The global web conferencing market attained a valuation of $2,109.3 million in 2019 and is predicted to generate a revenue of $78,547.9 million by 2030. According to the forecast of P&S Intelligence, a market research company based in India, the market will progress at a CAGR of 39.3% between 2020 and 2030. The factors fueling the progress of the market are the surging utilization of web conferencing solutions these days because of the ongoing COVID-19 pandemic.
Because of the pandemic, the governments of many countries have imposed strict partial or full nationwide lockdowns for restricting the movement of people and goods and mitigating the spread of the infection. This is making many organizations adopt web conferencing solutions for maintaining their employee engagement levels, conducting business meetings, and enabling team collaborations during the work-from-home period. This is allowing companies to increase the employee productivity and efficiency and attain high revenue growth.
Besides the above-mentioned factor, the rising adoption of the remote working policy by companies is also propelling the advancement of the web conferencing market across the world. Currently, various organizations are re-thinking their operational strategies and devising methods for improving their productivity and reducing their operational expenditure. As per various surveys and reports, the employees who are working remotely can work 1.4 days more per month than the ones working from office.
Get More Insights: Web Conferencing Market Segmentation Analysis Report
This adds up to as many as 17 additional working days for remote working employees in a year. This surge in workdays allows businesses to attain high revenue growth. Depending on offering, the web conferencing market is divided into service and solution. Between these, the service category is predicted to demonstrate higher CAGR in the market in the forthcoming years. This will be because of the growing requirement for the implementation, consulting, and integration services.
When enterprise is taken into consideration, the web conferencing market is classified into small and medium enterprises (SMEs) and large enterprises. Between these, the SMEs category is predicted to exhibit faster growth in the market in the future. This will be because these companies are making huge investments in web conferencing solutions, as these solutions help them reduce their operational costs significantly. Moreover, these solutions allow businesses to hold virtual meetings with clients, which, in turn, eliminates the traveling costs.
Globally, the web conferencing market is predicted to demonstrate rapid expansion in the Asia-Pacific (APAC) region in the upcoming years. This will be because of the increasing penetration of the internet, the soaring investments being made in IT solutions, the growing usage of tablets and smartphones, and the rising trend of outsourcing of various operations to APAC organizations by North American and European companies, on account of the availability of a highly affordable workforce in the region.
Hence, it is safe to say that the market will register huge expansion all over the world in the forthcoming years, mainly because of the growing popularity of remote working, especially during the ongoing COVID-19 pandemic and the ability of web conferencing solutions to reduce the operational costs of businesses.
Web Conferencing Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the web conferencing market include GTmetrix, SolarWinds Worldwide, LLC., Datadog, LogicMonitor Inc., AppDynamics, SmartBear Software, New Relic, Inc., Pingdom, Riverbed Technology.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Web Conferencing Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/web-conferencing-market/download-sampleMarket DynamicsWeb conferencing is gaining popularity owing to the rising requirement for effective collaboration and communication, rising preference for remote working, presence of a large number of enterprises, and growing IT spending.
Rising adoption of novel technologies, technological inclined population, high-speed internet, surging sales of smartphones, rising penetration of internet, and strong economic development are other factors catalyzing the demand for web conferencing.
This is mainly due to work from home culture and restriction on frequent migration.
