The new report by Expert Market Research titled, ‘Global Web Conference Software Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global web conference software market, assessing the market based on its segments like type, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 4.1 Billion
• Forecast CAGR (2022-2027): 14.36%
• Forecast Market Size (2027): USD 9.3 Billion
The forecast period is expected to witness companies establishing a hybrid working model increasing the need for web conferencing solutions. Post-pandemic several organizations are combining remote and on-site working to enable increased productivity of the workforce. Flexible cloud communication systems meet business collaborative requirements and do not need major infrastructural changes which is anticipated to boost the growth of cloud-based web conferencing software. The cloud platform provides organizations with a set of tools and models all aimed at increasing their productivity. They offer features such as screen sharing, instant messaging, desktop sharing, remote control, and an interactive whiteboard, among others.
Web conferencing software is a tool that is designed to facilitate live online meetings. It helps to conduct interactive meetings even with people in remote areas. Some web conferencing solutions are developed for text-based group discussions while other platforms can be capable of providing conference calling, video conferencing, and more.
Based on type, the market is segmented into:
On the basis of application, the market is divided into:
• Company Conference
The major regional markets include:
• North America
• Latin America
• Middle East and Africa
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Technological developments are facilitating improved video quality with integrated collaborative tools to replace in-person meetings efficiently. In addition, the use of video conferencing in the healthcare industry is expected to grow even after the pandemic as it facilitates a contact-free interaction between patients and doctors essential for patients living in remote areas and for those that find travelling expensive. Additionally, the growth of the 5G technology is improving the video and audio quality and facilitates the interaction of people on several IoT devices. Moreover, the integration of AI into virtual assistant solutions can help users with notetaking and scheduling meetings. AI can also process different languages and translate them in real-time. Such advancements are expected to increase market demand during the forecast period.
Key Market Players
The major players in the market are Microsoft Skype for Business, Adobe Connect, Livestorm, Zoho Meeting, Wire, TeamViewer, and Zoom Video Conferencing, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.