Pune, India, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The global web conferencing market size was worth USD 3.62 billion in 2019. It is projected to reach USD 10.46 billion by 2027, exhibiting a CAGR of 14.3% during the forecast period, 2020-2027. Increasing Product Use in Covid-19 Pandemic to Aid Growth. Fortune Business Insights™ has published this information in its latest research report titled, “Web Conferencing Market Forecast, 2022-2027.”
Industry Developments:
Glance Network Inc. announced availability of Glance Mobile App Sharing. The product is an omnichannel visual engagement platform.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 14.3% |
| 2027 Value Projection | USD 10.46 Billion |
| Base Year | 2019 |
| Web Conferencing Market Size in 2019 | USD 3.62 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 160 |
| Segments covered | Component, Deployment, End-use and Geography |
| Web Conferencing Market Growth Drivers | Increasing Adoption of Unified Communication as a Service to Drive the Market |
As its name suggests, web conferencing software allows several people in an organization to conduct meetings over the internet. It is also called as video conferencing software and it is used to carry out discussions and meetings among people who cannot physically meet. The availability of free and open source cloud platforms has pioneered the use of this software across the world. The rising internet penetration, coupled with the presence of several large scale manufacturers across the world will bode well for the growth of the overall market in the coming years. Technological advancements have certainly played a huge role in the growth of the market in recent years. The availability of high speed communication networks has provided the platforms for growth for the companies operating in the market.
Surge in Web Conferencing Use during the COVID-19 Pandemic
The recent coronavirus outbreak has created a sense of panic across the world. With almost all countries now taking collaborative efforts to curb the spread of the disease, businesses have been forced to shut down. Due to the nature of the spread of the disease, several SMEs are compelled to drop the curtains on their businesses as they could not sustain the losses occurred during the pandemic.
However, this has not been the case with web conferencing vendors. On one side, some businesses have been forced to shut down, but on the other side, the web conferencing has been up and running since the pandemic. With most companies implementing work from home (WFH) policies across the world, there has been a surge in the use of web conferencing software in the past few months. With indications of an extended lockdown and WFH policies, the market will continue to benefit from the pandemic in the coming years.
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Drivers and Restraints
Growing Demand for Insight-driven Mobile Learning, Webinars, and Mobile Collaboration to Aid Market Growth
Live webinars play a vital role for governments and businesses as the enterprises intend to build stronger customer relationships. Across webinars, e-learning, and other use cases, the demand for web-based conferencing has extended beyond the traditional offices which also addresses the requirement of individuals from different locations. Conferencing solutions integrated with analytic capabilities can help users derive meaningful insights. For instance, Adobe, Inc. offers a software suite “Connect9” for remote training, presentation, meetings, and desktop sharing that delivers insight-driven cooperation for mobile-to-mobile collaboration. Such advanced communication technology is expected to augment the web conferencing market growth.
Regional Insights
North America to Emerge Dominant; Presence of Several Large Scale Companies Will Bode Well for Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several large scale companies in several countries across the world has been pivotal to the growth of the market in recent years. The massive investments in technological intervention by major companies in this region will have a huge impact on the growth of the market. As of 2019, the market in North America was worth 1.85 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific is projected to be a highly competitive space due to the increasing internet penetration in several countries across the region, coupled with the increasing smartphone use.
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Competitive Landscape
Increasing Number of Company Collaborations Is Consequential to Increasing Product Innovations
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product innovations has had the highest impact in a direct as well as indirect manner on the growth of the market. Accounting to the massive potential held by the product, companies are investing heavily towards the development of innovative products; a step that is influence by the rising competition in the global market. As a result, several businesses are looking to collaborate with these tech companies with a bid to implementing their services within the organizations. In March 2018, General Motors announced that it has chosen Microsoft’s services to drive the collaboration platforms within the organization. This platform will help the company connect to its employees that are working within the regional boundaries as well as overseas.
List of Key Companies Profiled in the Web Conferencing Market Report Are:
- Adobe, Inc. (California, United States)
- Alphabet, Inc. (California, United States)
- Arkadin (Singapore)
- AT&T, Inc. (Texas, United States)
- Bridgit (Ontario, Canada)
- Cisco Systems, Inc. (California, United States)
- Citrix Systems, Inc. (Florida, United States)
- Communiqué Conferencing, Inc. (Reston, Virginia)
- Fuze, Inc., (Massachusetts, United States)
- Glance Networks, Inc. (Massachusetts, United States)
- IBM Corporation (New York, United States)
- Microsoft Corporation (Washington, United States)
- Zoom Video Communications, Inc. (California, United States)
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Major Table of Contents:
- Global Web Conferencing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Solutions
- Services
- By Deployment (Value)
- Hosted Web Conferencing
- On-Premises Web Conferencing
- Managed Web Conferencing
- Software-as-a-Service (SaaS)
- By End-user (Value)
- Education
- Government
- Healthcare
- IT and Telecommunication
- Banking & financial services
- Manufacturing
- Media & Entertainment
- Others (Retail, transportation)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
- North America Web Conferencing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Solutions
- Services
- By Deployment (Value)
- Hosted Web Conferencing
- On-Premises Web Conferencing
- Managed Web Conferencing
- Software-as-a-Service (SaaS)
- By End-user (Value)
- Education
- Government
- Healthcare
- IT and Telecommunication
- Banking & financial services
- Manufacturing
- Media & Entertainment
- Others
- By Country (Value)
- United States
- Canada
- By Component (Value)
- Europe Web Conferencing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Solutions
- Services
- By Deployment (Value)
- Hosted Web Conferencing
- On-Premises Web Conferencing
- Managed Web Conferencing
- Software-as-a-Service (SaaS)
- By End-user (Value)
- Education
- Government
- Healthcare
- IT and Telecommunication
- Banking & financial services
- Manufacturing
- Media & Entertainment
- Others
- By Country (Value)
- U.K.
- Germany
- France
- Scandinavia
- Rest of Europe
- By Component (Value)
- Asia Pacific Web Conferencing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Solutions
- Services
- By Deployment (Value)
- Hosted Web Conferencing
- On-Premises Web Conferencing
- Managed Web Conferencing
- Software-as-a-Service (SaaS)
- By End-user (Value)
- Education
- Government
- Healthcare
- IT and Telecommunication
- Banking & financial services
- Manufacturing
- Media & Entertainment
- Others
- By Country (Value)
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
- By Component (Value)
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