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Web Conferencing Market Research Report: By Offering (Solution, Service), Enterprise (Large Enterprises, SMEs), Deployment Type (On-Premises, Cloud), Vertical (IT & Telecom, Media & Entertainment, BFSI, Government, Retail, Education, Healthcare, Transportation & Logistics) - Global Industry Analysis and Growth Forecast to 2030

  • Published: June 2020
  • Report Code: IM12040
  • Available Format: PDF
  • Pages: 191

Web Conferencing Market Overview

The global web conferencing market size was $2,109.3 million in 2019, and it is expected to record a CAGR of 39.3% during the forecast period (2020–2030). The increasing preference for remote working, increasing usage of such solutions owing to the COVID-19 pandemic, rising social media usage, and growing high-speed internet penetration are the key factors driving the web conferencing industry.

Web Conferencing Market

Segmentation Analysis

Solutions Witnessed Highest Adoption in Market

In 2019, the solution bifurcation accounted for the larger size in the web conferencing market, on the basis of offering. This can be attributed to the increasing demand for web conferencing solutions for effective communication and collaboration. With the increasing preference toward remote working, companies are rapidly adopting web conferencing solutions for efficient collaboration among several departments. Moreover, the outbreak of COVID-19 is further increasing the adoption of web conferencing solutions, as most of the companies are operating through the work-from-home (WFH) model during the lockdown.

Large Enterprises Generated Higher Revenue in Market

In 2019, large enterprises accounted for the larger share in the web conferencing market, on the basis of enterprise. This was due to the fact that such organizations have a significantly higher budget to adopt web conferencing solutions for remote working. Large enterprises generally have dispersed operations across the globe; thus, they are increasingly adopting web conferencing solutions, which enable remote or traveling employees/clients to connect via the internet and conduct important business meetings.

Cloud Deployment Expected To Witness Faster Growth during Forecast Period

During the forecast period, the cloud deployment bifurcation is expected to witness faster growth in its market size. This is primarily attributed to the fact that the majority of market players are offering web conferencing solutions over the cloud. In addition, cloud-based deployment offers increased scalability, 24/7 service, high speed, and enhanced management capabilities for application deployment. Therefore, due to the low IT infrastructure costs, coupled with high scalability, the demand for cloud deployment is projected to grow in the coming years, in the web conferencing market.

IT & Telecom Vertical Generated Highest Revenue in Industry

The IT & telecom industry held the largest share in the web conferencing market in 2019, and it is expected to dominate the market in the near future as well. IT companies are rapidly adopting web conferencing solutions in order to reduce travel costs. These companies generally have clients across all regions; thus, they are using web conferencing solutions to hold external meetings with their clients. Moreover, they are also focusing on employee mobility, which is further leading to an increasing demand for such solutions in this vertical, for efficient team collaboration.

Geographical Outlook

North America Held Largest Share in Market

During the historical period (2014–2019), North America accounted for the largest size in the web conferencing market, globally. This was due to the early adoption of new technologies, large IT spending, and technologically inclined population in the region. Further, the growing penetration of high-speed internet, increasing presence of a huge number of large enterprises, and rapid popularity of the bring-your-own-device (BYOD) policy are some other factors helping to increase the demand for web conferencing solutions in the region.

Asia-Pacific (APAC) is Expected To Be Fastest-Growing Regional Market

During the forecast period, the market is projected to attain the fastest growth in the APAC region. The rising internet penetration, increasing smartphone sales, rapid economic development in major countries, and growing IT spending in the region are the key factors driving the market. Moreover, infrastructure development and emergence of the region as a preferred outsourcing destination are some other factors fueling the growth of the market. Further, the increasing focus on online education and e-learning courses at schools and universities is also supporting the growth of the web conferencing market.

Web Conferencing Market

Trends & Drivers

Increasing Preference for Cloud-Based Web Conferencing Solutions is Key Market Trend

Cloud-based systems have much lower operational costs as compared to traditional web conferencing solutions. This is primarily due to the fact that cloud-based systems do not require on-site data servers, which entail a huge operational expenditure (OPEX) for organizations. Moreover, with cloud-based web conferencing, feature updates are installed automatically on the user’s device, which ensures that it is running on the latest software version. Availability of such solution is further expected to boost the web conferencing market growth.

Further, the scalability of cloud-based web conferencing solutions is limitless. Such a service enables an organization to scale the usage up or down when needed, without the purchase of any additional hardware or services by themselves. Such factors are leading to the rising adoption of cloud-based web conferencing solutions.

