Web Conferencing Market Size, Share, Opportunities, And Trends 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), And By Geography - Forecasts From 2023 To 2028

The web conferencing market is estimated to grow at a CAGR of 12.52%, reaching US$32.566 billion in 2028 from US$14.265 billion in 2021.

Web Conferencing Market Trends:

The growing popularity of remote work, the dispersed location of company operations, and more globalization are the main drivers of growth. Additionally, the growing need for web conferencing services in the healthcare and educational sectors is fueling the web conferencing market expansion.

Further, the sudden adoption of the work-from-home culture by many companies raised the need for web conferencing tools and services like Zoom, Microsoft Teams, and Google Workspace. These websites are being actively used by an increasing number of people. For instance, Microsoft Teams reported 270 million monthly active users in January 2022.

Web Conferencing Market Growth Opportunities

The industry has significant growth opportunities thanks to the emergence of conferencing systems based on machine learning and artificial intelligence (AI). These solutions give companies the ability to make the most of collaboration platforms and boost meeting efficiency by leveraging facial recognition and virtual assistant technologies. For instance, AI in conferencing systems assists firms in gaining insights regarding the optimal number of meeting attendees, meeting length, and meeting time of day.

The NVIDIA Maxine platform, which offers a cloud-based selection of GPU-powered AI video conferencing software to enhance the streaming video, was introduced by NVIDIA Corporation in October 2020. web conferencing industry participants including Cisco Systems, Inc. and Microsoft Corporation are pushing for the development of video conferencing systems that automatically route calls over VoIP networks in an effort to generate income. The Cisco Webex Edge Connect, for instance, leverages Cisco Systems, Inc.'s Unified Communications Manager to automatically route calls over VoIP networks. As a result of the growing popularity of cloud-based communication tools like AvayaLive Video and Zoom, the web conferencing market has experienced impressive growth.

Increasing technological development

The emergence of 5G technology, which employs Voice over Internet Protocol (VoIP), is an anticipated technology that alters web conferencing market trends. With the use of modern technology, businesses in developed economies have created enormous potential.

Further, the expansion of internet usage in both developed and emerging nations opens doors for the development of the sectors of virtual commerce, gaming, and communications. As a result, governments all over the world are developing projects and policies to give their inhabitants improved access to the Internet in both urban and rural locations. For instance, the leading communications solutions provider in India, Bharti Airtel, introduced the Airtel 5G + in a number of the nation's most important cities in October 2022.

Increase in data traffic

With the increasing demand for video content, data traffic volumes may increase over the coming years. For instance, according to Cisco, by 2023, there will be 3.6 networked devices per person, up from 2.4 devices per person in 2018. Up from 18.4 billion in 2018, there will be 29.3 billion networked devices, leading to the expansion of internet users, for instance, as per the 2022 report by Cisco, the percentage of internet users increased from 45.3% in 2017 to 59.7% in 2022.

The web conferencing market is anticipated to grow steadily in the United States.

The presence of large-scale IT companies in the country is playing a pivotal role in growing the web conferencing industry in the United States. For instance, Adobe Inc. is headquartered in San Jose, United States, and Microsoft Corporation with headquarters in Washington, US. Additionally, the trend for Bring Your Device (BYOD) Solutions, where an employee can bring their own laptops, and desktops coupled with the rising culture of hybrid working environments and work-from-home setups in the country is aiding web conferencing market growth in the projected period.  Strategic mergers and collaborations are happening in the web conferencing market that are further enhancing the web conferencing market growth in the projected period. Additionally, the increasing instance of people working remotely is increasing in the US raising the demand for such solutions in the projected period. For instance, according to the Bureau of Labor Statistics, around 27% of the US workforce was working remotely at least part-time as of August and September 2022.

Increase in number of people working from home

According to the American Community Survey (ACS), there is an increase in number of people working from home in the United States. In 2019, 5.70% or roughly around 9 million people were working from home in the United States which increased to 17.90% or around 27.6 million people were working from home in 2021. The demand for video conferencing, virtual presentations, and web meetings among others plays a vital role in growing the web conferencing industry in the United States and the market is expected to grow at a significant pace.

Market Key Developments

• In August 2023, RingCentral a California-based company that mastered AI powdered global enterprise cloud communication, in the United States acquired the Hopin product line for providing the best video offering of events and sessions. The Hopins’s Event and Session product is an all-in-one management platform for planning and producing both virtual and hybrid events.

Web Conferencing Market Scope:

Segmentation:

• 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
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • Spain
    • United Kingdom
    • France
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • Others
  • Asia Pacific
    • China
    • Japan
    • Australia
    • India
    • Others