Market Research Report
Web Conferencing Market Research Report: By Offering, Enterprise, Deployment Type, Vertical - Global Industry Analysis and Growth Forecast to 2030
|Published by||Prescient & Strategic Intelligence Private Limited||Product code||968366|
|Published||Content info||191 Pages
Delivery time: 2-3 business days
|Web Conferencing Market Research Report: By Offering, Enterprise, Deployment Type, Vertical - Global Industry Analysis and Growth Forecast to 2030|
|Published: June 1, 2020||Content info: 191 Pages||
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.
The current global crisis due to COVID-19 has compelled companies to come up with innovative solutions which will allow employees to work without being afraid of contracting the virus. Attributed to this, several businesses have now adopted the work-from-home model, thereby allowing people to avoid unnecessary travel. It has further been found that employees who work remotely can work for an additional 1.4 days per month, as compared to normal working situation. This means that employees are able to contribute an additional 17 workdays, thereby increasing the productivity.
The remote working situation, while being a comfortable option for employees, need to be effective for the employers as well. This means that the communication between employers and employees need to be free of any kind of interruption, just like actual meetings. In order for this to happen, companies are increasingly making use of web conferencing solutions, which enables them to combine the benefits of a phone conversation with those of a live video. These solutions further provide the ability of instant messaging and conducting meetings at any time and from anywhere. Due to this, the global web conferencing market is predicted to grow at significant pace in the years to come.
These days, the demand for cloud-based web conferencing solutions has also risen considerably as compared to conventional web conferencing solutions, which primarily due to the fact that the cost of these solutions is lower than their counterparts. Moreover, cloud-based systems do not need on-site data servers, which requires huge operational expenditure. In addition to this, with cloud-based web conferencing, updates of features are automatically installed on the devices of the users. Moreover, the scalability of these solutions is limitless, which offers businesses with additional advantages.
The web conferencing market is expected to reach a value of $78,547.9 million by 2030, from $2,109.3 million in 2019, and is projected to progress at a 39.3% CAGR during the forecast period (2020-2030). When offering is taken into consideration, the market is divided into service and solution, between which, the solutions division held the larger share of the market in 2019. This is due to the rising requirement for web conferencing solutions for effective collaboration and communication. Due to the rising preference for remote working, businesses are widely adopting web conferencing solutions for effective collaboration among various departments.
Geographically, North America dominated the web conferencing market during the historical period (2014-2019), which is owing to the early adoption of novel technologies, technological inclined population, and large IT spending in the region. Moreover, the rising penetration of high-speed internet and presence of a large number of enterprises are also driving the demand for web conferencing in the region. Apart from this, the Asia-Pacific region is expected to register the highest CAGR during the forecast period, because of the surging sales of smartphones, rising penetration of internet, and strong economic development in major countries in the region.
Hence, the demand for web conferencing is growing due to the rising demand for remote working conditions, which, in turn, is because of spread of COVID-19.