Online Meeting Software Market
The adoption of the concept of online meetings by various organizations is spurring the online meeting software market 2020. The software reports are formed by Market Research Future, which covers market alternatives for progress. A USD 6.23 billion income is forecasted with the market recording a CAGR of 11.1% by 2024.
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The surge in the concept of work from home due to the ongoing coronavirus pandemic, the market share of online meeting software is estimated to rise steadily in the impending period. Their surging application in conducting webinars and for web conferencing is predicted to direct the online meeting software market in the forecast period.
Segmental Analysis
The segmental insight into the online meeting software market has been segmented based on component, organization size, deployment, end-user, and region. Based on the end-user, the online meeting software market has been segmented into IT & telecom, government, healthcare, BFSI, manufacturing, and others. On the basis of organization sizes, the online meeting software market has been segmented into large enterprises and SMEs. The component basis of segmenting the online meeting software market consists of software and services. Based on the deployment, the online meeting software market has been divided into cloud-based and on-premise. Based on the region, the online meeting software market has been segmented into Europe, Asia-Pacific, North America, and the rest of the regions.
Detailed Regional Analysis
The regional overview of the online meeting software market includes regions such as Europe, Asia-Pacific, North America, and the rest of the regions. The regional market of North America held the largest share in 2018 owing to the existence of several crucial retailers who are providing many software and services to industries and enterprises for directing online meetings. In addition, the APAC has been the initial adopter of progressive technologies and strong infrastructure in the region, which is one of the influences motivating the online meeting software market. Moreover, the businesses in the region are enhancing new features in the software to protect the meeting data. The US is credited for the largest segment in the region due to the incidence of numerous market companies in the region, such as which are advancing in advance of diverse new features in their software and services.
Competitive Analysis
The capability of contenders to influence change in the market is increasing at a stable rate in the impending period. The support from government bodies around the world is rising because the market needs an extra stimulus to achieve normalcy in such a scenario. The disharmony in the forces of demand and supply are estimated to create a slow growth background in the market. Furthermore, the need to adopt a rapid and cost-effective method of operation is estimated to profile the market in the impending period. The emphasis on innovation is estimated to rise in the coming years, as the consumer needs have to be addressed in a better manner to ensure the resurgence of the global market. Also, the need to encourage business to include the environmental impact of their decisions is estimated to shape the progress of the market in future. The need to mitigate losses sustained by the current public health crisis is estimated to be the sole focus of the market contenders in the upcoming years.
The eminent contenders in the online meeting software market are Nextiva (US), RingCentral, Inc. (US), Amazon Web Services, Inc. (US), Zoho Corporation Pvt. Ltd. (India), Jive Communications (US), Vonage (US), Ooma, Inc. (US), FluentStream Technologies, LLC (US), Zoom Video Communications, Inc. (US), LogMeIn, Inc (US), Cisco Systems (US), Dialpad, Inc. (US), 8×8, Inc. (US), IBM Corporation (US), Microsoft Corporation (US) among others.
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