Dallas, Texas, Oct. 27, 2022 (GLOBE NEWSWIRE) — A growing number of businesses around the world are embracing the use of software that enables virtual meeting platform and services to increase the productivity of their employees and reduce the time and resources wasted in appealing to the employer. Additionally, groups across many industries have all started using software that facilitates virtual meetings as their primary daily communication method to interact with their customers, employees, and business partners efficiently and simply.

The key factors driving the increase in the virtual meeting platforms and services market are an increase in the adoption of digital assembly software by enterprises and government organizations and a boom in the wide variety of virtual meeting platforms and service providers available worldwide.

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Key Players of Virtual Meeting Platform and Services Market:

  • Zoho Corporation Pvt. ltd.
  • Zoom Video Communications, Inc.
  • LogMeIn, Inc.
  • Cisco Systems
  • Amazon Web Services, Inc.
  • IBM Corporation
  • Microsoft Corporation

The global market for virtual meeting platforms and services is expected to reach nearly $65.26 billion by 2029 with an annualized growth rate of 28.3% over the projected period 2022-2029.

Moreover, special companies around the arena are adopting virtual meeting platforms due to various advantages such as presenting a fast and comfortable chat line inside the company and improving conversation between staff. Additionally, virtual conferencing software helps businesses reduce operating costs and improve business relationships with their customers. This will increase the demand for virtual meeting platforms and services.

The excessive prices of products and solutions related to virtual meeting platforms and services and the burden of the software required for the growing use of virtual meeting platforms are the main factors that are holding back its adoption.. In addition, the high value of services and products related to virtual meeting platforms and services and the increase in hardware fees are hampering the expansion of the market. The high rate of hardware components of virtual meeting platforms, along with cameras, digital devices, and other smartphones, is a major aspect that is restraining the growth of the market. On the contrary, the mixture of advanced technologies, synthetic intelligence and fully cloud-based technology is expected to provide exciting opportunities to expand the global market throughout the forecast period.

The Virtual Meeting Platform and Services industry component includes:

The virtual meeting platform and services industry deployment model includes:

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Industry end users of the virtual meeting platform and services include:

  • BFSI
  • Education
  • IT & Telecom
  • Government and public
  • Health care
  • Manufacturing
  • Media and Entertainment
  • petroleum gas

The global virtual meeting platforms and services market is segmented into industry, component, company size, deployment model and region. In terms of industry, the global virtual meeting platforms and services market is categorized into media and entertainment, oil and gas, healthcare, manufacturing, IT and telecommunications, education, BFSI, government and public, and others. The IT and telecom section is the top contributor in the market thanks to factors consisting of reduced travel costs for IT and telecom agencies, the ability to share critical documents with employees, and the provision of on-site meeting services.

The industry is divided into services and solutions on the basis of components. . The solution segment is the most lucrative segment owing to the need to track and manipulate numerous cloud conferences, contributing to the expansion of the market. In terms of company size, the industry is fragmented into small and medium enterprises. Among these large companies, the revenue share in the market is significant as large industries are adopting large-scale virtual meeting platform and services. In terms of deployment model, the industry is categorized into cloud and on-premises. Geographically, the Asia-Pacific region will witness significant growth over the forecast period owing to the strong presence of knowledge outsourcing companies and SMEs, which are rapidly adopting virtual conferencing software to reduce operating costs in the developing Asia-Pacific region which is expected to grow.

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