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The global virtual meeting software market size is projected to reach USD 41.58 billion by the end of 2027. The massive investments in the integration of cloud-based platforms will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Virtual Meeting Software (3D Virtual Event) Market Size, Share & COVID-19 Impact Analysis, By Type (VR Headset, Without VR Headset), By Function (Virtual Event, Video Conferencing, Mobile Event App, Event Management, Lead Retrieval, Attendee Management, Gamification, and Others), By Deployment (On-premises and Cloud), By Enterprises Size (Small & Medium Enterprises and Large Enterprises), By Industry (BFSI, IT & Telecommunication, Education and Research, Automotive, HealthCare, Media & Entertainment, Others), and Regional Forecast, 2020-2027” the market was worth USD 12.11 billion and will exhibit a CAGR of 17% during the forecast period, 2020-2027.
Virtual meeting software (3D virtual event) is used to establish seamless video communication network over the internet. The presence of several large-scale companies across the world is consequential to the increasing demand for the product. The rising integration of unified communication as a service (UCaaS) will create several growth opportunities for the companies operating in the market. The increasing investments in the research and development of efficient products will emerge in favor of market growth. The use of concepts such as artificial intelligence has enhanced the applications of 3D virtual events. The recent coronavirus outbreak has played a massive role in the growth of the global virtual meeting software market in the past few months and the changing work patterns will create a massive platform for growth in the coming years.
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Streampoint’s New Interactive Virtual Platform for Live Streams is a Major Highlight of Recent Times
The report highlights a few of the major industry developments of recent times and discusses their impact on the global market. Accounting to the massive demand for virtual meeting software across the world, there is a healthy market competition. As a result, companies in this sector are focused on product innovations as a way to expanding their businesses across the world. In May 2020, StreamPoint announced the launch of a new product in the virtual meeting software space. The company introduced ‘Streampoint Live,’ a product that customizable to cater to real time applications and user specific requirements. The product offers a customizable virtual platform for meetings and video conferences across major IT applications. Increasing number of such product innovations will have a huge impact on the growth of the overall market in the forthcoming years.
Advances in 5G Networks will Emerge in Favor of Market Growth
The report discusses several factors that have contributed to the growth of the market in recent years. The increasing adoption of concepts such as artificial intelligence and the internet of things will have a huge impact on the growth of the virtual meeting software (3D virtual event) market in the coming years. The ease of availability of low-cost cloud platforms and the rising internet penetration will be pivotal to the growth of the market in the foreseeable future.
The global virtual meeting software is segmented on the basis of:
2016 – 2027
2020 – 2027
2016 – 2018
Value (USD billion)
By Enterprises Size