Press release
Web Conferencing Market Size, Analysis By Segmentation And Geography Overview
The global web conferencing market size is projected to reach USD 10.46 billion by the end of 2027. The rising internet penetration, coupled with the increasing smartphone use, will lead to a wider adoption across the world. According to a report published by Fortune Business Insights, titled "Web Conferencing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Hosted Web Conferencing, On-Premises Web Conferencing, Managed Web Conferencing and Software-as-a-Service (SaaS)), By End-use (Education, Government, Healthcare, IT and Telecommunication, BFSI, Manufacturing, Media & Entertainment, and Others), and Regional Forecast, 2020-2027," the market was worth 3.62 USD billion in 2019 and will exhibit a CAGR of 14.3% during the forecast period, 2020-2027.
As its name suggests, web conferencing software allows several people in an organization to conduct meetings over the internet. It is also called as video conferencing software and it is used to carry out discussions and meetings among people who cannot physically meet. The availability of free and open source cloud platforms has pioneered the use of this software across the world. The rising internet penetration, coupled with the presence of several large scale manufacturers across the world will bode well for the growth of the overall market in the coming years. Technological advancements have certainly played a huge role in the growth of the market in recent years. The availability of high speed communication networks has provided the platforms for growth for the companies operating in the market.
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Companies Profiled in the Global Web Conferencing Market:
Adobe, Inc. (California, United States)
Alphabet, Inc. (California, United States)
Arkadin (Singapore)
AT&T, Inc. (Texas, United States)
Bridgit (Ontario, Canada)
Cisco Systems, Inc. (California, United States)
Citrix Systems, Inc. (Florida, United States)
Communiqué Conferencing, Inc. (Reston, Virginia)
Fuze, Inc., (Massachusetts, United States)
Glance Networks, Inc. (Massachusetts, United States)
IBM Corporation (New York, United States)
Microsoft Corporation (Washington, United States)
Zoom Video Communications, Inc. (California, United States)
Drivers & Restraints
Surge in Web Conferencing Use during the COVID-19 Pandemic
The recent coronavirus outbreak has created a sense of panic across the world. With almost all countries now taking collaborative efforts to curb the spread of the disease, businesses have been forced to shut down. Due to the nature of the spread of the disease, several SMEs are compelled to drop the curtains on their businesses as they could not sustain the losses occurred during the pandemic.
However, this has not been the case with web conferencing vendors. On one side, some businesses have been forced to shut down, but on the other side, the web conferencing has been up and running since the pandemic. With most companies implementing work from home (WFH) policies across the world, there has been a surge in the use of web conferencing software in the past few months. With indications of an extended lockdown and WFH policies, the market will continue to benefit from the pandemic in the coming years.
Increasing Number of Company Collaborations Is Consequential to Increasing Product Innovations
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product innovations has had the highest impact in a direct as well as indirect manner on the growth of the market. Accounting to the massive potential held by the product, companies are investing heavily towards the development of innovative products; a step that is influence by the rising competition in the global market. As a result, several businesses are looking to collaborate with these tech companies with a bid to implementing their services within the organizations. In March 2018, General Motors announced that it has chosen Microsoft's services to drive the collaboration platforms within the organization. This platform will help the company connect to its employees that are working within the regional boundaries as well as overseas.
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Key Benefits to Purchase Web Conferencing Market Report:
Major countries in each region are mapped according to individual Web Conferencing Market revenue.
Comprehensive analysis of factors that drive and restrict the market growth is provided.
The report includes an in-depth analysis of current research and clinical developments within the market.
Key players and their key developments in the recent years are listed.
Global Web Conferencing Market, by Regions:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Major Points Covered in TOC:
Overview: Along with an expansive outline of the worldwide Web Conferencing Market, this segment gives an outline of the report to give a thought regarding the nature and substance of the examination study.
Analysis of Strategies of Leading Players: Market players can use this analysis to gain a competitive advantage over their competitors in the Web Conferencing Market.
Study on Key Market Trends: This piece of the report offers a more significant assessment of the latest and future examples of the market.
Market Forecasts: Buyers of this report will approach precise and approved evaluations of the all market size as far as worth and volume. The report additionally gives utilization, creation, deals, and different conjectures for the Web Conferencing Market.
Local Growth Analysis: All critical regions and countries have been covered in the report. The neighborhood examination will help with elevating players to exploit dismissed common business areas, prepare express philosophies for target regions, and contemplate the improvement of each and every regional market.
Segmental Analysis: The report gives precise and solid conjectures of the piece of the pie of significant portions of the Web Conferencing Market. Market members can utilize this examination to make key interests in key development pockets of the market.
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