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

Market Outlook

The web conferencing market revenue stood at $2,109.3 million in 2019, and it is expected to witness a CAGR of 39.3% during 2020–2030. The key factors behind this growth are the increasing preference for remote working, ongoing COVID-19 pandemic, surging social media usage, and rising penetration of high-speed internet.

Solutions Observe Higher Adoption Worldwide

The solutions category, under the offering segment of the web conferencing industry, generated the higher revenue in 2019. This was due to the burgeoning demand for web conferencing solutions for effective communication and collaboration. With the growing remote working culture, enterprises are swiftly adopting web conferencing solutions for efficient collaboration among various departments. Additionally, the outbreak of the coronavirus has fueled the adoption of such solutions, as most of the businesses are operating through the work-from-home (WFH) model during the lockdowns.

Large Enterprises Held Majority Share

In 2019, the large enterprises category accounted for the larger market share, as these companies have a huge budget dedicated to the adoption of web conferencing solutions for remote working. Large enterprises are increasingly deploying these solutions as they have dispersed operations throughout the world. The solutions offered by the players operating in the web conferencing market enable traveling or remote employees/clients to connect through the internet and conduct important business meetings.

Cloud Category To Witness Faster Growth

The cloud category, under the deployment type segment, will advance at a faster pace during 2020–2030 because most of the web conferencing solutions are available over the cloud. Moreover, cloud-based deployment provides 24/7 service, increased scalability, high speed, and improved management capabilities. Hence, the low information technology (IT) infrastructure costs and high scalability attached to cloud deployment will amplify the demand for cloud-based web conferencing solutions in the coming years.

IT & Telecom Vertical Held Largest Market Share

The IT & telecom category accounted for the largest share in 2019, and it is expected to retain its dominance on the vertical segment in the coming years. IT firms are swiftly deploying web conferencing solutions to reduce travel costs. These companies use such solutions to conduct external meetings, as their clients are generally located across the globe. Moreover, the surging focus of these companies on employee mobility, to streamline team collaboration, will boost the advance of the market for web conferencing solutions in the near future.

North America Generated Highest Revenue

North America was the largest contributor to the web conferencing market during 2014–2019 owing to the hefty IT spending, early adoption of new technologies, and presence of technologically inclined people in the region. Additionally, the rising penetration of high-speed internet, mounting popularity of the bring-your-own-device (BYOD) policy, and burgeoning presence of an umpteen number of large enterprises are adding to the market growth in the region.

Asia-Pacific (APAC) To Display Fastest Growth

The APAC region is projected to attain the fastest growth in the coming years, primarily on account of the growing internet penetration, escalating smartphone sales, soaring IT expenditure, and improving economic conditions of major countries. Besides, the surging focus on e-learning courses and online education at schools and universities will facilitate the market growth in APAC.

Cloud-Based Solutions Are Prominent Trend in Market

Cloud-based solutions have much lower operational costs than traditional web conferencing solutions, as the former do not require onsite data servers, which incur a huge operational expenditure (OPEX) for organizations. Moreover, cloud-based solutions enable automatic updates of the features on the device of users, thereby ensuring that they run on the latest software version. Moreover, this key trend in the web conferencing market also allows an organization to scale up or down its usage, due to the limitless scalability offered by cloud-based solutions. Organizations can scale up or down their cloud storage capacity, according to their requirement, without purchasing any extra hardware or service.

Surging Prevalence of Remote Working Model Supporting Market Growth

Currently, enterprises are re-thinking their strategies and adopting numerous methods to improve their productivity and reduce their OPEX. To attain these objectives, they are switching to the remote working policy. It has been observed that employees working from remote locations have a higher productivity than in-office employees. Remotely working employees can work an additional 1.4 days per month, which amounts to 17 additional workdays per year. This practice is, therefore, increasing the productivity of employees, as well as the employer.

Web conferencing solutions enable a company to effectively combine the benefits of a typical phone conversation and a live video feed. It allows enterprises to hold meetings and send instant messages from anywhere and anytime, which strengthens the team collaboration. Thus, the rising preference for remote working has been a key contributor to the market for web conferencing solutions in recent times.

Ongoing COVID-19 Pandemic Boosting Market Revenue

The web conferencing market growth has also been thriving on the imposition of partial and full lockdowns owing to the soaring cases of coronavirus. To maintain the workflow and avoid the spread of this virus, most of the companies are allowing their employees to work from home. They are increasingly deploying web conferencing solutions to maintain employee interaction, enable team collaboration, and conduct business meetings, thus enhancing their productivity. With the rising focus on business continuity and efficient team collaboration during these uncertain times, the market is expected to witness a considerable boom in the near future.

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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.

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

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