Web Conferencing Market - Forecasts from 2023 to 2028bal Web Conferencing Market Soars, Anticipated to Reach $32+ Billion by 2028: Insights into the Rapid Growth of Virtual Communication
Dublin, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The "Web Conferencing Market - Forecasts from 2023 to 2028" report has been added to * ResearchAndMarkets.com's* offering.
The global web conferencing market is poised for remarkable growth, with a projected Compound Annual Growth Rate (CAGR) of 12.52% to reach a value of US$32.566 billion by 2028, up from US$14.265 billion in 2021.
Web conferencing has become an integral part of modern communication, offering diverse solutions such as webcasts, online collaborations, web meetings, virtual presentations, and webinars. This technology has gained significant traction across various industries, including education, BFSI, healthcare, and IT.
It enables organizations to create sophisticated online meeting platforms, reduce transportation costs, and facilitate remote participation in essential meetings and conferences. This adoption trend, driven by advancements in internet technology and the shift toward remote work culture, is expected to fuel the growth of the web conferencing market.
*Key Market Drivers:*
*1. Technological Advancements, Including 5G:* The evolution of internet technology, coupled with increased internet connectivity worldwide, is driving demand for web conferencing software. Developments like the adoption of 5G networks enable users to access faster and higher-quality online conferences. As internet penetration levels continue to grow globally, governments are implementing policies and initiatives to improve access, further stimulating the virtual communications, commerce, and gaming sectors. For example, the introduction of 5G internet services in India by Reliance Jio and Airtel in 2022 reflects this trend. The expanding use of and advancements in internet technology are significant factors propelling the web conferencing market's growth.
*2. Shift Toward Remote Work Culture:* The COVID-19 pandemic prompted a significant shift in the corporate sector toward remote work arrangements. The number of employees working from home surged, with a notable increase from 9 million people in 2019 to 27.6 million people in 2021, as reported by the US Government Census Bureau. Research from Stanford University revealed that remote work improved employee performance by approximately 22%. Companies are recognizing the benefits of remote work, including enhanced work-life balance, higher morale, and reduced stress levels. This paradigm shift in corporate work dynamics has generated substantial demand for web conferencing services, contributing to market growth. Leading companies like Amazon Web Services, Google, Spotify, and Dell Technologies have adopted hybrid and remote work models.
*Key Market Challenges:*
*1. Technical Issues:* The efficiency of web conferencing software relies heavily on stable internet connectivity and device compatibility. Technical problems, such as hardware malfunctions (e.g., audio systems) or compatibility issues with video conferencing software, affect approximately 40% of online video meetings, according to a survey by Highfive, a US-based video conferencing solutions company. Network glitches and unstable internet connections due to weather disturbances can also disrupt web conferencing. The prevalence of such technical issues poses a potential constraint on the rapid expansion of the web conferencing market.
*Recent Market Developments:*
1. *Vonage* introduced its new video conferencing service, the Vonage Meetings API, in March 2023. This customizable API caters to diverse business platforms and websites, meeting various interaction requirements.
2. In the same month, *Quickom Inc.* launched an upgraded version of its web3 solution, Chat3.one, capable of accommodating massive conferences with up to 10,000 users in a single meeting.
3. In August 2022, *Mimo Monitors*, a company specializing in hardware equipment for conference rooms, entered the video conferencing market with its product, Unify Meeting. This product integrates web conferencing solutions from Google, Zoom, and Microsoft, catering to employees working online.
The Asia Pacific region is expected to retain a significant share of the web conferencing market due to the increased adoption of online schooling and work-from-home practices. Emerging economies like Japan, China, India, South Korea, and Australia have witnessed growing numbers of universities offering online degree courses and webinars. For instance, India's online education division experienced a 170% increase from 2021 to 2022, according to the University Grants Commission. As universities increasingly offer virtual courses, web conferencing solutions are essential for conducting classes and interacting with students, driving the market's growth in the Asia Pacific region.
*Key Market Segments:*
· *Offering:* Hardware, Software, Services
· *Deployment:* Hosted Web Conferencing, On-Premises Web Conferencing, Managed Web Conferencing
· *Industry Vertical:* BFSI, Education, Healthcare, Government & Defense, IT & Telecom, Media & Entertainment, Others
· *Geography:* North America, South America, Europe, Middle East and Africa, Asia Pacific
· Adobe Inc.
· Microsoft Corporation
· Cisco Systems Inc.
· Citrix Systems, Inc. (Cloud Software Group)
· Google LLC (Alphabet Inc.)
· Zoho Corporation Pvt. Ltd.
· Huawei Services Co., Limited
· RingCentral, Inc.
*Report Attribute* *Details*
No. of Pages 138
Forecast Period 2021 - 2028
Estimated Market Value (USD) in 2021 $14.27 billion
Forecasted Market Value (USD) by 2028 $32.57 billion
Compound Annual Growth Rate 12.5%
Regions Covered Global
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· Web Conferencing Market
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