While it is true that the COVID-19 pandemic is one of the deadliest pandemics that humanity has ever faced, causing thousands of deaths and an unprecedented global economic crisis, it also can not be ignored that “the pandemic has caused some major changes in work patterns and contributed massively toward the development of various revolutionary work trends” that may well continue to exist even in a post COVID world. One such new work trend is the concept of remote working or work from home.
The global web conferencing market is predicted to grow, in value, from $2,109.3 million to $78,547.9 million from 2019 to 2030. Furthermore, as per the estimates of the market research firm, P&S Intelligence, the market will demonstrate a CAGR of 39.3% from 2020 to 2030. Web conferencing solutions are adopted by both large enterprises and small and medium enterprises (SMEs). Of these, the utilization of web conferencing was higher in large enterprises in the last few years.
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The increasing popularity of remote working in recent times has led to a huge rise in the adoption of web conferencing solutions that allow companies to build and maintain engagement amongst the employees, conduct business and team meetings, and organize team collaborations, which in turn, enhances productivity and efficiency of business operations. In addition to this, the web conferencing solutions allow businesses to continue their operations and work processes without compromising the safety of their employees. Furthermore, these solutions massively reduce the operational expenses of the companies, which, in turn, causes a sharp surge in their profits.
The objective of this research includes;
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Geographically, “the demand for web conferencing was observed to be the highest in North America from 2014 to 2019”. This is mainly ascribed to the early incorporation of innovative and advanced technologies, huge spending in the information technology (IT) sector, and the presence of a technologically literate population in the North American countries. In addition to this, the high penetration of internet and the presence of bring-your-own-device (BYOD) policies in several organizations contributed significantly toward the high demand for web conferencing solutions in the region in the past.
The research includes detailed analysis of;
Based on Offering
Based on Enterprise
Based on Deployment Type
Based on Vertical
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.