Jun 17, 2020 (MarketersMedia via COMTEX) -- The COVID-19 pandemic disruption is estimated to transform the Online Meeting Software Market in the years to come drastically, and its after-effects will be persistently seen in the years ahead.
Pune, India - June 17, 2020 /MarketersMedia/ --
The global online meeting software market can potentially reach a valuation of USD 6.23 billion by 2024, says Market Research Future (MRFR). The market can expand at a rate of 11.1% during the forecast period (2019-2024).
Top Drivers and Key Barriers
Online meeting software is used to conduct virtual meetings like web conferencing and webinars. Online meeting software offers a host of benefits such as allowing the participants to record the session and connecting people over the Internet, enabling them to share information as well as other purposes. Moreover, online meeting software also protects against data breaches along with cyber-attacks.
With the high adoption of online meeting software, companies are now able to successfully hold virtual meetings, which has led to better collaboration between organizations and their clients. Likewise, this software facilitates a connection between geographically dispersed people within an organization, in addition to increasing work productivity, given the reduced travel cost. The global online meeting software market has picked up immense speed in recent years, due to increasing digitalization as well as urbanization, which has boosted the adoption of online meeting software among organizations across the globe.
A number of renowned players are striving to innovate and invest in research and development (R&D) to provide their clients with a cost-effective product portfolio. There has been a surge in the number of mergers and acquisitions, a strategy adopted by business entities to get better access to their clients and also expand their customer base in the market.
The global online meeting software market is estimated to grow at a significant rate in the future. The geographical analysis of online meeting software market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
North America dominates the global online meeting software market, by region, due to the early adoption of the web conferencing services and online meeting. Additionally, there are various companies present in the region who offers various online meeting software and services which is driving the growth of the market. Additionally, high internet speed and developed infrastructure which increases the demand for the online meeting software market in the region. The US accounts the largest market share in the region due to presence of various industries and end-users in the region who are using these software and services such as BFSI, IT & telecom, government agencies, and others. Whereas, Canada is expected to be the fastest-growing country in the region during the forecast period.
Europe accounts the second-largest market share in the online meeting software market due to presence of various industries such as automotive, BFSI, IT & telecom, and others which is driving the market. Additionally, the presence of various countries such as the UK, Germany, France, Italy, and others in the region are the major contributors in the global online meeting market. Additionally, the increasing ownership of smartphones has also accelerated the market growth in the region as the users can attend the web conference with smartphones irrespective of their location.
According to Market Research Future, the global online meeting software market has been segmented based on component, organization size, deployment, end users, and region.
Online meetings have become an essential part of various enterprises, organizations, and other government agencies as they enable them to interact with the clients via virtual meetings, which reduce the traveling time and cost. Moreover, the online meeting software reduces the user to attend the meeting from anywhere irrespective of their location, which allows the team members working on a project from different regions to communicate through web conferencing in any hour of the day. Moreover, web conferencing allows the users to conduct conferencing, presentations, live meetings, and training via the internet particularly on TCP/IP connections.
The global online meeting software market has been segmented based on component, deployment, organization size, and end users.
Based on component, the market has been segmented into software and services. Among these, the software segment accounts the largest market share due to increasing requirement by various organizations and enterprises for conducting web-based video conferencing and meetings. The online meeting software allows the users to record the meeting, allows the user to analyze the meeting agenda and other features which has been driving the market. However, the service segment is accounted to be the fastest-growing segment.