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The global virtual meeting software (3D virtual event) market size was USD 12.11 billion in 2019 and is projected to reach USD 41.58 billion by 2027, exhibiting a CAGR of 17.0% during the forecast period.
Virtual meeting software allows participants to attend or conduct online meetings in real-time. This software enables remote interaction based on online video, VoIP, instant messaging, screen sharing, and file sharing. The integration of virtual meeting solutions with advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT), cloud-based virtual reality (VR) is likely to fuel the growth of the market. Besides, the rising demand for visual communication on account of globalization in businesses worldwide, remote workforce management, and rising internet penetration are factors influencing the growth of the market.
The rising popularity of unified communication as a service (UCaaS) among the education institutes, corporate sector, and other enterprises is expected to drive the market. In addition to this, the increasing demand for visual communication software and rising internet penetration is anticipated to drive the market growth. According to BlueJeans, in 2019, around 94% of organizations implemented web and video conferencing solutions to improve business productivity. Virtual meeting software assists organizations in faster decision making and eliminates travel time & associated costs.
COVID-19 Effect: Increase in Demand for Virtual Meetings and Training among Enterprises
The ongoing COVID-19 pandemic has affected the work culture across various industry verticals. The product has witnessed high demand as several enterprises have adopted the Work-From-Home (WFH) policy. The stay-at-home mandate has resulted in increased opportunities for virtual meeting solution providers. According to Microsoft Corporation, in 2020, Microsoft Teams surpassed around 44 million daily active users, as enterprises are using the digital platform to continue their business processes during the pandemic. The increasing adoption of virtual conferences, meets, gatherings, exhibitions, and others are fueling the demand for immersive meeting solutions.
Such active initiatives are expected to drive the demand for virtual event solutions in the forthcoming years.
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Rising Adoption of the 5G Connectivity to Aid Market Growth
The growing adoption of 5G infrastructure is expected to accelerate the growth of the market. The widespread deployment of the 5G connectivity is fueling the demand for virtual meeting platforms such as Virtway Events, and MootUp, among others to conduct online meetings. 5G enabled virtual event software helps to produce premium quality 3D content. This includes augmented and virtual reality experiences with advanced facilities such as AR broadcast, motion capture, volumetric capture, and others. The 5G services offer high speed, seamless connectivity, ultra-low latency, and high-bandwidth that can carry a large amount of data for several simultaneous end-users. Key players in the market are planning to launch advanced software and services based on the 5G network.
Rising Adoption of the Cloud-based Solutions among Enterprises to Aid Market Growth
One of the significant market drivers is the increasing adoption of cloud-based virtual meeting solutions such as Adobe Connect, AltspaceVR, Cisco Webex, and others across various sectors. The cloud-based solutions can furnish seamless connectivity and assist in solving collaboration difficulties to enhance workplace interaction. Hence, the demand for improvement in productivity among the workforce is likely to drive the demand for cloud-based meeting solutions. Major players are focusing on launching advanced virtual meeting software based on core technologies such as cloud, AI, and others to gain a competitive edge in the market.
High Costs Involved at Initial Stage to Hinder Market Growth
The rapid growth of the market is attributed to the multi-tasking abilities of the product across diverse industry verticals. This technology demands high computing power and robust hardware components. These solutions are costlier than video conferencing and other training solutions. Therefore, the high investment for the maintaining and deployment of the 3D virtual event platform is limiting their uptake. In addition to this, the data security and privacy of identity & information are likely to impede the development of the market. The lack of expertise among the software engineers and developers is expected to further hinder their adoption.
VR Headset Segment to Dominate the Market
Based on type, the market has been bifurcated into VR headset, and without VR headset.
The without VR headset segment is anticipated to remain dominant owing to the rising demand for cost-effective 2D devices such as laptops or tablets for conducting 3D virtual events in various verticals.
The VR headset segment is expected to exhibit a significant growth backed by the rising adoption of VR headset in gaming, advertising, and others.
Gamification Segment is Likely to Gain Traction during the Forecast Period
Based on the function, the market is further segregated into virtual event, video conferencing, mobile event apps, event management, lead retrieval, attendee management, gamification, and others.
The virtual event segment is anticipated to account for the highest market share owing to the rising adoption of the virtual meeting platforms such as RingCentral Meetings and Adobe Connect. The gamification segment is anticipated to exhibit significant growth owing to the increasing demand for game-based 3D virtual meeting solutions.
