Virtual Meeting Software (3D Virtual Event) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Virtual Meeting Software Market
The virtual meeting software market size was valued at USD 12.11 billion in 2023, and the market is now projected to grow to USD 41.58 billion by 2032, exhibiting a CAGR of 35.5 during the forecast period of 2024-2032.
This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to information and communication technology. The current COVID-19 epidemic has had an impact on workplace culture in a number of different sector verticals. Virtual meeting solution suppliers now have more chances as a result of the stay-at-home mandate. These factors affceted the virtual meeting software market growth.
This is the major factor attributing the growth of this particular market. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and also the sales and demands have been proliferation and increased its value to greater extent. The growing use of cloud-based virtual meeting tools like Adobe Connect, AltspaceVR, Cisco Webex, and others in a variety of industries is one of the major market drivers. To improve interactions at work, cloud-based solutions can provide smooth connectivity and help with collaboration issues. Thus, the need for cloud-based meeting solutions is probably going to be driven by the need to increase worker productivity. To obtain a competitive advantage in the market, major competitors are concentrating on releasing cutting-edge virtual meeting software built on fundamental technologies like cloud, artificial intelligence, and others. These particular growth driving factors have been recorded to attribute the virtual meeting software market share.
A latest trend has been witnessed to proliferate the market growth. This particular trend has been recorded to be the most profiting trends that have been upgraded to augment the overall market growth. The market for organic household cleansers and cleaning liquids and bars has grown as consumers' concerns about their health and the environment are becoming more and more aware. Customers and consumers want natural, scent-boosting toilet care products and dishwashing solutions that are also environmentally friendly. It is anticipated that the expanding use of 5G connectivity would stimulate the demand for virtual meeting software. The need for online meeting platforms like Virtway Events and MootUp is increasing as a result of the extensive rollout of 5G connection.
Comprehensive Analysis of Virtual Meeting Software Market
Because more and more people are looking for affordable 2D devices, like laptops or tablets, to conduct 3D virtual events across a variety of verticals, the market for VR headsets is expected to continue dominant. The market is further divided based on the function into gamification, lead retrieval, attendee management, mobile event apps, virtual events, video conferencing, and event management, among others. The deployment sector is separated into on-premises and cloud-based categories based on its breadth. The market for virtual meeting software is separated into small and medium-sized businesses and large businesses based on the size of the firm. The market is divided into several segments based on the industry, including BFSI, healthcare, IT & communications, media & entertainment, education and research, and automotive.
The North American region has augmented a lot in the past few years in this particular product market. The North American region held the biggest revenue share. Throughout the forecast period, North America is anticipated to hold a dominant revenue share in the worldwide virtual meeting software market. The need for virtual meeting solutions is increasing due to the presence of significant firms in North America, including Microsoft Corporation, IBM Corporation, Oracle Corporation, and others. To increase their global footprint, other major market participants are concentrating on introducing a new product. This particular region is actually growing a lot and is anticipated to augment more over the years.
Global markets are fiercely competitive and highly fragmented. Due to their creative packaging solutions, a few group of large market companies hold a fair amount of market share. Some of the major Companies includes Cisco Systems, Inc. (U.S.)Microsoft Corporation (U.S.), Adobe Inc. (U.S.), Aventri, Inc. (U.S.), and Walcon Virtual Events (Spain).
In July 2021, This particular company has attributed the market growth in terms of revenue and shares system. OnAIR, a new virtual event management platform, was introduced by EventsAIR. Improving customer satisfaction and assisting event planners in growing their businesses are the goals. This particular development and investment the global market has been recorded to be a boon for the market growth.
Segmentation Table
ATTRIBUTES DETAILS
Study Period 2016 – 2027
Base Year 2019
Forecast Period 2020 – 2027
Historical Period 2016 – 2018
Unit Value (USD billion)
Segmentation By Type
VR Headset
Without VR Headset
By Function
Virtual Event
Video Conferencing
Personal Video Meetings
Webinars
Mobile Event App
Event Management
Lead Retrieval
Attendee Management
Gamification
Others (Career and Education Fair, etc.)
By Deployment
Cloud
On-premises
By Enterprises Size
Small and Medium Enterprises (SMEs)
Large Enterprises
By Industry
BFSI
IT & Telecommunication
Education and Research
Automotive
Health Care
Media & Entertainment
Others (Utilities and Manufacturing, etc.)
By Region
North America
By Type
By Function
By Deployment
By Enterprises Size
By Industry
By Country
U.S.
By Industry
Canada
By Industry
Mexico
By Industry
Europe
By Type
By Function
By Deployment
By Enterprises Size
By Industry
By Country
UK
By Industry
Germany
By Industry
France
By Industry
Italy
By Industry
Spain
By Industry
Russia
By Industry
Benelux
By Industry
Nordics
By Industry
Rest of Europe
Asia Pacific
By Type
By Function
By Deployment
By Enterprises Size
By Industry
By Country
China
By Industry
India
By Industry
Japan
By Industry
South Korea
By Industry
ASEAN
By Industry
Oceania
By Industry
Rest of Asia Pacific
Middle East & Africa
By Type
By Function
By Deployment
By Enterprises Size
By Industry
By Country
Turkey
By Industry
Israel
By Industry
GCC
By Industry
North Africa
By Industry
South Africa
By Industry
Rest of the Middle East & Africa
South America
By Type
By Function
By Deployment
By Enterprises Size
By Industry
By Country
Brazil
By Industry
Argentina
By Industry
Rest of South America