Dublin, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The "Web Conferencing Market Research Report: By Offering, Enterprise, Deployment Type, Vertical - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The web conferencing market is expected to reach a value of $78,547.9 million by 2030, from $2,109.3 million in 2019, and is projected to progress at a 39.3% CAGR during the forecast period (2020-2030).
The current global crisis due to COVID-19 has compelled companies to come up with innovative solutions which will allow employees to work without being afraid of contracting the virus. Attributed to this, several businesses have now adopted the work-from-home model, thereby allowing people to avoid unnecessary travel. It has further been found that employees who work remotely can work for an additional 1.4 days per month, as compared to normal working situation. This means that employees are able to contribute an additional 17 workdays, thereby increasing the productivity.
The remote working situation, while being a comfortable option for employees, need to be effective for the employers as well. This means that the communication between employers and employees need to be free of any kind of interruption, just like actual meetings. In order for this to happen, companies are increasingly making use of web conferencing solutions, which enables them to combine the benefits of a phone conversation with those of a live video. These solutions further provide the ability of instant messaging and conducting meetings at any time and from anywhere. Due to this, the global web conferencing market is predicted to grow at significant pace in the years to come.
These days, the demand for cloud-based web conferencing solutions has also risen considerably as compared to conventional web conferencing solutions, which primarily due to the fact that the cost of these solutions is lower than their counterparts. Moreover, cloud-based systems do not need on-site data servers, which requires huge operational expenditure. In addition to this, with cloud-based web conferencing, updates of features are automatically installed on the devices of the users. Moreover, the scalability of these solutions is limitless, which offers businesses with additional advantages.
When offering is taken into consideration, the market is divided into service and solution, between which, the solutions division held the larger share of the market in 2019. This is due to the rising requirement for web conferencing solutions for effective collaboration and communication. Due to the rising preference for remote working, businesses are widely adopting web conferencing solutions for effective collaboration among various departments.
Geographically, North America dominated the web conferencing market during the historical period (2014-2019), which is owing to the early adoption of novel technologies, technological inclined population, and large IT spending in the region. Moreover, the rising penetration of high-speed internet and presence of a large number of enterprises are also driving the demand for web conferencing in the region. Apart from this, the Asia-Pacific region is expected to register the highest CAGR during the forecast period, because of the surging sales of smartphones, rising penetration of internet, and strong economic development in major countries in the region.
Hence, the demand for web conferencing is growing due to the rising demand for remote working conditions, which, in turn, is because of spread of COVID-19.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Currency Conversion Rates
2.6 Assumptions for the Study
Chapter 3. Executive Summary
3.1 Voice of Industry Experts/KOLs
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Offering
18.104.22.168.1 Video calling & conference
22.214.171.124.2 Voice calling & conference
126.96.36.199.3 Messaging & file sharing
188.8.131.52 Large enterprises
4.1.3 Deployment Type
4.1.4 By Vertical
184.108.40.206 IT & telecom
220.127.116.11 Media & entertainment
18.104.22.168 Transportation & logistics
4.2 Value Chain Analysis
4.3 Market Dynamics
22.214.171.124 Increasing preference for cloud-based web conferencing solutions
126.96.36.199 Increasing preference for remote working
188.8.131.52 Increasing usage owing to COVID-19 pandemic
184.108.40.206 Impact analysis of drivers on market forecast
220.127.116.11 Low penetration of high-speed internet in developing economies
18.104.22.168 Impact analysis of restraints on market forecast
22.214.171.124 Growing adoption of bring-your-own-device (BYOD) policy
4.4 Impact of COVID-19 on Web Conferencing Market
4.5 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Offering
5.1.1 Solution Market, by Type
5.1.2 Service Market, by Type
5.2 By Enterprise
5.3 By Deployment Type
5.4 By Vertical
5.5 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Major Markets
11.1 U.S. Market Size and Forecast
11.2 U.K. Market Size and Forecast
11.3 Germany Market Size and Forecast
11.4 China Market Size and Forecast
11.5 Japan Market Size and Forecast
Chapter 12. Competitive Landscape
12.1 List of Players and Their Offerings
12.2 Market Share Analysis of Key Players
12.3 Competitive Benchmarking of Key Players
12.4 Strategic Developments in the Market
Chapter 13. Company Profiles
International Business Machines (IBM) Corporation
Zoom Video Communications Inc.
Cafex Communications Inc.
Quobis Networks SLU
Avaya Holdings Corporation
Cisco Systems Inc.
For more information about this report visit https://www.researchandmarkets.com/r/h3gsyt
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