Market Highlights
The adoption of the concept of online meetings by various organizations is spurring the online meeting software market 2020. The software reports are formed by Market Research Future, which covers market alternatives for progress.
The Global Online Meeting Software Market is expected to register a CAGR of 11.1% during the forecast period of 2020–2027. There are various factors contributing to the growth of the global online meeting software such as the increasing digitalization and urbanization which is increasing the adoption of online meeting software among the enterprises to reduce the distance between the clients globally.
The surge in the concept of work from home due to the ongoing coronavirus pandemic, the market share of online meeting software is estimated to rise steadily in the impending period. Their surging application in conducting webinars and for web conferencing is predicted to direct the online meeting software market in the forecast period.
Segmental Analysis
The global online meeting software market has been segmented based on component, deployment, organization size, end user, and region.
By component, the market has been segmented into software and services.
By deployment, the market has been segmented into cloud-based and on-premise
By organization size, the market has been segmented into large enterprises and SMEs.
By end user, the market has been segmented into BFSI, IT & telecom, government, healthcare, manufacturing, and others
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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Detailed Regional Analysis
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.
Asia-Pacific is expected to be the fastest-growing region during the forecast period due to increasing advancement in terms of technology, urbanization, and digitalization. The present companies and upcoming startups are adopting online meeting software to increase their client conversion. Additionally, the SMEs and large enterprise are also using this software to reduce their spend on travel and increase the productivity and efficiency of the work without spending much on traveling. China is expected to be the dominating country in the region whereas India is accounted to be the fastest-growing country during the forecast period.
Rest of the world is segmented as South America and Middle East & Africa is expected to be growing with a significant CAGR during the forecast period due to development of infrastructure and investments made by various industries in the region. Additionally, the subsidiaries and startups are using smartphones for online meeting to conduct training and conferencing.
Competitive Analysis
The capability of contenders to influence change in the market is increasing at a stable rate in the impending period. The support from government bodies around the world is rising because the market needs an extra stimulus to achieve normalcy in such a scenario. The disharmony in the forces of demand and supply are estimated to create a slow growth background in the market. Furthermore, the need to adopt a rapid and cost-effective method of operation is estimated to profile the market in the impending period. The emphasis on innovation is estimated to rise in the coming years, as the consumer needs have to be addressed in a better manner to ensure the resurgence of the global market. Also, the need to encourage business to include the environmental impact of their decisions is estimated to shape the progress of the market in future. The need to mitigate losses sustained by the current public health crisis is estimated to be the sole focus of the market contenders in the upcoming years.
The eminent contenders in the online meeting software market are Nextiva (US), RingCentral, Inc. (US), Amazon Web Services, Inc. (US), Zoho Corporation Pvt. Ltd. (India), Jive Communications (US), Vonage (US), Ooma, Inc. (US), FluentStream Technologies, LLC (US), Zoom Video Communications, Inc. (US), LogMeIn, Inc (US), Cisco Systems (US), Dialpad, Inc. (US), 8x8, Inc. (US), IBM Corporation (US), Microsoft Corporation (US) among others.
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Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
Continued…
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