitude of the learners is creating an impact on the Online Meeting Software market growth. The learners and students highly prefer the virtual learning methods, as they are highly influential and the students from remote places are also able to acquire benefits from Online Meeting software solutions.
The increasing penetration of the internet and the availability of high-speed internet at an affordable price range is considered as the major driver of the market growth. Moreover, the increasing deployment of 5G technologies in several organizations is impacting the overall growth of the Online Meeting software market in recent years. A recent report states that by the year 2025, there would be over 1.2 billion internet connections with 5G technologies. Such factors are fuelling the overall growth of the Online Meeting software industry.
The government organizations and several crucial segments have been adopting the remote working model in recent years; such factors have impacted the demand for consumer hardware such as webcams, headsets and thereby impacting the overall growth of the Online Meeting software market. For instance, in the year 2020, the Supreme Court had ordered the regional courts to conduct the verdicts via video conferencing. Such practices have propelled the overall growth of the Online Meeting software industry.
The conference platforms were increasingly adopting advanced technologies such as AI, machine learning, facial recognition technologies, and voice recognition features that hugely enhance the meeting experiences and analyze the meetings and their contents effectively and therefore deriving comparative analysis of the meetings held at the organization level. Such factors are presenting a lucrative opportunity for the overall growth of the market.
The economic condition of the country also plays a vital role in the Online Meeting software industry growth. The students are forced to install the software tools on their devices so that they can get the screens and files regarding education. The costs incurred for the software tools and the maintenance are considered as the major restraining factor of Online Meeting software market growth.
The technical issues that might arise during the meeting, that affect the quality of the meeting and students that are not aware of handling the technical issues are suffered. Such factors are also impacting the market negatively.
The higher costs incurred for the maintenance and deploying costs, and the security software solutions, and the privacy issues are considered as the major challenge in the Online Meeting software industry.
Lack of expertise in the Online Meeting Software Industry and the inability of these experts to handle the technical issues are also impacting the overall growth of the Online Meeting software market. Moreover, the limited attributes of the online meeting software solutions are also impacting the growth of the market.
Cumulative Growth Analysis:
The Online Meeting software industry is expected to surpass the market value of over USD 6.23 billion by the year 2024 while registering a CAGR of 11.1% during the forecast period. The increasing demand for the collaboration solutions such as Zoom, Skype, Microsoft Teams, and other significant industries, has had a huge impact on the Online Meeting software market growth. Moreover, the integration of advanced technologies such as Artificial intelligence, Cloud-based technologies such as Loop-up, adobe is also creating lucrative opportunities for the overall growth of the Online Meeting market. The organizations that are highly concerned over the data security issues and maintenance are inclined towards on-premise systems, they are considered to be more suitable for large enterprises. The Online Meeting software market value is highly influenced by the increasing demand of the varied end-user industries. Additionally, the increasing number of enterprises in developed countries is bolstering the Online Meeting Software market growth in recent times.
Value Chain Analysis:
The online meeting software is increasingly adopted by organizations, enterprises, and government agencies to conduct meetings and share crucial information with customers, clients, and colleagues. Several organizations and enterprises are tied up with foreign clients and are increasingly making collaborations to improve their business strategies. Therefore the demand for Virtual meeting software was increasing as they reduce the travel and stay expenses. The advancement in the market allows the users to conduct webinars and web conferencing without any interruptions. Also, they come with significant and efficient security systems and protection protocols from cyber-attacks. Such potential benefits are propelling the established and emerging organizations to adopt the Online meeting software for their organization.
The changing trends and attitude of the customer for the banking services, shopping, and other services are also impacting the overall growth of the market. Currently, mobile and online banking solutions are gaining popularity owing to their potential benefits and convenience for the customers and the officers in the banking sector. Such factors are considered as the key market drivers of the market.
Based on Component:
Based on Deployment:
Based on Organization Size:
Based on End-User Industries:
Currently, North America is witnessing rapid growth in the online meeting software market owing to the presence of established vendors across the region such as Cisco system Inc., Amazon Web series Inc., IBM Corporation, Microsoft Corporation. Moreover, North America is the region that has pioneered in adopting advanced technologies related to online meeting services. Moreover, the key market players such as 8x8 Inc., Ooma Inc., and Fluent Stream Technologies Inc. are increasing their overall investments in the Online meeting software market which is expected to boost the Online meeting Software industry growth during the forecast period.
On the other hand, the Asia-pacific region is also growing exponentially in recent years concerning the Online Meeting Software market as the established market players across the region are focusing on product innovations and strategies to propel the overall growth of the Online Meeting Software market. Moreover, the emerging SMEs and increasing number of headquarters across the region are also impacting the Online Meeting Software market growth in the Asia-pacific region.
In the year 2019, one of the leading market players, National Westminster Bank has introduced the new Video Banking channel into the market, that is designed for small and medium-sized enterprises and allows its business customers to have a secured and pre-arranged video call using any smart device such as Mobile, Tablet or PC. The beneficiary feature of this innovation helps the organization to securely record the customer interaction for any unforeseen risk and regulatory purposes.
In the year 2020, one of the leading market players, Facebook has introduced the messenger rooms solution into the market which is capable of connecting more than 50 people and conducting video conferences. The solution is considered to be effective in consumer engagement and offers the services even for the customer who doesn’t own a Facebook account.
This Report Has Covered:
|Market Size||USD 60.5 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Component, by Organization Size|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Nextiva (US), RingCentral, Inc. (US), Jive Communications (US), Vonage (US), Dialpad, Inc. (US), 8x8, Inc. (US), Ooma, Inc. (US), FluentStream Technologies, LLC (US), Zoho Corporation Pvt. Ltd. (India), Zoom Video Communications, Inc. (US), LogMeIn, Inc (US), Cisco Systems (US), Amazon Web Services, Inc. (US), IBM Corporation (US), Microsoft Corporation (US)|
|Key Market Opportunities||The adoption of the online meeting software has allowed the companies to hold successful virtual meetings and improve collaboration with the clients.|
|Key Market Drivers||North America has been the earliest adopter of advanced technologies and well-developed infrastructure in the region, which is one of the factors driving the market.|
The valuation of the market in the future will be USD 60.5 billion by 2030.
The CAGR of the market is calculated to be 26.90%.
The component, deployment, organization size, end user are the segments involved in the market segmentation analysis.
2017–2024 has been the growth period of the market.
North America, Europe, Asia-Pacific are the regions to score well in the market share.
Nextiva (US), RingCentral, Inc. (US), Jive Communications (US), Vonage (US), Dialpad, Inc. (US), 8x8, Inc. (US), Ooma, Inc. (US) have been the active members investing in the market growth.