Web Conferencing Market to Reach $10.46 Billion by 2027; Increasing Product Use in Covid-19 Pandemic to Aid Growth, says Fortune Business Insights™
Pune, Aug. 20, 2020 (GLOBE NEWSWIRE) -- 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.
Click here to get the short-term and long-term impact of COVID-19 on this market.
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.
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.
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.
North America to Emerge Dominant; Presence of Several Large Scale Companies will Bode Well for Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several large scale companies in several countries across the world has been pivotal to the growth of the market in recent years. The massive investments in technological intervention by major companies in this region will have a huge impact on the growth of the market. As of 2019, the market in North America was worth 1.85 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific is projected to be a highly competitive space due to the increasing internet penetration in several countries across the region, coupled with the increasing smartphone use.
May, 2018 – Glance Network Inc. announced availability of Glance Mobile App Sharing. The product is an omnichannel visual engagement platform.
List of Key Companies Profiled in the Web Conferencing Market Report Are:
- 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)
Quick Buy – Web Conferencing Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/102993
Detailed Table of Content
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Web Conferencing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- By Deployment (Value)
- Hosted Web Conferencing
- On-Premises Web Conferencing
- Managed Web Conferencing
- Software-as-a-Service (SaaS)
- By End-user (Value)
- IT and Telecommunication
- Banking & financial services
- Media & Entertainment
- Others (Retail, transportation)
- By Region (Value)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
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