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The global virtual meeting software market attained a value of about USD 23.21 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 24.6% to reach nearly USD 168.38 billion by 2032.
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The internet penetration in different regions is an important factor contributing to the growth of the virtual meeting software industry. Owing to the huge population of the Asia Pacific region, approximately 54% of the world’s internet users were recorded from this region in the year 2021. Due to the recent surge in the digitisation of industries and related workstyle- WFH, the number of users in the Asia Pacific is predicted to only increase in the upcoming years. The development in infrastructure and smart city initiatives by governments is also expected to boost the virtual meeting software industry. Additionally, North America has the highest internet penetration in the market owing to the predeveloped infrastructure and technology. In 2016, in terms of the percentage of people who were online, the United States ranked the highest, more than double the percentage of India and significantly higher than that of China. Yet, in terms of the number of internet users, China and India are far above North America.
The usage of virtual meeting software among corporate and government organisations has increased in recent years, along with the number of virtual meeting software providers around the world. The market has been boosted by a significant increase in productivity witnessed in work-from-home workers, which led to the allowance of remote work in many firms by 2019. Further, the increased adoption of technologies, such as facial recognition, better compatibility ad security, has a beneficial impact on the growth of the virtual meeting software industry. Moreover, the integration of technology, such as artificial intelligence and cloud-based technology, is expected to provide lucrative prospects for worldwide market advancement.
Virtual meeting software is a software or application that establishes online communication among people. This software typically incorporates video conferencing as well as options such as chat, responses, and screen sharing, etc.
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The market can be divided on the basis of components by:
On the basis of deployment modes, the market can be divided into:
The major enterprise sizes of the market are:
The market can be broadly categorised on the basis of its end use segments into:
The EMR report looks into the regional markets of virtual meeting software like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The COVID-19 pandemic has significantly increased the growth of the virtual meeting software market. The government imposed lockdowns and shutdowns and other related restrictions throughout the country, due to which most activities had to be digitised. Many companies and businesses started using video conferencing methods to cope with the transformation without halting communication. Zoom, a leading video conferencing company, witnessed over 30x increase in the number of downloads in 2020. The number of daily participants increased from 10 million in December 2019 to 300 million by April 2020. Several companies have adopted video conferencing to train, meet, and coordinate the workflow remotely.
The increase in the involvement of video conferencing in the education and healthcare sector has also increased the demand for virtual meeting software. Starting in 2020, Indian universities and colleges started offering more than 20% of the degrees online, which was prohibited earlier, in order to increase access to higher education and improve the profile of Indian institutions around the world. Many ed-tech start-ups have emerged, offering blended learning, AI-powered experiential learning, and interactive live learning. High costs associated with hardware components of virtual meeting software, such as cameras, virtual devices, and other smartphone devices, restrain the growth of the market. However, the cost is projected to be reduced by integrating and researching new technologies.
The report presents a detailed analysis of the following key players in the global virtual meeting software market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Deployment Mode |
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| Breakup by Enterprise Size |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market attained a value of nearly USD 23.21 billion.
The market is projected to grow at a CAGR of 24.6% between 2024 and 2032.
The market is estimated to witness a growing trajectory in the forecast period of 2024-2032 to reach about USD 168.38 billion by 2032.
The surging internet penetration, advancements in technology, and rising digital transformation are the major market drivers.
The growing adoption of work from home and digitisation of the healthcare and education sectors are the key trends propelling the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various components in the market are solution and services.
The deployment modes in the market are on-premise and cloud-based.
The major enterprise sizes in the market are large enterprises and small and medium enterprises.
The various end uses of virtual meeting software are IT and telecom, manufacturing, education, healthcare, government and defence, BFSI, media and entertainment, and oil and gas, among others.
The key virtual meeting software market players are Avaya Inc., Google LLC, Huawei Technologies Co., Ltd., Microsoft Corporation, Lifesize Inc., and Zoom Video Communications, Inc, among others.
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