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COVID-19 Impact on Global Web Conferencing Market By Type (Hardware Devices And Software Services); By Downstream Fields (Education, Financial, Medical, Government and Others) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
Often known as the webinar, a web conference is a sort of real-time contact. It is used by the internet to hold meetings, workshops, and training. In video conferencing, with the aid of the internet, a large number of computer users will simultaneously display the same screen in their browser. This kind of service allows online conference activities. The increasing demand for immersive conferences online workshops around the world is projected to foster growth.
Global Web Conferencing Market size was registered at USD 3.16 billion in 2019 and is estimated to reach USD 8.09 billion by 2030, registering a CAGR of 9.11% from 2020 to 2030. The increasing demand for immersive conferences online workshops around the globe is projected to foster the growth of the global Web Conferencing Market over the forecast period. Furthermore, the direct customer support that online conferencing services provide is expected to boost market growth shortly. Some of the other factors expected to drive demand growth are the broader deployments and the growing service user base. Furthermore, the rising need for the increasing pace of technological change, flexible working styles, and the ongoing transformation of the workplace are likely to complement demand growth in the coming years. Additionally, the availability of necessary infrastructure and technological developments are some of the other factors which are expected to accelerate market growth in the coming years.
Global Web Conferencing Market Opportunity Analysis
Source: Fatpos Global
By type, the market can be segmented into hardware devices and software services. Among these, due to the growing adoption of software tools and platforms the segment is expected to have the largest market share during the forecast period.
The downstream field segment can be classified into Education, Financial, Medical, Government, and Others. Education segment is expected to register the highest CAGR growth in the market for web conferencing due to the increased usage of web conferencing by schools, colleges, and institutions due to the emergence of the novel coronavirus globally.
Source: Fatpos Global
Increasing demand for immersive conferences online workshops around the globe is projected to foster the growth of the global Web Conferencing Market over the forecast period. Furthermore, the direct customer support that online conferencing services provide is expected to boost market growth shortly. The enhanced user interface, product simplification, and smart workflow integrations provided by online conferencing are some of the key factors expected to accelerate global market growth in the coming years. Moreover, the use of video conferencing eliminates regional barriers for business teams operating at remote locations on complex business ventures. Also, video conferencing helps to minimize expenditures substantially by reducing costs for different operations. These factors are expected to give market players exciting prospects and will fuel global market growth shortly. Some of the other factors expected to drive demand growth are the broader deployments and the growing service user base. Furthermore, the rising need for the increasing pace of technological change, flexible working styles, and the ongoing transformation of the workplace are likely to complement demand growth in the coming years.
Messages passed through these applications get skewed by the noise that contributes to miscommunication. Information protection is another factor expected to hamper demand across the industry shortly. Important discussions over these suites are avoided as users challenge the protection. Information on these applications could be misused due to fraud activities that are expected to adversely affect global product demand
Due to the growing demand for online conferencing across diverse industries, North America and Europe are regarded as leading segments. Furthermore, the availability of necessary infrastructure and technological developments are some of the other factors which are expected to accelerate market growth in the coming years. Also, with key players increasingly concentrating on untapped opportunities in emerging economies, the APAC region is expected to be experiencing rapid growth over the forecast period.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Source: Fatpos Global
Global pandemic COVID-19 has become global stress, not just for human lives, but also for industries across different industry verticals. The COVID-19 disease has infected several million people globally, with an increasing number of active cases daily, the duration of the pandemic is still difficult to predict. In the space of only a few months, there has been a major increase in web conferencing. The current COVID-19 situation has far more people working from home than ever before, prompting businesses to use video conferencing as their primary means of employee communication. And with much of the planet on lockdown and social distancing steps in place, even spending time with friends and family is now largely limited to video calls. From birthday parties for children to corporate meetings with high stakes, online conferencing and video call systems are now being used globally which is spurring the demand for the web conferencing industry. Although there is nothing that replaces in-person communication, there are many things that can be done quickly and easily through web conferencing, so it is anticipated that even in the post-COVID-19 period the use of these platforms will continue to proliferate.
New technological advancements in the Global Web Conferencing Market, as well as large production output of the product by key players, are likely to increase the market growth. Moreover, with key players increasingly concentrating on untapped opportunities in emerging economies, the market is expected to experience rapid growth over the forecast period.
Adobe Systems
Global Web Conferencing Market segments: -
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