Pune, India, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Fortune Business Insights offers a detailed overview of the global market in a report, Titled the global Web Conferencing Software Market size is projected to reach USD 10.46 billion by the end of 2027. The rising internet penetration, coupled with the increasing smartphone use, will lead to a wider adoption across the world. According to a report published by Fortune Business Insights, titled “Web Conferencing Market Size, Share & COVID-19 Impact Analysis, By Component, By Deployment, By End-use, and Regional Forecast, 2022 - 2027,” the market was worth 3.62 USD billion in 2019 and will exhibit a CAGR of 14.3% during the forecast period, 2022-2027.
Industry Developments:
- January 2020 – Cisco Systems, Inc. introduced new AI-powered voice intelligence capabilities to WebEx meetings. Webex's assistant for meetings is a digital in-meeting assistant for enterprises.
- July 2019 - Zoom Video Communications, Inc. enhanced its video first unified communication platform. Zoom’s unified communications platform will enhance user experience by using advanced technologies like artificial intelligence, face detection, machine learning, location-based services, and personalization.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2027 |
| Forecast Period 2022 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 user; and Geography |
| Growth Drivers | North America to Emerge Dominant; Presence of Several Large Scale Companies will Bode Well for Market Growth |
| Increasing Adoption of Unified Communication as a Service (UCaaS) to Drive the Market |
As its name suggests, Web Conferencing Software Market 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.
Regional Analysis:
North America to Emerge Dominant; Presence of Several Large Scale Companies will Bode Well for Market Growth
The report analyses the latest Web Conferencing Software 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. Web Conferencing 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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Driving Factor:
Cisco’s AI-powered Web Conferencing Platform Amid Surge in Demand during the Pandemic
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 made the highest impact on the growth of the market. Accounting to the massive demand for web conferencing software during the Covid-19 pandemic, several companies are looking to maximize on the situation by introducing newer products with advanced concepts. Furthermore, products that were introduced before the pandemic have taken off during the outbreak. In January 2020, Cisco Systems announced the launch a new AI-powered voice-intelligence capabilities to its WebEx meetings. This step will provide a more enhanced version of the previous real-time experience in its products. Increasing number of such innovative products will have a massive impact on the growth of the overall market in the coming years.
Market Segmentation:
| Segmentation: | By Component
|
By Deployment
| |
By End User
|
Companies Profiled in the Web Conferencing Software 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 Points in TOC:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- 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 (Retail, transportation)
- By Country (Value)
- United States
- Canada
- By Component (Value)
- Europe Web Conferencing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
FAQs:
How big is the web conferencing market?
The global web conferencing market size was valued at USD 3.62 billion in 2019 and is projected to reach USD 10.46 billion by 2027, exhibiting a CAGR of 14.3% during the forecast period [2022 - 2027].
What are the major players in this market?
Adobe, Inc., Cisco Systems Inc., Microsoft Corporation, Zoom Video Communications, Inc., and IBM Corporation are major players of the global market.
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