BANGALORE, India, May 7, 2020 — Web conferencing term is used to address different forms of shared online facilities, including webinars, webcasts, and web meetings at peer level. Businesses utilize web conferencing technology to meet their customers or suppliers at flexible times, thereby building a digital workforce and reducing the overall travel costs. These conferencing solutions require high-speed internet connections for smooth and efficient operation at the user venue.
The Web Conferencing market size is USD 12.58 Billion in 2020 and is expected to reach USD 19.02 Billion by 2025, at a CAGR of 8.6%.
One of the web conferencing market’s most significant problems is its lack of sufficient Internet speed. Almost all countries are suffering from an ongoing dearth of a fast Internet that affects video conferencing. Further attempts to adopt technology like the 5G Internet are a reasonable way of meeting this problem.
Based on global sales, the Web Conferencing Market lists the major players in the regions and their market share, respectively. The report also outlines strategic moves in recent years, investments in product innovation, and shifts in leadership to stay ahead in the market.
TRENDS INFLUENCING THE WEB CONFERENCING MARKET SIZE:
- The enhanced user interface, product simplification and smart workflow integrations provided by web conferencing are some of the key factors that are expected to accelerate the growth of web conferencing market size. Also, many organizations are employing flexible work from home options and reducing employee travel to cut costs.
- Due to the coronavirus (COVID -19) outbreak, the global web conferencing market size is expected to grow rapidly. This is because both private businesses and government agencies see web conferencing as the perfect option for communicating with remote staff, clients, and employees, and at the same time, avoiding direct communication with people.
WEB CONFERENCING MARKET SHARE ANALYSIS:
- The North American region is projected to hold the largest web conferencing market share due to early technology adoption.
- Europe is closely following North America in terms of web conferencing market share. This is due to the region’s increased demand for web conferences across various industries.
- The Asia Pacific region is projected to witness rapid development during the forecast period. In addition, with key players increasingly focusing on untapped opportunities in developing economies, Asia Pacific is likely to dominate after a period of time.
The key players covered in this study
- Adobe Systems
- Cisco Systems
- Citrix Systems
- IBM
- Microsoft
- Arkadin
- AT & T Connect Support
- Bridgit
- ClickMeeting
- Communique Conferencing
- Digital Samba OnSync
- Fuze
- Glance Networks
- Global Meet
- Google Open Meetings
- Zoom
Web Conferencing Market segment by Type, the product can be split into
- Hardware Devices
- Software Services
Web Conferencing Market segment by Application, split into
- Education
- Financial
- Medical
- Government
Web Conferencing Market segment by Regions/Countries, this report covers
- North America
- Europe
- China
- Japan
- Southeast Asia
- India
- Central & South America.
The recent outbreak of the Coronavirus pandemic has compelled people to stay indoors for an indefinite time. The offices are shut, and people are asked to work from home. As a result, the global web conferencing market size is expected to grow rapidly. As per the reports by Valuates Reports, The Web Conferencing market size is USD 12.58 Billion in 2020. On similar lines, Best1tech offers on-demand apps for web conferencing that people can use while they work remotely. Collaborate with us to develop on-demand solutions in these critical times.
Source- PR Newswire
