Web conferencing is also known as webinars. It is a type of real-time communication. Web conferencing enables real-time communication & conferencing events to be shared with remote locations. It helps to reduce the geographic hurdles for professionals working on business projects at various locations. Varied benefits offered by these services smart work-flow include enhanced user experience, and product simplifications are expected to boost the market growth in coming years. The direct client support offered by web conferencing services is likely to accelerate the growth of the market in near future.
Some of the key companies operating in the Global Web Conferencing Market are Cauliflower, Elluminate, Cisco WebEx, Adobe Connect, PowWow365, Epiphan Systems, ACT Conferencing, IBM Sametime, GoToWebinar, Genesys Meeting Center, VeriShow, BigBlueButton, eXo Platform with Weemo, Intercall, Mikogo, TimeBridge VenueGen, Voxeet Netviewer, Oracle Beehive, Skype, RHUB Communications Inc., Starlight Networks Starlive, OmNovia Technologies, Teamviewer. Pricing pressure is constantly rising on players. Therefore, various companies are taking initiatives for developing collaboration services that include e-mail, web conferencing along messaging, and groupware. This is anticipated to reduce the price pressure as several solutions are provided in a single suit at an affordable price.
By type, the web conferencing market is segregated as software services and hardware devices. By application, the market is segregated as lectures, training events, meetings, presentations, and others. In addition, by end-user, the market is segregated as financial, education, government, medical, and others. The education segment dominates the global market due to the increase in demand for web conferencing applications for conducting online education programs in schools & colleges.
The web conferencing market is driven by rising in demand for online workshops, followed by an increase in efforts for the introduction of mobile apps in order to provide the unified communication & collaboration, rise in need for enhancing productivity, interactive conferences among government & private organizations, growth in trend of outsourcing of IT solutions and increase in usage of web conferencing services for meetings, training events, and professional gatherings. However, the low penetration of high-speed internet in developing economies is a major hindering factor for the market. Moreover, continuous development in information technology, internet services, and web cameras is a key opportunity for the market.
By geography, North-American is the leading region in the global web conferencing market owing to growth in adoption of web conferencing across different verticals, continuous technological developments, and the presence of required infrastructure in the region. The European and Asian-Pacific regions are likely to witness a higher growth rate due to the Growth of outsourcing industries and the surge of the service sector in Sweden, France, and the U.K. over the forecast period. It is estimated that the future of the global market will be optimistic because of the rising demand for real-time communication, growth in demand for online conferencing across diverse industries, and an increase in usage owing to the COVID-19 pandemic during the forecast period. It is also estimated that Global Web Conferencing Market will be reached at 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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