Web Conferencing Market

Increasing Preference for Remote Working Is Positively Impacting Market Growth

Presently, companies are re-thinking their strategies and working on ways to improve productivity and reduce OPEX. Thus, they are significantly shifting toward the remote working policy. It has been found that remotely working employees can work an additional 1.4 days per month than in-office employees, which is nearly 17 additional workdays a year, which helps companies increase their productivity.

Web conferencing solutions allow a company to effectively combine the advantages of a typical phone conversation with those of a live video feed. It provides the ability to conduct meetings and instant messaging from anywhere and anytime, which enhances the team collaboration. Thus, the increasing preference for remote working is resulting in the growth of the web conferencing market, globally.

Web Conferencing Market Report Coverage
Report Attribute Details
Historical Years 2014-2019
Forecast Years 2020-2030
Base Year (2019) Market Size $2,109.3 million
Forecast Period (2020-2030) CAGR 39.3%
Report Coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Company Analysis, Companies’ Strategical Developments, Product Benchmarking, Company Profiling
Market Size by Segments Offering, Enterprise, Deployment Type, Vertical, Region
Market Size of Geographies U.S., Canada, Germany, France, Italy, U.K., Spain, Japan, China, India, Australia, South Korea, Brazil, Mexico, Turkey, Saudi Arabia, U.A.E., South Africa
Secondary Sources and References (Partial List) African Telecommunications Union (ATU), All India IT Association, American Bankers Association, Arab Bankers Association, Association for Information Technology, Telecommunications Association, and New Media, Association of The Internet Industry, British Bankers Associations, Canadian Wireless Telecommunications, Communications and Information network Association of Japan, Euro Banking Association, European Telecommunications Network Operators’ Association

 

Increasing usage owing to COVID-19 pandemic

Due to the pandemic, several governments across all regions have imposed a full or partial lockdown, to restrict movement. Thus, to maintain the workflow, a large number of companies are allowing their employees to work from home. They are increasingly adopting web conferencing solutions to maintain employee engagement, conduct business meetings, and enable team collaboration, which helps enhance productivity. Thus, the increasing focus on efficient team collaboration and business continuity, in the wake of the pandemic, is positively shaping the web conferencing market outlook across all regions.

Competitive Landscape

Market Players Launching New Products to Gain Competitive Edge

The web conferencing market is consolidated in nature, as the majority of the market share is cumulatively held by few companies, including Zoom Video Communications Inc., LogMeIn Inc., Cisco Systems Inc., and Microsoft Corporation.

In recent years, players in the web conferencing market have launched a number of products to stay ahead of their competitors. For instance:

  • In April 2020,8X8 Inc. launched a new enterprise video meeting solution, named 8X8 Video MeetingsPro. The solution is powered by Jitsi, an open-source community for secure video meetings. 8x8 Video MeetingsPro is equipped with several features, including password-protection, real-time closed-captioning with post-call transcription and 60 days of cloud storage for meeting recordings. The solution is priced at $9.99 per user per month, after a 30-day free trial.
  • In April 2019, LogMeIn Inc. launched a new enterprise communication solution, ‘GoToConnect’. It is a fully-integrated application for workers to easily connect and communicate, both internally and externally, via a web browser or a downloadable desktop app. It has appreciable audio, video, and screensharing capabilities, combined with cloud-based telephony.

Web Conferencing Market

Some of the key players covered in the web conferencing market report are mentioned below:

  • IBM Corporation
  • AT&T Inc.
  • Oracle Corporation
  • Google LLC
  • Zoom Video Communications Inc.
  • Cafex Communications Inc.
  • Dialogic Corporation
  • Quobis Networks SLU
  • Adobe Inc.
  • Microsoft Corporation
  • Cisco Systems Inc.
  • Avaya Inc.

Web Conferencing Market Size Breakdown by Segment

The web conferencing market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.

Based on Offering

  • Solution
    • Video calling & conference
    • Voice calling & conference
    • Messaging & file sharing
  • Service
    • Professional
    • Managed

Based on Enterprise

  • Large Enterprises
  • Small & Medium Enterprises (SMEs)

Based on Deployment Type

  • On-Premises
  • Cloud

Based on Vertical

  • Information Technology (IT) & Telecom
  • Media & Entertainment
  • Banking, Financial Services, & Insurance (BFSI)
  • Government
  • Retail
  • Education
  • Healthcare
  • Transportation & Logistics

Geographical Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific (APAC)
    • Japan
    • China
    • India
    • Australia
    • South Korea
  • Latin America (LATAM)
    • Brazil
    • Mexico
  • Middle East and Africa (MEA)
    • Turkey
    • Saudi Arabia
    • U.A.E.
    • South Africa
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