BANGALORE, India, May 7, 2020 /PRNewswire/ -- 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
AT & T Connect Support
Digital Samba OnSync
Google Open Meetings
Web Conferencing Market segment by Type, the product can be split into
Web Conferencing Market segment by Application, split into
Cloud Video Conferencing's market size is USD 6.38 Billion in 2020 and is estimated to reach USD 10.12 Billion by 2025, at a CAGR of 9.7%.
The main reasons for regional cloud migration struggle might include a struggle with legacy systems, sluggish changes in IT policy to adapt rapidly to new technologies, and new data protection laws, such as GDP(General Data Protection Regulation). However, our research indicates that businesses in developed nations are implementing a cloud migration strategy.
Cloud technologies can serve as a catalyst for growth, allowing corporate programs to prepare for on-site meeting room facilities and promote mobile workforce escalation.
● Video Conferencing System Software Market Report
The Video Conferencing System Software Market size is estimated at USD 8.24 Billion in 2020 and is expected to hit USD 12.80 Billion by 2025, at a CAGR of 9.2%.
A video conference is a live, visual contact for communication purposes between two or more individuals who reside in separate locations. At its simplest, video conferencing allows the transmission between two locations of static images and text. At its sophisticated, it offers transmission between different locations of full-motion video images and high-quality audio.
The Video Conferencing's market size is USD 10.57 Billion in 2020 and is expected to reach USD 16.19 Billion by 2025, at a CAGR of 8.9%.
This report focuses on the volume and value of video conferencing at the global, regional, and enterprise levels. From a global perspective, this study reflects the overall size of the market for Video Conferencing through the review of historical data and future prospects. This study focuses on regionally in many main regions: North America, Europe, China, and Japan.
The Web real-time communication or WebRTC is a novel technology that enables peer-to-peer audio, video, and data communication between two web browsers without any external plug-ins or downloads.
The consumer only needs a compatible web browser as WebRTC does not require external frameworks, programs, or plug-ins. WebRTC delivers high efficiency and low latency, reducing the additional costs associated with bandwidths.
The growth in WebRTC market size is attributed to its cost-efficient feature, increase in adoption of WebRTC technology among enterprises, and easy access on mobile devices & desktops.
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