At 12.2% CAGR, Asia Pacific Meeting Management Software Market is Projected to be Worth US$ 2,580.50 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific meeting management software market was valued at US$ 1,025.61 million in 2023 and is expected to reach US$ 2,580.50 million by 2031, registering a CAGR of 12.2% from 2023 to 2031. Increasing cost of unproductive meetings and increasing adoption of digitalization are among the critical factors attributed to the Asia Pacific meeting management software market expansion.

The financial impact of ineffective meetings is substantial. A Harvard Business Review survey found that executives spend around 23 hours every week in meetings. That is about 1/3rd of their workweek, and it comes at a big cost. If an executive charge US$ 100 per hour on average, this comes out to US$ 2,300 per week and US$ 119,600 per year. Meeting management software effectively tracks the duration of the entire agenda, as well as the time allocated to each agenda item and individual speaker. In terms of enhancing productivity, the software can contribute to your team's efficiency in numerous methods. At a minimum, the meeting management tool provides a simple method for documenting in-meeting tasks and decisions, as well as facilitating the monitoring of action items post-meeting. Meeting management software includes an agenda builder feature that enables teams to create simple, intricate, or customized templates, thereby facilitating the add on task of organization and structure to their meetings. Through automation, the software reduces costs by intelligently storing meeting records. Retrieving the meeting summary or minutes is readily accessible, enabling efficient processing of the recorded information when required. Thus, the rising cost of unproductive meetings boosts the demand for meeting management software, which drives the market.

On the contrary, high cost associated with the software hampers the growth of Asia Pacific meeting management software market.

Based on deployment type, the Asia Pacific meeting management software market is bifurcated into cloud and on premises. The cloud segment held 65.3% market share in 2023, amassing US$ 669.37 million. It is projected to garner US$ 1,782.52 million by 2031 to register 13.0% CAGR during 2023-2031.

In terms of enterprise size, the Asia Pacific meeting management software market is bifurcated into large enterprises and SMEs. The large enterprises segment held 75.7% share of Asia Pacific meeting management software market in 2023, amassing US$ 776.78 million. It is projected to garner US$ 1,979.54 million by 2031 to expand at 12.4% CAGR during 2023-2031.

In terms of application, the Asia Pacific meeting management software market is segmented into corporate, healthcare, government, and others. The corporate segment held 68.4% share of Asia Pacific meeting management software market in 2023, amassing US$ 701.16 million. It is projected to garner US$ 1,862.56 million by 2031 to expand at 13.0% CAGR during 2023-2031.

Based on country, the Asia Pacific meeting management software market has been categorized into China, Australia, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 30.1% share of Asia Pacific meeting management software market in 2023. It was assessed at US$ 308.63 million in 2023 and is likely to hit US$ 891.82 million by 2031, exhibiting a CAGR of 14.2% during 2023-2031.

Key players operating in the Asia Pacific meeting management software market are Cisco Systems, Inc; Intelex Technologies Inc; Cvent Inc; Televic; Tyler Technologies, Inc.; and Decisions, among others.

• In January 2023, Cisco, Microsoft Corp., and Samsung Electronics Co. Ltd. announced new meeting room solutions to deliver enhanced collaboration experiences for hybrid meetings. With a collective vision to enable seamless and inclusive meetings for all, the companies unveiled integrated video collaboration solutions for the Cisco Room Series.
• In November 2021, Decisions announced it closed a $5m funding round. This latest investment was used to accelerate Decisions toward its vision of AI-driven meeting management by increasing investments in product, sales & marketing, and customer success to support the increasing demand for the Decisions platform worldwide.

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