The Global Online Meeting Software Market is estimated to reach USD 6.23 billion by 2024, registering a CAGR of 11.1% during the forecast period of 2019–2024.
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.
Online meetings have become an essential part of various enterprises, organizations, and other government agencies as they enable them to interact with the clients via virtual meetings, which reduce the traveling time and cost. Moreover, the online meeting software reduces the user to attend the meeting from anywhere irrespective of their location, which allows the team members working on a project from different regions to communicate through web conferencing in any hour of the day.
The global online meeting software market has been segmented based on component, deployment, organization size, and end users.
Based on component, the market has been segmented into software and services. Among these, the software segment accounts the largest market share due to increasing requirement by various organizations and enterprises for conducting web-based video conferencing and meetings. The online meeting software allows the users to record the meeting, allows the user to analyze the meeting agenda and other features which has been driving the market. However, the service segment is accounted to be the fastest-growing segment.
Based on end users, the global online meeting software market has been segmented as BFSI, IT & telecom, government, healthcare, manufacturing, and others. The BFSI holds the largest market share for the market due to the increasing number of online financial transaction due to increasing investments in various industries and others which is driving the market growth.
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The prominent players in the global online meeting market are Nextiva (US), RingCentral, Inc. (US), Jive Communications (US), Vonage (US), Dialpad, Inc. (US), 8×8, 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.
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