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The meeting software market is expected to witness robust growth in 2021, thanks to rising demand for video conferencing, amidst global travel restrictions. The demand for meeting soft wares or video conferencing was expected to remain robust, however, none could have anticipated that Zoom witnessed a 362% growth in 2021. Yes, according to the South China Morning Post, the growing demand for people to work, learn, and socialize on their computers has driven immense demand for the Zoom app in the near future. Furthermore, the company also plans to raise $1.5 billion through capitalization. Furthermore, rise in online conferencing has actually more than pinched the offline market to drive growth. For example, in 2013, the trend of downward pricing on conference equipment was visible. The price for a single conference room with equipment hovered near $10,000. On the other hand, today, the cost for renting equipment with a room is as low as $3,000.
Growing Demand to Improve User Experience to Drive Major Growth
The rise of video conferencing apps, and robust growth in applications like online learning, corporate meetings, and others have led to demands for a better user experience. In many ways, this will be a difficult feat to achieve for most video conferencing apps on their own. Most companies do not have control over hardware, and large players like Microsoft have jumped into areas like video conferencing monitors, among other hardware to meet the growing demand. Despite rising interest in video conferencing, the high-prices of hardware still remain a barrier to make virtual conferencing as enjoyable as real meetings. Furthermore, the internet access also remains an issue in many parts of the world. The introduction of 5G technology, and more conferencing hardware will provide a major boost for growth in the global meeting software market.
Demand for Productivity Tools Will Rise as Corporate Meetings Rise
With rising demand for video conferencing in the corporate world, organizations are looking at video conferencing as an important tool for growth. However, the integration of video conferencing with productivity tools remains in its nascent stages. On the other hand, this can result in major challenges for players in the global meeting software market, as loss of time, slow progress, loss of focus, confusion, and distractive layout can be major challenges for growth. On one hand, the virtual tools require improvements in working culture to improve performance benchmarks. On the other hand, the technology is yet to provide integration for tools like notepad, word, excel, among others to offer new challenges for corporate employees. Currently, it remains a passive software with features like file sharing, data storage, among others. The growth in cloud storage, horizons like 5G technology, and increased datacenters around the world, will promise major growth for the global meeting software market. The rising investment in data storage promises cloud-based data security, integration with tools like Microsoft word in the future, and lowering costs for securing nearly-free communication among peers, employees, among others.
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