The market for Virtual Meeting Software is forecast to reach $7.32 billion by 2025, growing at a CAGR of 9.58% from 2020 to 2025. Owing to the breakdown of COVID-19, many firms have opted for Online meeting software, web conferencing services for official meetings which is set to positively impact on the growth of the market. Adding to this, the adoption of virtual classroom software in by many educational institutions is set to escalate the growth of the market during the forecast period 2020-2025.Key Takeaways
The breakdown of COVID-19 in many countries has resulted in the lockdown therefore many forms have opted for work from home strategy which is set to boost the [FURL=https://www.industryarc.com/Report/19275/virtual-meeting-software-market.html]Virtual Meeting Software Market[/FURL].
North America has dominated the market share in 2019, however APAC is analysed to grow at highest rate during the forecast period owing to the adoption of virtual meeting software and technological advancements driven by mobile broadband technologies.
IT sector is analysed to grow at highest rate owing to the high adoption of the work from home strategy.
Geography - Segment Analysis
North America is analysed to be the dominant region in 2019, followed by APAC and Europe. This is mainly attributed to the high adoption of the advanced technologies in the region alongside the large infrastructural development for implementation of high broadband services. The growing government initiatives in the countries of this region for the rising technological requirements is a major factor contributing to the growth of the market. Government of Canada has initiated a cloud adoption strategy thereby supporting the firms driving high adoption of cloud based technologies thereby positively impacting the market for virtual meeting technologies. APAC is also set to grow at significant rate owing to the COVID-19 lockdown of major countries such China, India, Singapore and so on. In March 2020, Supreme Court of India has announced to deal the urgent hearing cases through video conferencing due to the COVID-19 impact. Therefore severe measures taken by various countries in the region to avoid the spread of COVID-19 has significantly impacted on the adoption of the virtual meeting software thereby boosting the market growth rate.
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Drivers – Virtual Meeting Software market
The outbreak of global pandemics such as COVID-19
Growing adoption of LMS
Virtual Meeting Software driver market is expected to be dominated by major companies such as Adobe Inc, Array Telepresence Inc, Avaya Inc, Cisco Systems, Inc, Huawei Technologies Co Ltd, Logitech International S.A., Microsoft Corporation, Plantronics, Inc., Vidyo Inc., and West Corporation.
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