Allied Market Research (AMR) is predicting that the demand for Virtual Meeting Software will skyrocket in the next few years, growing from $7.62 billion in 2019 to $57.23 billion by 2027. Those figures represent a CAGR of 27.6 percent for the duration of the forecast period.
That growth reflects the outsized impact of COVID-19. Global lockdowns forced people out of offices and into their homes, and organizations in virtually every industry turned to virtual meeting software to support their core operations during the pandemic. Healthcare, education, and finance are some of the many sectors that saw high rates of software adoption.
The rising popularity of facial recognition was another major driver of growth. Software solutions with facial recognition capabilities are able to verify the identities of the people in a meeting, and can ensure that those people are present and paying attention. That makes those solutions more appealing to administrators. Advancements in AI and cloud technology are similarly expected to generate new opportunities for technology developers in the next few years, though the high cost of virtual meeting products could limit the potential audience.
By component, video meeting solutions accounted for more than two-thirds of the market in 2019, and are expected to continue to make up the majority of the market moving forward. However, the demand for video meeting services will display a higher CAGR of 29.2 percent.
The lion’s share of the revenue in the video meeting software market will come from the IT & Telecom vertical, while the media and entertainment segment will have the highest CAGR. Media applications of the technology include promotions and engagement tracking.
The Asia-Pacific region will exhibit the most growth in the next few years, though North America accounted for nearly 40 percent of the market in 2019 and will continue to be the biggest region moving forward. Zoom, Microsoft, Google, Huawei, Adobe, and LogMeIn are some of the biggest players in the virtual meeting software space.
AMR recently released a separate report that predicted that the video analytics market will jump from $4.10 billion to $24.34 billion in the same 2020 to 2027 window.
February 23, 2021 – by Eric Weiss