Artificial Intelligence
Virtual Meeting Software Market to Grow at a CAGR of 14.2%, during Forecast Period | BlueWeave Consulting
New Delhi, Sept. 29, 2022 (GLOBE NEWSWIRE) — Global Virtual Meeting Software Market is flourishing owing to the growing popularity of digital media marketing platforms to broaden the audience base, the rise in popularity of online streaming to replace in-person presentations, and the transition of businesses to remote working approaches.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Virtual Meeting Software Market was worth USD 10.92 billion in the year 2021. The market is projected to grow at a CAGR of 14.2%, earning revenues of around USD 27.19 billion by the end of 2028. The primary driving factor of the market is an increase in the number of companies providing virtual meeting software around the world. A rise in the use of technologies such as facial recognition, as well as increased adoption of VM software by several organizations, are also contributing to the market’s expansion. On the other hand, technical difficulties encountered while using this software pose a significant impediment to growth. Furthermore, for effective communication, people still prefer face-to-face contact with clients and colleagues, which is expected to impede VMS adoption. The extended closure of offices due to lockdowns, on the other hand, is expected to increase the demand for virtual meeting software. However, high software and hardware cost, in turn, may act as a huge restraining factor for the market growth.
Increased Productivity of WFH Employees Increased Demand for VMS
Both the number of virtual meeting software providers worldwide and the use of virtual meetings among corporate and governmental organizations have grown in recent years. A significant rise in productivity among those who work from home has boosted the market, and by 2019, many companies will permit remote work. Furthermore, the industry growth of virtual meeting software is positively impacted by the increased adoption of technologies like facial recognition, better compatibility, and security. Additionally, it is anticipated that the integration of technology, such as cloud-based technology and artificial intelligence, will open up lucrative opportunities for the expansion of the global market.
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Adoption of Advanced Technologies
An increase in the use of facial recognition technologies by both the public and private sectors is fueling the market’s expansion. Concerns about privacy and civil liberties, accuracy and effectiveness, transparency, and evidence of biased results led to this adoption. Additionally, facial recognition technologies assist companies in enhancing the level of security at their facilities and offering employees a multifaceted platform, both of which contribute to the market’s growth. Facial recognition technologies can also help company owners and both internal and external stakeholders identify and authenticate the attendees of meetings. This results in offering lucrative opportunities for the Global Virtual Meeting Software Market during the forecast period (2022-2028).
Increased Adoption among Corporate and Government Organizations
As more businesses concentrate on expanding their operations internationally and improving workforce management, the demand for software that enables organizations to hold virtual meetings is anticipated to increase. Additionally, many organizations from a range of sectors, including corporate, BFSI, education, government, and healthcare, are implementing this software to keep up a high standard of customer service delivery despite the global pandemic, thereby reducing their overhead costs and increasing the level of output produced by their workforce. Additionally, many of the most significant market players are launching brand-new software designed for particular industries, strengthening current safety precautions and reducing the knowledge gap between employees and employers.
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Challenge: Inability to Integrate Virtual Event Software due to a Lack of Technological Expertise
Organizations are embracing digital transformation. As a result, organizations are rapidly adopting off-premises applications to save money on software and hardware upgrades. Organizations that have successfully implemented digital transformation face challenges in integrating existing infrastructure with virtual event platform software. A critical activity for a business is configuring an existing business model with virtual event software. Compatibility issues at various business levels necessitate organizations to ensure efficient business operations at various levels. To recreate the live event experience, technical expertise and dependent support are required. Many event managers use various systems for various business operations. Organizations maintain separate systems for email and video conferencing, which increases the chances of failure.
Segmental Coverage
Global Virtual Meeting Software Market – By Event Type
Based on event type, the Global Virtual Meeting Software Market is segmented into Virtual Event, Video Conferencing, Personal Video Meetings, Webinars, Event Management, Lead Retrieval, Attendee Management, Gamification, Education Fair, and Others. Among these, Virtual event accounts hold the largest market share. More accessibility for all employees to interact with clients and coworkers in other locations. Less money is spent on travel and expenses across the organization. More inclusive workplaces for those who are unable to travel. The flexibility of a virtual conference is by design. You can design an event to meet the requirements of the organizers, attendees, and speakers. Additionally, these events give you access to a level of interaction, a fluid language, monetization options, and much more.
Impact of COVID-19 on Global Virtual Meeting Software Market
The market for virtual meeting software has benefited from the pandemic. The COVID-19 pandemic has made it possible to convert conventional events into online meetings with the aid of virtual meeting software. The market has expanded as a result of the rise of remote work settings, which have caused businesses to move to the cloud. Many businesses were compelled by the novel virus’s unprecedented outbreak to search for a digital platform as soon as they could to avoid physical events, meetings, and conferences and guarantee business continuity. The virtual meeting software enables remote or office-based workers to access business-critical information as well as online meetings and conferences. Businesses across a range of end-user industries have been making the necessary investments and budget allocations to enhance customer experiences.
Competitive Landscape
The leading market players in the Global Virtual Meeting Software Market are Cisco Systems, Inc., 6Connex, ALIVE, Avaya Inc., ALE International, Arkadin Cloud Communications, Cvent Inc., Eventxtra, George P. Johnson, GES, Kestone, Martiz Holdings Inc., Microsoft Corporation, Pathable, Inc., uBivent GmbH, Veritas Events, vFairs, Zoom Communications, Inc., and other prominent players.
The Global Virtual Meeting Software Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Virtual Meeting Software Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Virtual Meeting Software Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Recent Development
- In April 2021, MediaPlatform and 6Connex partnered to integrate live webcasting and virtual event platforms. With the integration, both companies utilized each other’s capabilities to maximize ROI.
