• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Log In
  • Member Registeration
  • Account
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

FindBiometrics

FindBiometrics

Global Identity Management

  • Biometrics
    • What are Biometrics?
    • FAQ
    • Biometric Associations
    • Companies
    • Premier Partners
  • News
    • Featured Articles
    • Interviews
    • Thought Leadership
    • Podcasts
    • Webinars
    • Year in Review
  • Applications
    • Biometric Security
    • Border Control and Airport Biometrics
    • Consumer and Residential Biometrics
    • Financial Biometrics
    • Fingerprint & Biometric Locks
    • Healthcare Biometrics
    • Justice and Law Enforcement Biometrics
    • Logical Access Control Biometrics
    • Mobile Biometrics
    • Other Biometric Applications
    • Physical Access Control Biometrics
    • Biometric Time and Attendance
  • Solutions
    • Behavioral Biometrics
    • Biometric Sensors and Detectors
    • Facial Recognition
    • Biometric Fingerprint Readers
    • Hand Readers & Finger Scanners
    • Iris Recognition
    • Biometric Middleware and Software
    • Multimodal Biometrics
    • Physiological Biometrics
    • Smart Cards
    • Vein Recognition
    • Voice and Speech Recognition
  • Stocks
  • Events
  • Companies
  • Podcasts

AMR Credits Facial Recognition and COVID-19 for Booming Virtual Meeting Software Market

February 23, 2021

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.

AMR Credits Facial Recognition and COVID-19 for Booming Virtual Meeting Software Market

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

Related News

  • Airports to Drive $10.1 Billion Security Screening MarketAirports to Drive $10.1 Billion Security Screening Market
  • AMR Forecasts $3.31 Billion Biometric Sensor MarketAMR Forecasts $3.31 Billion Biometric Sensor Market
  • Remote Identity Verification Market to Hit $17.2 Billion by 2026: Goode IntelligenceRemote Identity Verification Market to Hit $17.2 Billion by 2026: Goode Intelligence
  • AMR Forecasts $41.11 Billion Computer Vision MarketAMR Forecasts $41.11 Billion Computer Vision Market
  • COVID Will Help Fuel $28.83B Contactless Biometrics Market: ReportCOVID Will Help Fuel $28.83B Contactless Biometrics Market: Report
  • Reports and Data Forecasts $50.41 Billion Forensics Technology MarketReports and Data Forecasts $50.41 Billion Forensics Technology Market

Filed Under: News Tagged With: Allied Market Research, Biometric, biometrics, COVID-19, face biometrics, facial recognition, industry trends, market forecasts, market reports, virtual meeting software

Primary Sidebar

Register For This Finance-Focused LIVE Webinar

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

TECH5 logo

TECH5 is an international technology company founded by experts from the biometrics industry, which focuses on developing disruptive biometric and digital ID solutions through the application of AI and Machine Learning technologies.

TECH5 target markets include both Government and Private sectors with products powering Civil ID, Digital ID, as well as authentication solutions that deliver identity assurance for various use cases. 

Learn more: www.tech5.ai

Mobile ID World Logo

Mobile ID World is here to bring you the latest in mobile authentication solutions and application providers. Our company is dedicated to providing users with the best content and cutting edge information on technology, news, and mobile solutions for your mobile identity management needs.

HID logo

HID powers the trusted identities of the world’s people, places and things. Our trusted identity solutions give people convenient and secure access to physical and digital places and connect things that can be identified, verified and tracked digitally. Millions of people use HID products to navigate their everyday lives, and billions of things are connected through HID technology. https://www.hidglobal.com/

Prove Logo

As the world moves to a mobile-first economy, businesses need to modernize how they acquire, engage with, and enable consumers. Prove’s phone-centric identity tokenization and passive cryptographic authentication solutions reduce friction, enhance security and privacy across all digital channels, and accelerate revenues while reducing operating expenses and fraud losses. Over 1,000 enterprise customers use Prove’s platform to process 20 billion customer requests annually across industries including banking, lending, healthcare, gaming, crypto, e-commerce, marketplaces, and payments. https://www.prove.com/

Recent Posts

  • A Bill, an Honor, and a Big BIPA Question – Identity News Digest
  • AI Update: New Rules Tackle AI Risks
  • TECH5’s Touchless Fingerprint Solution Reaches PAD Level 1
  • China Strives for Super SIMs – Identity News Digest
  • UK Parliament Passes a Potentially Impactful Bill – Identity New Digest

Biometric Associations

IBIA and fido

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 FindBiometrics