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DESCRIPTION
Virtual Meetings Procurement Market Size
As per the latest data by ELINT Market Research in its virtual meetings procurement market research report, the global virtual meetings market is primed for significant growth from 2024 to 2030. It will be propelled owing to enhanced reliance on digital communication tools and confirmed wide acceptance of virtual meeting platforms across various sectors. In this way, virtual meetings help businesses, educational institutions, and social organizations through reduced travel costs, saved time, and increased productivity. According to the report, technology advancements and the increasing demand for effective, flexible, and integrated communication solutions act as significant drivers of growth in this market.
The optimistic outlook of the virtual meetings market is impetus by recent developments involving several major industry players. Zoom Communication, Inc., one of the largest video conferencing platforms globally, has announced the ‘Production Studio’ for sessions and events on Zoom. Tipped to help event professionals easily create virtual event design elements, it would be an experience of polish, professionalism, and engagement. Concurrently, Hubilo, a leading virtual and hybrid event technology platform, announced its acquisition of Fielddrive, a Belgian company dealing in on-site event technology specialized in check-in, badging, and access management. This strategic step proves the severe commitment of this particular industry to quality and efficiency concerning virtual meetings.
Market Definition
The virtual meetings market represents the industry as a whole, which includes a wide range of services and platforms available online that help people and teams interact live and coordinate with each other, irrespective of geographical location. It includes a comprehensive set of tools, from functionality for video and web conferencing to several different virtual event management software offerings used to conduct regular meetings, seminars, and conferences online.
Virtual Meetings Procurement Market Drivers
- Adoption of Remote Work Culture
Primary amongst them would be the rising adoption rate of remote work, accelerated through technology and shifting workforce dynamics.
- Global Pandemic
The global COVID-19 pandemic accelerated the demand for virtual meeting solutions to that extent because organizations had to adhere to lockdowns and maintain social distancing.
Virtual Meetings Procurement Market Challenges
- Technical Difficulties
Technical missteps, such as software glitches and compatibility issues, may halt communication, reducing productivity.
- Data Security Concerns
Critical issues related to security and data privacy, given that almost all virtual meeting platforms support processing a wide variety of sensitive information.
Virtual Meetings Procurement Market Opportunities
- Shift toward Hybrid Work Models
As hybrid models become increasingly used, so does the need for high-end features to ensure top-quality virtual-meeting experience using artificial intelligence-driven analytics and virtual reality integrations through better collaboration tools.
- Emphasis on Sustainability
The rise of sustainability and emphasis on reducing carbon footprints provide the scope for virtual meetings to substitute face-to-face events and contribute to environmental conservation.
Virtual Meetings Procurement Market Segmentation
- The virtual meetings procurement market research report classifies the market by technology type into video conferencing, web conferencing, and unified communications platforms.
- Based on application, the virtual meetings procurement market research report divides the market into team collaboration, training and education, sales and marketing, and customer support.
- As per end-user industry, the virtual meetings procurement market research report segments the market into IT and telecommunications, banking and finance, healthcare, education, and government and public sector.
Regional Outlook of the Virtual Meetings Procurement Market
The regional analysis of the virtual meetings market shows a sharp difference in adoption and growth amid the regional landscapes. North America is forecast to remain at the helm due to technological upgradation, high rates of adoption of remote work practices, and the same rate in Europe, emphasizing the promotion of sustainability and effective business operations. Also, with the upsurge in Asia-Pacific regarding increased levels of digitization and internet penetration, the region has gained a pace of growth. Moreover, growth in Latin America, the Middle East, and Africa is steady and maintained by increased investments in digital infrastructure and increased awareness of the advantages of virtual meetings.
Cost Component in the Virtual Meetings Procurement Market
In the virtual meetings market, various cost elements are formed by software licensing fees, hardware costs, maintenance and support services, and network infrastructure expenses. Software licensing fees range from the features and the size of the platform. Additional peripheral hardware devices might include webcams or microphones. Maintenance and support services are those activities that keep virtual meeting solutions up and running and may have extra charges associated with them.
Engagement Strategies in the Virtual Meetings Procurement Market
Engagement strategies in the virtual meeting market are thus conceptualized based on building user experience and engagement. Some of the best engagement strategies include live polls, Q&A, breakout rooms, and gamification elements that will keep people sharp. Knowing the preferences of the users to make things interesting can replace the less blunt and impersonal aspects of a presentation with personalized content and experience.
Contract Period in the Virtual Meetings Procurement Market
Virtual meetings and market contracts vary depending on the nature of services and requirements. The duration of the contract ranges from a very short period, say one month in subscription services, to relatively long-term commitments running into years. Then, there is the flexibility provided by short-term contracts, as most companies will find it easy to ramp up usage when demand comes into play. On the other hand, long-term contracts will typically offer cost advantages besides other added benefits, including dedicated support and custom features.
Negotiation Factors in the Virtual Meetings Procurement Market
Pricing negotiations focus on long-term commitments and bulk purchases. Contractual terms could relate to the duration of the contract, its cancellation policy, renewal options, etc. Another area that is normally considered critical for negotiation is service levels, which explore how customer support will be available, how much uptime is guaranteed, and response times in the face of organizational operational demands for the solution under consideration.
Leading Players in the Virtual Meetings Procurement Market
Some of the leading significant players in the virtual meetings market are known to provide innovative solutions and robust platforms. The names of some of the critical companies considered include 6Connex, Cvent, On24, Aventri, and Hopin. This type of company plays a vital role in providing continuous innovation in the market and addressing changing customer needs.