Other functions such as video conferencing, mobile event app, event management, lead retrieval, attendee management, and others are expected to showcase a considerable CAGR during the forecast period.
Growing Demand for Cloud-Based Deployment Will Aid Growth
Based on the scope, the deployment segment is bifurcated into cloud-based, and on-premise.
The cloud segment is anticipated to exhibit the highest growth rate owing to the increasing adoption of cloud-based virtual meeting solutions across various verticals such as BFSI, IT & telecom, healthcare, and others.
The on-premises segment is likely to hold maximum market share in terms of revenue during the forecast period. This is attributed to the growing adoption of on-premise deployment methods by large organizations in response to the data security concerns and maintenance of information security systems.
Adoption of Virtual Meeting Solutions among Large Enterprises to Aid Growth
Based on enterprise size, the market is divided into small & medium enterprises and large enterprises.
The small & medium-sized enterprises segment is likely to exhibit the highest growth rate in the market during the forecast period. The growth is attributed to the rising adoption of cost-effective virtual event solutions integrated with advanced technologies such as cloud, artificial intelligence (AI), and others, in the business operations.
The large enterprises segment is expected to hold a considerable market share during the forecast period. The increasing adoption of virtual meeting software solutions by large enterprises to establish collaborations among the employees that are located in different locations is likely to drive the market.
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Increasing Adoption of Virtual Meeting Solution across Health Care to Boost Market Growth
Based on the industry, the market is segmented into BFSI, healthcare, IT & telecommunication, media & entertainment, education and research, automotive, and others.
The IT & telecommunication segment is anticipated to hold a dominant share owing to the increasing adoption of virtual and digital event platforms for communicating with their target audiences, promoting their business, and others.
The health care segment is expected to gain traction owing to the rising integration of VR technology & digitalization in the healthcare industry, along with the rising healthcare expenditure across the globe.
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The rising adoption of the virtual event solutions across the BFSI, IT & telecom, media & entertainment, education and research, automotive, and other industries are expected to propel the market during the forecast period.
North America Virtual Meeting Software (3D Virtual Event) Market, 2016-2027 (USD Billion)
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Geographically, the market is segmented across five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
North America is expected to dominate the virtual meeting software market in terms of revenue share in the global market during the forecast period. The presence of major key players in North America such as Oracle Corporation, IBM Corporation, Microsoft Corporation, and others are boosting the demand for virtual meeting solutions. Other key market players are focusing on launching a new product to expand their geographic presence.
Asia Pacific is expected to grow exponentially during the forecast period. The growth is attributable to the increasing demand for virtual meeting software such as ezTalks Cloud Meeting, Zoho Meeting, and others to various enterprises. Key market players are focusing on merger and acquisition strategies to enhance their product portfolio.
Europe is expected to rise at a considerable growth rate owing to the presence of a significant number of virtual meeting software providers.
The market in the Middle East & Africa and Latin America is expected to exhibit a gradual CAGR during the forecast period.
Emphasis of Key Players towards Developing Innovative Virtual Meeting Solutions to Strengthen Competition
Major players such as Cisco Systems, Inc., Adobe Inc., LogMeIn, Inc., and Microsoft Corporation, among others are strengthening their market position by expanding their geographic presence. Key players are now deploying virtual meeting solutions with advanced technology such as AI, ML, cloud, and others to enhance the products and deliver optimum solutions.
An Infographic Representation of Virtual Meeting Software (3D Virtual Event) Market
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The virtual meeting software (3D virtual event) market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over the recent years.
2016 – 2027
2020 – 2027
2016 – 2018
Value (USD billion)
By Enterprises Size
Fortune Business Insights says that the market stood at USD 12.11 billion in 2019.
By 2027, the market size is expected to reach USD 41.58 billion.
The market is expected to grow at a CAGR of 17.0% during the forecast period (2020-2027).
Within type, the without VR Headset segment is expected to lead the market during the forecast period.
The rising adoption of cloud-based solutions among enterprises is one of the key drivers for market growth.
Cisco Systems, Inc., Adobe Inc., Microsoft Corporation, Intrado Corporation (InXpo, Inc.), LogMeIn, Inc., and others are the top companies in the market.
The IT & telecommunication segment is expected to hold the major market share.
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