Online Meeting Software for Simplified Video Conferencing Allowing Joining Convenience from Anywhere Across Devices
New York, US, Aug. 18, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Online Meeting Software Market Analysis by Component, by Deployment, by Organization Size, by End-User and by Region - Forecast till 2030” valuation is poised to reach USD 60.5 Billion by 2030, registering a 26.9% CAGR throughout the forecast period (2022–2030).
Online Meeting Software Market Overview
The global online meeting software market is garnering significant traction, especially since the COVID 19 outbreak. The rising trend of virtual meetings boosts the adoption of online meeting software and services by enterprises have impacted the market value. Businesses are benefitting by implementing virtual meeting solutions due to the advantage of face-to-face meetings via teleconference service offered by B2B telecommunication.
Online Meeting Software Market Report Scope:
Market Size by 2030
USD 60.5 Billion
Market Growth 2022 to 2030
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Businesses connect to potential clients through online meeting software and social media platforms rather than attending industry summits and conferences in person. Additional factors fostering market revenues include the higher adoption of IoT & M2M communication technology and favorable government regulations regarding telecommunications.
Online Meeting Software Market Segments
The online meeting market is segmented into components, deployments, organization size, end-user industries, and regions. The component segment is sub-segmented into software, hardware, and services. The deployment segment is sub-segmented into cloud-based and on-premise.
The organization size segment is sub-segmented into large enterprises and SMEs. The end-user industries segment is sub-segmented into BFSI, IT & telecom, government, healthcare, manufacturing, and others. The region segment comprises the MEA Asia Pacific, Americas, Europe, and rest-of-the-world.
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Online Meeting Software Market Regional Analysis
North America leads the global online meeting software market, heading with the faster adoption of cloud and VoIP services. The growing adoption of advanced technologies and the early adoption of ubiquitous technologies such as IoT and artificial intelligence (AI), alongside the presence of big players, drive the online meeting software market in North America.
The US, backed by the rapid industrialization and high demand for optimum communication networks to maintain the outsourced processes, leads the online meeting software market in the region.
The Asia Pacific region is the second largest market for online meeting software globally. The adoption of advanced telecom services in rapidly developing nations such as China, India, and South Korea drives the regional market. Furthermore, the presence of IT & telecommunication industries is a key factor driving the online meeting software market in the region.
Moreover, factors such as the development in the media and entertainment industry and the increasing adoption of new technology drive the online meeting software market in the region. Japan, China, South Korea, and India are expected to dominate the online meeting software market in the APAC.
As businesses moved online during the pandemic, engineering teams started feeling more acute needs for online meetings than other teams. Simultaneously, other virtual meeting solution providers increasingly started releasing supporting apps to meet the rising demand for meeting-focused applications compatible with their existing platforms.
They make substantial investments to solve specific use cases for users needing the Scrum Agile development process. Online meeting software enables simplified video conferencing and messaging solutions that allow users to start, join, and collaborate remotely, anywhere across devices. Online meeting platforms offer highly engaging and interactive experiences for all participants.
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The power of automation that can make meetings more efficient, along with the pandemic crises that boosted digitization & automation in IT & telecom sectors, accelerated the online meeting software market growth. Other advantages of these platforms include unparalleled usability, powerful meeting security, organizer-friendly solutions, and a stress-free process to deliver unforgettable experiences.
The advanced networking features of the online meeting software allow attendees to connect with the text, audio, video chat, and more. And also enable attendees to search for other participants using advanced filters. The rising internet penetration and internet speed improvements positively impact the market landscape.
The easy accessibility to high-speed internet at affordable prices with the increasing 5G rollouts worldwide driver the market growth. Moreover, the growing adoption of a remote working model in government organizations and other crucial segments influences the demand for consumer hardware such as webcams, headsets, and others.
Online Meeting Software Market Competitive Analysis
Highly competitive by nature, the global online meeting software market appears to be fragmented due to the presence of several key players. These players strive to deliver comprehensive solutions with adept technology and features. Growth in terms of technologies and product innovations is also expected to create substantial investment opportunities for global players in the market.
Also, they strive to facilitate unique meeting workflows built around sprint development and require specific experiences to provide deep value. These companies have adopted inorganic strategies to grow their businesses, where partnership and collaboration accounted for a good percentage. In contrast, mergers & acquisitions accounted for a healthy percentage of the key development for the key players in the market.
For instance, on August 2, 2022, Spinach.io announced its plan to build a meeting tool designed using agile methodology to run stand-up meetings online, specifically for engineers. The startup also announced a US$6 million seed funding to bring a level of automation to virtual meetings, integrating with Slack, Jira, and other tools that engineers need to track their projects.
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Dominant Key Players on Online Meeting Software Market Covered are:
RingCentral Inc. (US)
Jive Communications (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)
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