Pune, India, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Fortune Business Insights offers a detailed overview of the global market in a report, Titled the global Web Conferencing Software Market size is projected to reach USD 10.46 billion by the end of 2027. The rising internet penetration, coupled with the increasing smartphone use, will lead to a wider adoption across the world. According to a report published by Fortune Business Insights, titled “Web Conferencing Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Hosted Web Conferencing, On-Premises Web Conferencing, Managed Web Conferencing and Software-as-a-Service (SaaS)), By End-use (Education, Government, Healthcare, IT and Telecommunication, BFSI, Manufacturing, Media & Entertainment, and Others), and Regional Forecast, 2020-2027,” the market was worth 3.62 USD billion in 2019 and will exhibit a CAGR of 14.3% during the forecast period, 2020-2027.
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As its name suggests, Web Conferencing Software Market allows several people in an organization to conduct meetings over the internet. It is also called as video conferencing software and it is used to carry out discussions and meetings among people who cannot physically meet. The availability of free and open source cloud platforms has pioneered the use of this software across the world. The rising internet penetration, coupled with the presence of several large scale manufacturers across the world will bode well for the growth of the overall market in the coming years. Technological advancements have certainly played a huge role in the growth of the market in recent years. The availability of high speed communication networks has provided the platforms for growth for the companies operating in the market.
North America to Emerge Dominant; Presence of Several Large Scale Companies will Bode Well for Market Growth
The report analyses the latest Web Conferencing Software Market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several large scale companies in several countries across the world has been pivotal to the growth of the market in recent years. The massive investments in technological intervention by major companies in this region will have a huge impact on the growth of the market. As of 2019, the market in North America was worth 1.85 billion and this value is projected to increase at a considerable pace in the coming years. Web Conferencing Market in Asia Pacific is projected to be a highly competitive space due to the increasing internet penetration in several countries across the region, coupled with the increasing smartphone use.
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Cisco’s AI-powered Web Conferencing Platform Amid Surge in Demand during the Pandemic
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product innovations has made the highest impact on the growth of the market. Accounting to the massive demand for web conferencing software during the Covid-19 pandemic, several companies are looking to maximize on the situation by introducing newer products with advanced concepts. Furthermore, products that were introduced before the pandemic have taken off during the outbreak. In January 2020, Cisco Systems announced the launch a new AI-powered voice-intelligence capabilities to its WebEx meetings. This step will provide a more enhanced version of the previous real-time experience in its products. Increasing number of such innovative products will have a massive impact on the growth of the overall market in the coming years.
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List of Key Companies Profiled in the Web Conferencing Software Market Report Are:
Industry Developments:
May, 2018 – Glance Network Inc. announced availability of Glance Mobile App Sharing. The product is an omnichannel visual engagement platform.
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