Web Conferencing Market Size, Status, Top Players, Trends in Upcoming Years
Posted by Devanshu Shrivastava on April 8th, 2021
The growing popularity of remote working is fueling the demand for web conferencing solutions across the world. Currently, businesses are formulating new strategies and methods for improving their productivity and reducing the operational expenditure. As remote working massively reduces the operational expenditure by cutting down on various office expenses, organizations are increasingly adopting this policy.
As per various studies, remotely working employees have the ability to work an additional 1.4 days per month than the in-office employees. This adds up to around 17 additional workdays in a year, which leads to a huge increment in business productivity. Moreover, web conferencing solutions provide the advantages of both live video and phone conversations and allow organizations to easily conduct team meetings anytime and anywhere, thereby enhancing team collaboration.
Furthermore, the ongoing COVID-19 pandemic has made remote working very popular, as it allows employees to keep up their productivity levels while maintaining adequate quarantine and social distancing protocols. Due to the above-mentioned factors, the popularity of web conferencing is growing rapidly across the world. This is, in turn, driving the advancement of the global web conferencing industry.
As a result, the valuation of the market is predicted to grow from ,109.3 million in 2019 to ,547.9 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 39.3% between 2020 and 2030. Depending on offering, the market is categorized into service and solution. Moreover, the governments of many countries have imposed strict partial or full countrywide lockdowns for restricting the movement of people. As a result, several organizations all over the world are rapidly adopting the remote working policy as it allows them to maintain the business workflow.
This is subsequently pushing up the demand for web conferencing solutions as these solutions are needed for remotely maintaining employee engagement, conducting team meetings, and enabling team collaborations.This market research report provides a comprehensive overview of the market
About the AuthorDevanshu Shrivastava
Joined: January 31st, 2020
Articles Posted: 74
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