Virtual Meeting Market is estimated to be US$ 71.7 billion by 2032; Increasingly Adopt Remote Work and Globalization to Propel Market Growth

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Published Date: May 2023

Virtual Meeting is a type of meeting that takes place online using video conferencing technology, instead of meeting in person. It allows people to communicate and collaborate remotely without the need for physical presence in the same location. Virtual meetings can be conducted using various platforms and software, such as Zoom, Skype, Google Meet, and Microsoft Teams. They can also include features such as screen sharing, real-time messaging, and recording capabilities. Proper preparation, such as testing technology and providing clear agendas, is essential to ensure virtual meetings are productive and effective. Virtual Meeting offers numerous benefits, such as increased flexibility, time savings, and reduced travel expenses.

Wide applications of Virtual Meeting across different industries, sectors, enabling remote communication, collaboration, and knowledge sharing has become a key factor in target market growth. Rapid growth of Virtual Meeting has been driven by advances in technology, cost savings, environmental benefits, convenience and time savings has further facilitated the demand for target market growth. Virtual meetings have become increasingly popular in recent years, especially with the rise of remote work and global teams. The COVID-19 pandemic has also accelerated the growth of virtual meetings, as many organizations had to shift to remote work and virtual meetings to comply with social distancing regulations. As a result, virtual meetings have become more prevalent and have proven to be an effective tool for communication and collaboration. Further, the rapid growth of virtual meetings is expected to fuel in the coming years, as organizations increasingly adopt remote work and globalization continues to drive the need for virtual collaboration.

The report “Virtual Meeting Market, By Type (Video Conferencing, Web Conferencing, Teleconferencing), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Trends, Analysis and Forecast till 2032”

Key Highlights:

In July 2020, Reliance Jio launched of a video conferencing app which will take over other video conferencing apps. This app that has been rolled out for both Android and iOS users in India. JioMeet supports one to one video calling as well as users can host meeting up to 100 participants. There is multi-device login support up to 5 devices at a time which can be switched during ongoing calls.
In July 2022, Bharti Airtel has launched its new video conferencing app named “BlueJenas”. This app competes its rival applications like Zoom, Google Hangouts, Microsoft Temas and JioMeet. BlueJeans has been launched in partnership with US-based telecom company Verizon.

Analyst View:

Virtual meeting market has experienced significant growth in recent years, and this trend is expected to continue in the future. Before the COVID-19 pandemic Virtual Meeting Market was already growing rapidly due to the increasing globalization of business and the need for cost effective and efficient communication. Increasing demand for virtual meetings from various industries like healthcare, education, finance, and government is expected to drive the market growth. In addition, the advancement of technology such as 5G networks, artificial intelligence, and augmented reality is expected to further enhance the virtual meeting experience, making it more immersive and interactive. These technological advancements will also enable virtual meetings to be conducted on a larger scale, with more participants from different locations, which will further drive market growth. Furthermore, the virtual meeting market is expected to continue to grow in the coming years as more organizations realize the benefits of remote collaboration and communication.

Browse 60 market data tables and 35 figures* through 140 slides and in-depth TOC on* “Virtual Meeting Market, By Type (Video Conferencing, Web Conferencing, Teleconferencing), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Trends, Analysis and Forecast till 2032”

Key Market Insights from the report:

Virtual Meeting Market accounted for US$ 13.8 billion in 2022 and is estimated to be US$ 71.7 billion by 2032 and is anticipated to register a CAGR of 18.1%. Virtual Meeting Market is segmented based on Type and Region.

Based on Type, Virtual Meeting Market is segmented into Video Conferencing, Web Conferencing, Teleconferencing
By Region, the Virtual Meeting Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Competitive Landscape & their strategies of Virtual Meeting Market:

The prominent players operating in the Virtual Meeting Market includes, Microsoft's Skype, Adobe's Connect and Google's Hangouts, Informa UK Pvt. Ltd., Reed Exhibitions Inc., Daily Mail and General Trust Plc, UBM Plc, Hayley Conference Centre Ltd., FC Business Intelligence Ltd, CWC Group Limited, The Hemming Group Ltd., Fresh Approach (UK) Limited and others.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period