Meeting Solutions Market

Market Definition

The Meeting Solution Market size was valued at USD XX Million in 2020 and is predicted to reach USD XX Million in 2030 with a CAGR of XX% from 2021-2030.

Meeting solutions enable real-time interaction among employees on a software platform, using integrated video, chats tools, audios, application sharing systems and of course the internet. In addition, meeting solutions help individuals to share data and information in real-time without being physically present in close proximity. Various companies across the globe are adopting meeting software and solutions to increase their productivity by saving time and resources of the company. Meeting solutions are also used as communication tool to interact with customers, vendors, employees, and partners in an effective and convenient way.

Market Dynamics and Trends

Increase in focus of organizations towards expanding their businesses and managing workforces globally boosts the demand for meeting software and solutions. Various leading players in the market have introduced specialized software for different industries in order to strengthen data security, ensure privacy and reduce communication gap among employees within the organization as well as communication with external stakeholders.

For instance, in April 2020, RegTech start-up, Signzy launched video conferencing (VC) tool for secure, private one-to-one communication between banks and other financial institutions, with their customers. Also, on September 29, 2020, Zoom Video Communications, Inc. partnered with Lumen to offer Zoom’s best-in-class video-first unified communications platform to their large and growing base of consumers across the globe.

Furthermore, on November 6, 2020, Huawei Technologies Co., Ltd. launched video conferencing solution named as HUAWEI CLOUD Meeting. It helps to connects remote workers, customers and partners during the COVID-19 pandemic through video conferencing. Such developments across the globe is currently driving growth of the market.

Moreover, factors such as surge in adoption of meeting solutions software among government, public & private organizations and integration of various technologies in meeting solutions including facial recognition, in order to identify and validate the meeting participants acts as the major driving forces of the global market in the developing countries such as China, India, and Brazil.

Furthermore, meeting solutions software embedded with advanced artificial technology helps enterprises to track the people present in the room through automatic camera panning, which enhances the security and privacy of an organization. As meeting solutions become an integral part of the working culture, enterprises invest in cloud-connected video conferencing application, as it allows access to information anytime and anywhere. This helps organizations to enhance productivity and maintain work–life balance of their employees. Therefore, these benefits are expected to escalate the demand for meeting solutions in the coming years.

However, high cost associated with meeting software and rise in hardware related cost hamper the growth of the market. This include cost associated with hardware component such as cameras, virtual devices, smartphones and other devices. Moreover, increasing monthly subscription fees, high setup cost of virtual meeting software, and increased charges for support services hamper the growth of the market to some extent.

Market Segmentations and Scope of the Study

The meeting solutions market is segmented on the basis of component, deployment model, application, enterprise size, industry vertical, and region. By component, the market is divided into software, and service.On the basis of deployment model, it is classified into on-premise and cloud. By application, it is categorised into internal use and external use. In terms of enterprise size, the market is segmented into large enterprises and small & medium-sized enterprises. By industry vertical, it is categorized into BFSI, education, IT & telecom, government & public, healthcare, manufacturing, media & entertainment, oil & gas, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America holds the lion share of meeting solutions market during the forecasted period. This is attributed to surge in adoption of virtual meeting software among large enterprises to encourage collaboration amongst employees located in various locations. In addition, early adoption of advance technology such as AI based meeting software and presence of well-established businesses boost the growth of the market in this region. Also, increased investment in meeting software by various small & medium enterprises in North America drives the growth of the market.

However, Asia-Pacific is expected to show a steady rise in meeting solutions market owing to rise in number of startups using meeting software for establishing good communication with their clients. Also, increasing adoption of these software in the education sector to provide E-learning in various emerging countries of Asia-Pacific drives the market growth in this region.

According to Apple App Store data, the downloading rate of China’s enterprise communication and collaboration platforms DingTalk and WeChat increased by 2 times and 1.5 times, respectively, per weeks during the COVID-19 outbreak. This is considered as an important factor that contributed towards the growth of meeting solutions market. Furthermore, many small- & medium-sized business in Asia are adopting video conferring apps to increase the productivity of their employees and to provide clients with enhanced customer experience.

Competitive Landscape

The meeting solutions market is comprising of various market players such as Adobe, Avaya Inc., Cisco Systems, Inc. Google LLC, Huawei Technologies Co., Ltd., Lifesize, Inc., LogMeIn, Inc., Microsoft Corporation, Ring Central, Inc. and Zoom Video Communications, Inc. Other players operating in this market include Blue Jeans Network, Inc., GoTo, and TeamViewer AG. These market players are adopting various joint venture strategies, product launch and planning expansion of business across various regions to maintain their dominance in the meeting solutions market.

For instance, in October 26, 2021, Cisco launched Webex Hologram, an augmented reality meeting solution and industry’s only real-time meeting solution that combines the features of augmented reality headsets and Webex meeting functionality with immersive 3D holograms. In addition, Webex Hologram enables a feeling of co-presence by delivering photorealistic, real-time holograms of actual people, making the meeting more engaging and realistic.

Moreover, in 4 August, 2021, Microsoft announced the plan of Q&A app in Teams Meetings, which is currently in private preview. The Q&A app will allow meeting organizers and presenters to add open or moderated Q&As to any team meeting. It also enables attendees to ask and reply to questions before and during meeting. In addition, organizers can also mark the best answers, filter responses, moderate and dismiss questions, and pin posts.

KEY BENEFITS

• The meeting solutions market report provides the quantitative analysis of the current market and estimations through 2021-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the meeting solutions market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints and opportunities and their impact on the meeting solutions market is provided in the report.

• The competitive analysis of the market players along with their market share in the meeting solutions market

• The SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

KEY MARKET SEGMENTS

By Component

• Software

• Service

By Deployment Mode

• On-premise

• Cloud

By Application

• Internal Use

• External Use

By Enterprise Size

• Large Enterprises

• Small & Medium-Sized Enterprises

By Industry Vertical

• BFSI

• Education

• IT & Telecom

• Government & Public

• Healthcare

• Manufacturing

• Media & Entertainment

• Oil & Gas

• Others

By Geography

• North America

  • U.S

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Rest of Asia-Pacific

• RoW

  • UAE

  • Saudi Arabia

  • South Africa

  • Brazil

  • Remaining Countries