Explosive Growth Expected in Global Web Conferencing Market Between 2020 and 2030

The global web conferencing market attained a valuation of $2,109.3 million in 2019 and is predicted to generate a revenue of $78,547.9 million by 2030. According to the forecast of P&S Intelligence, a market research company based in India, the market will progress at a CAGR of 39.3% between 2020 and 2030. The factors fueling the progress of the market are the surging utilization of web conferencing solutions these days because of the ongoing COVID-19 pandemic.

Because of the pandemic, the governments of many countries have imposed strict partial or full nationwide lockdowns for restricting the movement of people and goods and mitigating the spread of the infection. This is making many organizations adopt web conferencing solutions for maintaining their employee engagement levels, conducting business meetings, and enabling team collaborations during the work-from-home period. This is allowing companies to increase the employee productivity and efficiency and attain high revenue growth.

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Besides the above-mentioned factor, the rising adoption of the remote working policy by companies is also propelling the advancement of the web conferencing market across the world. Currently, various organizations are re-thinking their operational strategies and devising methods for improving their productivity and reducing their operational expenditure. As per various surveys and reports, the employees who are working remotely can work 1.4 days more per month than the ones working from office.

This adds up to as many as 17 additional working days for remote working employees in a year. This surge in workdays allows businesses to attain high revenue growth. Depending on offering, the web conferencing market is divided into service and solution. Between these, the service category is predicted to demonstrate higher CAGR in the market in the forthcoming years. This will be because of the growing requirement for the implementation, consulting, and integration services.

When enterprise is taken into consideration, the web conferencing market is classified into small and medium enterprises (SMEs) and large enterprises. Between these, the SMEs category is predicted to exhibit faster growth in the market in the future. This will be because these companies are making huge investments in web conferencing solutions, as these solutions help them reduce their operational costs significantly. Moreover, these solutions allow businesses to hold virtual meetings with clients, which, in turn, eliminates the traveling costs.

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Globally, the web conferencing market is predicted to demonstrate rapid expansion in the Asia-Pacific (APAC) region in the upcoming years. This will be because of the increasing penetration of the internet, the soaring investments being made in IT solutions, the growing usage of tablets and smartphones, and the rising trend of outsourcing of various operations to APAC organizations by North American and European companies, on account of the availability of a highly affordable workforce in the region.

Hence, it is safe to say that the market will register huge expansion all over the world in the forthcoming years, mainly because of the growing popularity of remote working, especially during the ongoing COVID-19 pandemic and the ability of web conferencing solutions to reduce the operational costs of businesses.

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.