Web Conferencing Market - Introduction
- Web conferencing refers to communication technologies that enable users to make phone calls using an internet-based program, through software downloaded locally to a computer or tablet, or in an on premise environment. Google Hangouts, Cisco Webex, Zoom Video RingCentral, Community Lifesize, Skype for Business, and others are some of the most prominent web conferencing applications. Users can send text-based messages, attach files, and engage in voice and video chat with these apps.
- The growing demand for online seminars and online workshops is a key factor driving the growth of the web conferencing market globally. It has a feature that allows conferencing sessions to be broadcast to remote locations, and is also used for online workshop interactive conferences. Web conferencing allows business to conduct meetings, workshops, presentations, and demonstrations remotely. The major benefit of web conferencing is that it saves time, money, and resources, which results in saving administrative cost of a company.
Key Drivers of the Web Conferencing Market
- The trend of remote working is a major factor that drives the demand for web conferencing. Large organizations have scattered operations around the world. Web conferencing solutions allow businesses to communicate through the internet and attend all-important business meetings from anywhere at any time. This beneficial feature of web conferencing is expected to drive the growth of the market. Furthermore, web conferencing enable businesses to engage with external stakeholders such as customers and business partners, which results in sustaining their position and keeps businesses competitive in the market.
- However, lack of technical workforce in developing economies is expected to hamper the growth of the web conferencing market.
Impact of COVID-19 on the Global Web Conferencing Market
The world has undergone extreme economic downturn since the start of Covid-19. At this time, companies are using web conferencing to conduct training and recruitment processes for organizations. For instance, Owl Labs global State of Remote Work survey reported that more than 60% of organizations had adopted the work from home model in the pandemic situation. On the other hand, governments use web conferencing tools to communicate with doctors and administrative personnel across the country.
North America Accounts for Dominant Share of the Web Conferencing Market
- North America holds a prominent share of the web conferencing market due to the growing digitalization in organizations, resulting in increasing demand for web conferencing. Web conferencing helps businesses to establish an active online presence in the market, allowing companies to educate and connect with customers from anywhere at any time. This factor further aids companies to gain customer loyalty and remain competitive in the market.
- The Asia Pacific web conferencing market is expected to expand at the highest CAGR during the forecast period. The continued growth of SMEs in developing economies is a major factor resulting in the growth of web conferencing in the Asia Pacific region. This is because SMEs in the IT sector depend heavily on international clients, and SMEs are continuously increasing investment in web conferencing solutions as it helps them to provide better services to their clients. This consideration would become more important for increasing adoption of web conferencing in the near future.
Key Players Operating in the Global Web Conferencing Market
Companies operating in the web conferencing market are increasingly investing in research and development to develop new and innovative techniques to provide web conferencing solutions. The web conferencing market is highly fragmented with the presence of numerous manufacturers in both developed and developing regions. Key players operating in the global web conferencing market include:
- SolarWinds Worldwide, LLC.
- LogicMonitor Inc.
- SmartBear Software
- New Relic, Inc.
- Riverbed Technology
Global Web Conferencing Market: Research Scope
Global Web Conferencing Market, by Component
- Web Performance Monitoring
- Web Performance Optimization
- Web Performance Testing
- Managed Services
- Consulting Services
- Implementation Services
Global Web Conferencing Market, by Deployment
Global Web Conferencing Market, by Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
Global Web Conferencing Market, by End-user
- Logistics and Transportation
- Media and Entertainment
- IT & Telecom
Global Web Conferencing Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Web Performance Management
- Web Monitoring Software
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.