November 6, 2019 by Market-NewsFlash
Global Online Meeting Software Market Research Report: By Component (Software, Services), by Deployment (Cloud-based, On-Premise), by Organization Size (Large Enterprise, SMEs), by End-User (BFSI, IT & Telecom, Government, Healthcare, Manufacturing, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World) — Forecast till 2024
Global Online Meeting Software Market is projected to reach USD 6.23 billion by 2024 at a CAGR of 11.1% from 2018 to 2024
The global online meeting software market is expected to register a CAGR of 11.1% during the forecast period of 2019–2024. 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 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.
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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.
MRFR recognizes the key players in the global online meeting software market Nextiva (US),RingCentral, Inc. (US), Jive Communications (US), Vonage (US), Dialpad, Inc. (US), 8x8, Inc. (US), Ooma, Inc. (US), FluentStream Technologies, LLC (US), Zoho Corporation Pvt. Ltd. (India), Zoom Video Communications, Inc. (US), LogMeIn, Inc (US), Cisco Systems (US), Amazon Web Services, Inc. (US), IBM Corporation (US), Microsoft Corporation (US) among others.
The prominent players keep innovating and investing in research and development to offer a cost-effective product portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities emphasize strengthening their reach to the customers.
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.
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