Web conferencing is an online service, which is designed for real-time communication solutions like screen share, document sharing, video conferencing, VoIP, viewing PowerPoint presentations, chat, whiteboard, instant messaging, and full-motion videos and online meetings. It encompasses collaboration technologies that enable the users to place calls using an application over the internet, through software, downloaded locally to a device or computer, or in an on-premises environment. It provides various benefits such as easy mobile access, balancing busy schedules, increase productivity for corporations, reduction in decision cycles, remote meetings, saves on travel costs and virtual conference room, etc.
According to study, “COVID-19 Impact on Global Web Conferencing Market By Type (Hardware Devices And Software Services); By Downstream Fields (Education, Financial, Medical, Government, and Others) and Region –Analysis of Market Size, Share, and Trends for 2014 – 2019 and Forecasts to 2030” the key companies operating in the global web conferencing market are Epiphan Systems, PowWow365, InterCall, Mikogo, TeamViewer, OmNovia Technologies, Cisco WebEx, Elluminate, Starlight Networks StarLive, BigBlueButton, Netviewer, RHUB Communications Inc., Calliflower, IBM Sametime, GoToWebinar, VenueGen, VeriShow, Oracle Beehive, eXo Platform with Weemo, TimeBridge, ACT Conferencing, Genesys Meeting Center, Voxeet, Skype, and Adobe Connect. The competition in the global web conferencing market is expected to grow extensively in the forecast period.
Based on type, the web conferencing market is segmented as software devices and hardware devices. Based on the communication type, the market is segmented as voice, text, and video. Text communication holds the major share in the global market owing to its easy use and affordability. Voice and video communication are expected to witness a higher growth rate due to the rise in the development of superior cameras during the forecast period. In addition, based on downstream fields, market is segmented as financial, education, government, medical, and others.
The web conferencing market is driven by rising in preference for remote working, followed by an increase in usage of web conferencing due to the COVID-19 pandemic, the rise in demand for higher profitability, growth in technology convergence, the surge in advancements in internet technology, rise in demand for better productivity, increase in trend of globalization in the business landscape, rise in demand for software-as-a-service and increase in unified communication & collaboration. However, low penetration of high-speed internet in developing economies may impact the market. Moreover, growth in adoption of bring-your-own-device (BYOD) the policy is a key opportunity for the market.
COVID-19 Impact: - COVID-19 is an infectious disease. In this situation, more people are working from home for prompting businesses to use video conferencing as their primary means of any employee communication. From the birthday parties for children to corporate meetings, web conferencing and video call systems are now being used worldwide which is stimulating the demand for the web conferencing industry. Despite the fact that there isn't anything that replaces in-person communication, there are numerous things that should be possible rapidly and effectively through web conferencing, so it is foreseen that even in the post-COVID-19 period the utilization of these platforms will continue to proliferate.
Based on geography, the North-American and European regions hold a major share in the global web conferencing market owing to the increase in the availability of necessary infrastructure and technological developments in the region. The Asian-Pacific the region is projected to exhibit a considerable growth rate due to the large production output of the product by key players over the forecast period. It is estimated that the future of the global market will be bright as a result of the rising demand for immersive conferences online workshops during the forecast period. The global web conferencing market size was valued at the US $3.16 billion in 2019 and is likely to reach the US $8.09 billion by 2030, registering a CAGR of 9.11% from 2020-2030.
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Global Web Conferencing Market Growth
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