- In March 2021, Cvent partnered with Accor to launch a leisure request for proposal product to facilitate the end-to-end tracking of leisure contract creation. This integration would support hotels and sales teams and offer a 360-degree vision of sales activities to provide improved service to business-to-business customers.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical data – 2018-2021 |
| Base Year – 2021 | |
| Forecast – 2022 – 2028 | |
| Facts Covered | Revenue in USD Billion |
| Product Service/Segmentation | By Component, By Mode of Deployment, By Enterprise Size, By End-User, By Industry Vertical, By Event Type, By Region. |
| Key Players | Cisco Systems, Inc., 6Connex, ALIVE, Avaya Inc., ALE International, Arkadin Cloud Communications, Cvent Inc., Eventxtra, George P. Johnson, GES, Kestone, Martiz Holdings Inc., Microsoft Corporation, Pathable, Inc., uBivent GmbH, Veritas Events, vFairs, Zoom Communications, Inc., and other prominent players. |
By Component
-
- Service
- Solution
By Mode of Deployment
-
- On-Premise
- Cloud-Based
By Enterprise Size
-
- Large Enterprises
- Small Enterprises
- Medium Enterprises
By End User
-
- Organizations
- Public
- Private
- Hospitals
- Educational Institutions
- Others
- Organizations
By Industry Vertical
-
- Education
- Media & Entertainment
- Healthcare
- Aerospace
- Logistics
- Telecom and IT
- Automation
- Manufacturing
- Government and Public
- BFSI
- Others
By Event Type
-
- Virtual Event
- Video Conferencing
- Personal Video Meetings
- Webinars
- Event Management
- Lead Retrieval
- Attendee Management
- Gamification
- Education Fair
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Artificial Intelligence
Complyport’s new AI tool – ViCA.Chat – set to revolutionise compliance support services
LONDON, June 14, 2024 /PRNewswire/ — ViCA.Chat, the Virtual Compliance Assistant powered by AI technology, is set to transform regulatory compliance consulting. Developed by ComplyMAP Group’s AI engineers and Complyport’s compliance consulting teams, ViCA redefines compliance support services and propels governance, risk and compliance consulting into a new era of innovation.
Offering real-time assistance across a vast array of UK and EU regulatory frameworks, ViCA delivers unparalleled efficiency, detail and precision in disentangling and dealing with complicated regulatory frameworks.
The key differentiator of ViCA is its specialised and purposely constructed unique databases that leverage Complyport’s 22 years of regulatory expertise, combined with tailored AI training tools, enabling ViCA to operate as an experienced compliance consultant. A dedicated human support team continuously improves and updates ViCA’s knowledge and responses through a feedback loop process and quality assurance sessions. This powerful symbiosis of AI and human expertise sets ViCA apart and ensures businesses have the latest regulatory information instantaneously and seamlessly.
As a result, ViCA’s specialised regulatory database goes beyond readily available online resources which feature into traditional AI tools. ViCA offers exclusive insights, proprietary regulatory interpretations, historical data, bespoke and purposely structured compliance documentation and templates. With advanced scraping capabilities, ViCA also extracts relevant data from selected websites and publicly available information, ensuring an up-to-date and comprehensive understanding of compliance requirements across industries.
From agile fintech startups to established law firms, financial institutions, regulatory bodies, insurance providers, as well as compliance consultants, ViCA seamlessly adapts to unique compliance needs. Its user-friendly interface ensures navigating and analysing regulatory data is swift and intuitive, streamlining the compliance workflow.
“ViCA is a game-changer in how regulatory compliance advice will be provided in the future”, commented Luis Parra, Managing Director of ViCA. “With ViCA, compliance insights become available to all. No longer are regulated firms and responsible people overly dependent on advisors and compliance consultants. Through ViCA, the financial system will not only meet but exceed regulatory standards. Moreover, the level of information made available to the public will benefit society as a whole, in its interactions with the financial services sector.”
Among ViCA’s revolutionary features is its cost-effective model, allowing businesses to significantly reduce reliance on traditional spending with external consultants and advisors.
Visit ViCA.Chat to experience the future of compliance support.
Contact:
Name: Luis ParraTitle: Managing DirectorCompany: Vica.ChatTelephone: +44 20 7399 4980 Email: [email protected]
About ViCA.Chat:
ViCA.Chat is a revolutionary Virtual Compliance Assistant powered by cutting-edge AI technology, designed to demystify the complexities of regulatory compliance. Utilising Complyport’s 22 years of regulatory expertise, ViCA offers real-time assistance and guidance across a wide range of regulatory frameworks, setting a new standard for efficiency and precision in compliance support. From fintech start-ups to established law firms, financial services institutions, regulators, regulatory firms, compliance consultants and insurance firms, ViCA caters to the diverse needs of professionals across all levels in the broader UK financial services sector.
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Artificial Intelligence
LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™
CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
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Artificial Intelligence
Scoring a Seat at UEFA EURO 2024™ with Top-Performing AI-Powered TOSHIBA TV Lineup
HONG KONG, June 14, 2024 /PRNewswire/ — Football fans are in for a treat as they gear up for UEFA EURO 2024™ with Toshiba TV’s top-performing Gaming TV Z670. As the OFFICIAL TV OF UEFA EURO 2024™, Toshiba TVs present immersive viewing of the football game by their AI-powered TV lineup. To celebrate the brilliant moments it can bring, Toshiba TV are gifting USD100 Amazon Gift Card via their social platform! By simply like, follow and comment on @ToshibaTVGlobal, fans can boost their chances of scoring this prize.
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Bringing Everyone Together for UEFA EURO 2024™
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