In addition, numerous companies across a variety of industries, including corporate, BFSI, education, government, and healthcare, are implementing this software to maintain a high standard of service delivery to their customers amid the global pandemic, thereby lowering their overhead expenses and raising the level of output achieved by their workforce. The demand for software that enables organizations to hold virtual meetings is expected to rise as more companies focus on growing their businesses internationally and better managing their workforces. Market Dynamics Market Driving Factors Increasing Number of Businesses and Government Agencies Utilizing Virtual Meeting Software to Drive Market On the other hand, it is anticipated that incorporating advanced technologies such as artificial intelligence and cloud-based technology will offer lucrative opportunities to expand the global market during the period covered by the forecast. On the other hand, the high software and hardware costs associated with virtual meeting software constitute an essential factor that is expected to inhibit the market's growth to some degree. This is a significant driver of the market. Two key factors driving the growth of the virtual meeting software market are an increase in the adoption of virtual meeting software among corporate and governmental organizations and an increase in the number of virtual meeting software providers globally.Īdditionally, the surge in the adoption of technologies such as facial recognition to detect and authenticate meeting participants is driving the expansion of the market. In addition, businesses in various sectors have begun employing software that facilitates virtual meetings as their primary method of daily communication to interact with their customers, employees, and business partners efficiently and uncomplicatedly. This occurs even though the individuals are not physically located together.Ī growing number of businesses worldwide are embracing the use of software that enables virtual meetings to boost the productivity of their employees and reduce the amount of time and resources wasted by the organization. Additionally, individuals can share data and information in real-time through software that facilitates virtual meetings. ![]() This interaction is carried out with the assistance of the internet using integrated video, chat tools, audio, and application sharing systems. The term "virtual meeting software" refers to the real-time interaction between employees on a software platform. It is expected to reach USD 78.62 billion by 2030, growing at a CAGR of 26.5% during the forecast period (2022–2030). ![]() The global virtual meeting software market size was valued at USD 11.9 billion in 2021.
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