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Web Conferencing Market - Forecasts from 2023 to 2028

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  • 138 Pages
  • April 2023
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5794053

The global web conferencing market is projected to grow at a CAGR of 12.52% to reach US$32.566 billion in 2028 from US$14.265 billion in 2021.

Webcasts, online collaborations, web meetings, virtual presentations, and webinars are the most prominent types of web conferences conducted. The adoption of web conferencing solutions enables consumers to create sophisticated online meeting platforms, lower their transportation expenses, and attend important meetings and conferences from remote locations. As a result of this, leading companies in the education, BFSI, healthcare, and IT industries are consuming web conferencing software and solutions by deploying hosted, on-premises, and managed web conferencing. Therefore, considering the various factors stimulating the consumption of web conferences, it can be anticipated that the web conferencing market will considerably grow over the forecast period.

Market Drivers

Technological advancements such as 5G and more

The evolution of internet technology and the increase in internet connection across the world are creating more demand for web conferencing software. The developments in the internet such as the adoption of the 5G network enable users to access faster and better quality online conferences. In addition, the growth in the internet penetration levels in developed and developing companies provides opportunities for the growth of the virtual communications, commerce, and gaming sectors. Due to this, governments around the world are creating policies and initiatives to provide their citizens with better access to the Internet in urban and remote areas as well. For instance, the Government of India announced the introduction of 5G internet services in India by Reliance Jio and Airtel in 2022. In addition, the World Bank estimated that the proportion of internet users in the world population increased from 54% in 2019 to 60% in 2020. Therefore, the expanding consumption and advancements in internet technology are key factors propelling the growth of the web conferencing market.

The shift in the corporate sector toward remote work culture

The lockdowns enforced during the pandemic caused a massive shift in the corporate industry toward the employment remote work system. The US Government Census Bureau reported in its American Community Survey of 2021 that the number of employees opting to work from home increased from 9 million people in 2019 to 27.6 million people in 2021. In addition, a study conducted by Stanford University revealed that the performance of employees improved by approximately 22% when they work from remote areas like home. The adoption of a remote work lifestyle enables employees to improve their work-life balance, boost their morale, and lower their stress levels. Owing to the various advantages associated with working from home, companies are considering the development of long-term hybrid work models to continue remote work practices. Amazon Web Services, Google, Spotify, and Dell Technologies are some leading companies adopting hybrid and remote work models. Therefore, the changes in corporate work demographics are generating high demand for web conferencing services. For instance, the net income of Zoom Video Communications Inc. increased from US$ 25 million in 2020 to US$1.375 billion in 2022. Hence, the embracement of hybrid and remote work cultures by different industries will promote the growth of the web conferencing market.

The disturbances caused by technical issues could limit the growth of the web conferencing market.

The efficiency of web conferencing software is dependent on the availability of a stable internet network and the compatibility of the software with the device. A survey conducted by Highfive, a US-based company manufacturing video conferencing solutions revealed that around 40% of online video meetings face technical problems due to the malfunction of computer hardware like audio systems or compatibility issues with the video conferencing software. In addition, the glitches in the network and unstable internet connection due to weather disturbances could also lead to inefficiencies in web conferencing methods. Therefore, the prevalence of technical issues in video conferencing solutions could restrain the rapid expansion of the web conferencing market.

Recent Market Developments

In March 2023, Vonage introduced its new video conferencing service by launching Vonage Meetings API which can be customized to meet the interaction requirements of different business platforms and websites.

In March 2023, Quickom Inc., a company specializing in the production of video communication applications declared the launch of an upgraded version of its web3 solution, Chat3.one, which can accommodate enormous conferences with approximately 10,000 users in a single meeting.

In August 2022, Mimo Monitors, a company predominantly involved in the production of hardware equipment for conference rooms entered the video conferencing market by launching its first product, Unify Meeting which integrates the web conferencing solutions of Google, Zoom, and Microsoft for employees working online.

Asia Pacific region is expected to retain a prominent share of the web conferencing market in the forecast period.

The web conferencing market in the Asia Pacific region witnessed growth during the pandemic as a result of an increase in online schooling activities and the adoption of work-from-home practices by users in this region. An increasing number of universities and educational establishments in emerging economies like Japan, China, India, South Korea, and Australia are offering online degree courses and conducting webinars to expand the reach of their educational services. For instance, the University Grants Commission of India revealed that the online education division in India escalated to increase by 170% from 2021 to 2022. In addition, the UGC also reported that the number of students enrolling in online education courses increased from 25,905 in 2021 to 72,400 in 2022. The adoption of online educational services by universities results in the need to conduct online meetings to conduct classes and interact with students. Hence, the growing consumption of virtual university courses in Asian countries is expected to result in an expansion of the web conferencing market in the Asia Pacific region.

Key Market Segments:

By Offering

  • Hardware
  • Software
  • Services

By Deployment

  • Hosted Web Conferencing
  • On-Premises Web Conferencing
  • Managed Web Conferencing

By Industry Vertical

  • BFSI
  • Education
  • Healthcare
  • Government & Defense
  • IT & Telecom
  • Media & Entertainment
  • Others

By Geography

  • North America
  • USA
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Spain
  • Others
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Israel
  • Other
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Taiwan
  • Others

Table of Contents

1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
2.1. Research Data
2.2. Research Design
3.1. Research Highlights
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5.1. Introduction
5.2. Hardware
5.3. Software
5.4. Services
6.1. Introduction
6.2. Hosted Web Conferencing
6.3. On-Premises Web Conferencing
6.4. Managed Web Conferencing
7.1. Introduction
7.2. BFSI
7.3. Education
7.4. Healthcare
7.5. Government & Defense
7.6. IT & Telecom
7.7. Media & Entertainment
7.8. Others
8.1. Introduction
8.2. North America
8.2.1. USA
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. Germany
8.4.2. France
8.4.3. United Kingdom
8.4.4. Spain
8.4.5. Others
8.5. Middle East And Africa
8.5.1. Saudi Arabia
8.5.2. UAE
8.5.3. Israel
8.5.4. Other
8.6. Asia Pacific
8.6.1. China
8.6.2. Japan
8.6.3. India
8.6.4. South Korea
8.6.5. Indonesia
8.6.6. Taiwan
8.6.7. Others
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10.1. Adobe Inc.
10.2. Microsoft Corporation
10.3. Cisco Systems Inc.
10.4. Citrix Systems, Inc. (Cloud Software Group)
10.5. Google LLC (Alphabet Inc.)
10.6. Zoho Corporation Pvt. Ltd.
10.7. Huawei Services Co., Limited
10.8. RingCentral, Inc.
10.9. AT&T
10.10. Genesys
10.11. IBM

Companies Mentioned

  • 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.
  • AT&T
  • Genesys
  • IBM



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