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The global web conferencing market size is projected to reach USD 10.46 billion by the end of 2027. The availability of low-cost as well as free cloud platforms will bode well for the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Web Conferencing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Hosted Web Conferencing, On-Premises Web Conferencing, Managed Web Conferencing and Software-as-a-Service (SaaS)), By End-use (Education, Government, Healthcare, IT and Telecommunication, BFSI, Manufacturing, Media & Entertainment, and Others), and Regional Forecast, 2020-2027,” the market was worth 3.62 USD billion in 2019 and will exhibit a CAGR of 14.3% during the forecast period, 2020-2027.
Web conferencing software is used to conduct conferences and meetings over the internet through software based applications that are installed on physical devices. The presence of several large scale vendors and software providers at no or minimum costs will bode well for the growth of the overall market in the coming years. The increasing internet penetration will also provide the platform for rapid growth. This software can help conduct meetings among people who are at two different places or anywhere in the world, provided they are connected to the internet. The availability of low-cost cloud platforms will create several growth opportunities for the web conferencing market in the coming years. The availability of secure communication servers and the increasing use of technologically sound concepts have opened up a huge potential for the growth of the market in the coming years.
Glance Network Inc.’s Omni-channel Engagement Platform will Have a Massive Global Impact
The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the market in recent years. Due to the increasing use of web conferencing software across the world, there has been a healthy market competition. As a result, companies are now focusing on product innovations and developing low-cost software with a bid to establishing a stronghold in the market. The aforementioned factors will ultimately influence the growth of the overall market in the foreseeable future. In May 2018, Glance Network Inc. announced the general availability of its mobile visual platforms. The company announced that it will be making its Glance Sharing Mobile App’ available to all. The product is an omni-channel visual engagement platform and given the massive consumer base of the company, this product will help generate substantial market revenue in the coming years.
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Increasing Adoption of UCaaS Platforms to Bode well for Market Growth
The rising demand for unified communication as a service (UCaaS) in several countries across the world will create several growth platforms for the companies in the market. Accounting to the increasing adoption of bring your own device (BYOD) platforms, the use of this software will be maximized. The report highlights other factors similar to the aforementioned driver and gauges their impact on the growth of the overall market in recent years.
Major Companies are Now Focusing on Upgrading Existing Software through Latest Trends
Due to the influx of start-ups in the IT sector, the established companies are looking to upgrade their existing products. This is mostly done to stay in sync with the latest trends and in doing so, retain the customers that have been with them for a long time. This will also help acquire newer customers, owing to the strong brand image that has been established over a period of several years.
List of companies profiled in the report:
The global market is segmented on the basis of:
Value (USD Billion)
Component; Deployment; End User and Geography
By End User