Every business in the current scenario is trying to make an active online presence as the world advances towards a society where hardly anyone is technologically challenged and seeks for products online instead of going to a local store. These enterprises make enormous usage of web conferencing software available easily online in order to connect with their clients and hold webinars in order to educate them on the products that they are selling. Key market players have capitalized on this opportunity and introduced better features in their apps or websites for web conferencing. In the year 2016, in order to acquire more customers for web conferencing, Google increased the number of participants in Google Hangouts from 10 to 25. This made it make a name in the global web conferencing market and procure a large consumer base. In the year 2018, the web conferencing market size stood at $9.67 billion and is evaluated to increase with a burgeoning compound annual growth rate (CAGR) of 11.34% during the forecast period of 2019-2025.
Web Conferencing Market Outlook:
Web conferencing encapsulates all kinds of collaborative services which are online including webcasts, webinars (web seminars,) and web meetings. Nowadays, enterprises of all sizes are utilizing this service to engage customers, reach out to them, and provide an accentuated service. There are several applications as well as websites available for web conferencing including Cisco Webex, Lifesize, RingCentral, Skype For Business, Google Hangouts, Zoom Video Community, and others. Users can perform many activities through these applications including sending text-based messages, attaching files, and voice and video chat. The web conferencing market has a varied end user industry including healthcare, manufacturing, IT, BFSI, and education. Corporate enterprises are the most prominent users of web conferencing, and this application segment will grow with an outstanding CAGR of 16.68% during the forecast period of 2019-2025. North America with most of the IT and CS companies having been found in the continent led the web conferencing market with a regional market share of 35.17% in the year 2018/
Web Conferencing Market Growth Drivers:
Ø Benefiting The Modern Business
According to the World Bank, between 365 to 445 million MSMEs are currently in working stage in the world.[1] These MSMEs will collectively employ around 600 million people in the next fifteen years. A job network of this stature requires a service like web conferencing to seamlessly communicate with the clients and increase consumer base. Employees are able to talk face to face with clients around the world due to web conferencing and strengthen their relationships with them. This leads to increase in market revenue of companies, thereby providing growth to the web conferencing market.
Ø Advertisement And Promotion Of Businesses
Through web conferencing, several companies are able to conduct webinars with willing participants including clients and investors. Through this, budding entrepreneurs are able to advertise their products over the internet which eventually leads to popularization of businesses. Regular web conferencing helps in increasing profits as it eliminates any virtual and physical boundaries existing between the consumers and the company.
Web Conferencing Market Challenges:
One of the most persistent challenges faced by the web conferencing market is the lack of good Internet speed. Nearly all the countries suffer from an incessant dearth of a fast Internet which affects web conferencing. More efforts to embrace technologies such as 5G Internet is a plausible way to combat this challenge.
Web Conferencing Market Key Players Perspective:
Key players of the web conferencing market are Cisco Systems Inc., Citrix, Microsoft Corporation, Adobe Systems Inc., IBM Corporation, InterCall, AT&T Inc., Avaya Inc, Google Inc. and Broadview Networks Inc.
Google Inc., one of the world’s most popular companies has made web conferencing simpler with its seamless feature called Google Hangouts. Known for its free flowing interface, this feature has helped many businesses in expanding and reaching better heights.
Web Conferencing Market Trends:
With an increase in medium and small enterprises, several innovations are opening up new opportunities for web conferencing market.
Ø Dolby Partnership With Zoom Video Conferencing
Dolby has partnered with Zoom video conferencing pickup both distant and close voices in order to accentuate conferencing experience. Often consumers face issues related to voice audibility while they are talking to someone online. Dolby has disrupted the video conferencing market with its Dolby Voice feature which will make voice chatting more accessible.
Web Conferencing Market Research Scope
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the web conferencing market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the web conferencing market, and their specific applications in different areas.
Web Conferencing Market Report: Industry Coverage
The web conferencing market can be segmented on the basis of type and end user industry. On the basis of type, the market can be segmented into meetings, collaborations, and presentations. Based on end-user industry, the market can be fragmented into BFSI, education, manufacturing, IT, healthcare, and others.
The web conferencing market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
For more ICT related reports, please click here
