COVID-19 Pandemic To Drive Web Conferencing Market to $78.5 Billion Revenue by 2030: P&S Intelligence
NEW YORK, Aug. 31, 2020 /PRNewswire/ -- Due to the COVID-19 pandemic, lockdown measures have been imposed in various countries, so that person–person contact can be limited and the virus spread contained. This has forced a large number of companies across all verticals to either cease operations or shift to the work-from-home (WFH) model, till the situation improves and the lockdown is lifted.
This factor is expected to propel the global web conferencing market at a CAGR of 39.3% between 2020 and 2030, to $78.5 billion in 2030, from merely $2.1 billion in 2019. This is because, to ensure that employees are working efficiently and meetings can be hosted smoothly, companies working on the WFH model are rapidly deploying web conferencing solutions.
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Till 2030, solutions are expected to be more lucrative for web conferencing industry players, based on offering. This would be because of the rising deployment of such solutions for effective collaboration and communication among employees. With a large number of companies now allowing employees to work remotely, the subscription rate of such software is rising fast.
Small and medium enterprises (SMEs) are expected to witness the higher CAGR, of 41.1%, in the market during the forecast period, owing to their constant focus on keeping their operations cost-effective. Web conferencing solutions are allowing such companies to reduce their travel cost, by hosting online meetings with team members and clients.
Browse full report on 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, Healthare, Transportation & Logistics) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/web-conferencing-market-report
The information technology (IT) & telecom category, under segmentation by vertical, would experience the fastest growth in the web conferencing market during the forecast period, due to their clientele being spread across the world, which makes the use of such solutions necessary, to reduce travel costs. In addition, one of the major focus areas of such companies is on employee mobility, where web conferencing solutions are proving useful.
Presently, the most significant market for web conferencing software and services is North America. This is attributed to the rising IT spending, increasing number of smartphones and high-speed internet users, early acceptance of advanced technologies, and rapid popularity of the bring-your-own-device (BYOD) policy. In the near future, Asia-Pacific (APAC) would experience the most rapid industry progress, as a result of European and North American companies increasingly outsourcing projects and processes to APAC-based firms, surging penetration of the internet, swift IT infrastructure development, and robust economic growth.
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In recent years, the competition among web conferencing solution vendors and service providers has been characterized by mergers and acquisitions:
For instance, Zoom Video Communications Inc. completed the acquisition of Keybase Inc., a developer of end-to-end encrypted file sharing, chat, and code hosting solutions over a cryptographic platform, in May 2020. This move by Zoom Video Communications Inc. is aimed at equipping its web conferencing solutions with end-to-end encryption.
The major companies operating in the global web conferencing market are AT&T Inc., International Business Machines (IBM) Corporation, Google LLC, Oracle Corporation, Cafex Communications Inc., Zoom Video Communications Inc., Quobis Networks SLU, Dialogic Corporation, Microsoft Corporation, Adobe Inc., Cisco Systems Inc., Avaya Holdings Corporation, and LogMeIn Inc.
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