Web Conferencing Market To Generate Revenue Worth $78,547.9 Million by 2030
- Published: June 2020
The increasing preference for remote working, growing social media usage, rising deployment of web conferencing solutions owing to COVID-19, and surging penetration of high-speed internet are the key factors that positively impact the growth of the web conferencing industry. Due to these factors, the global web conferencing market is expected to generate $78,547.9 million revenue by 2030, advancing at a CAGR of 39.3% during the forecast period (2020–2030).
Due to the coronavirus pandemic, a large number of companies are looking for new ways to increase their productivity. Therefore, to remain in business, many are adopting the work-from-home model. Web conferencing solutions are being adopted by such firms so that employees can stay engaged, business meetings can be conducted, and team collaboration can be enhanced, to ultimately keep the productivity consistent, thereby resulting in the rapid growth of the web conferencing market.
Service Bifurcation Expected To Witness Faster Growth during Forecast Period
The web conferencing market, based on offering, is classified into solution and service. Among these, the service bifurcation is projected to witness faster growth in the market during the forecast period. This can be attributed to the increasing demand for implementation, integration, and consulting services. Moreover, the rising need for technical expertise and the upgradation, monitoring, and maintenance of web conferencing solutions is also expected to drive the demand for services in the coming years.
Further, the web conferencing market, based on enterprise, is divided into large enterprises and small & medium enterprises (SMEs). Of these, the SMEs category is expected to register faster growth during the forecast period, as such companies are always focused on operational cost reduction; thus, they are investing in web conference solutions, to hold external meetings with prospects and clients, which can reduce their travel costs.
Geographically, the web conferencing market in Asia-Pacific (APAC) is expected to witness lucrative growth during the forecast period. The market is buoyed by the rising internet penetration, increasing investments in IT solutions, surging adoption of smartphones and tablets, and increase in the number of European and North American companies outsourcing various processes to APAC companies. As such companies are increasing their presence in the region, the demand for web conferencing solutions is rising, as most of them are shifting toward the remote-working policy. Further, the increasing focus on e-learning courses and online education at universities and schools is also helping the market in the region prosper.
Product Launch is Strongest Strategic Measure Taken by Players in Market
Players in the web conferencing market are focusing on product launches, to gain a stronger market foothold. For instance, in July 2019, Avaya Inc. launched a new cloud-based video conferencing solution, ‘Avaya Equinox Meetings Online (AEMO)’, which is a subscription-based service, in India. It offers customers unlimited use of virtual meeting rooms and a customized interface, for access to voice, video, chat communication channels, calendars, meetings, and more. Offered as a bundled service, AEMO can be accessed for free for the first three months, after which the video conferencing platform comes at a charge of 10 paise per minute.
Furthermore, in March 2019, LogMeIn Inc. launched a new huddle and conference room solution, ‘GoToRoom’. The solution offers the flexibility of customization as per the requirement of enterprises. It comes in two variants — Huddle Room, which is designed for 2–6 persons, and small- and medium-size conference rooms for 6–10 persons. In this solution, enterprises can sync their Microsoft Outlook, Microsoft Office 365, and Google Calendar, to allow employees to book a GoToRoom-equipped space ahead of time and start a meeting with just one click.
Browse report overview with detailed TOC on "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" at:https://www.psmarketresearch.com/market-analysis/web-conferencing-market-report
Some of the major players operating in the global web conferencing market are 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., and Avaya Inc.