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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.
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.
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.
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.
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.
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.
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.
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.
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.
|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|
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.
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:
The web conferencing market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Offering
Based on Enterprise
Based on Deployment Type
Based on Vertical