The market for Conferencing Services Market is expected to reach US$ XX Bn by 2027.
In 2018, the global conferencing services market was valued at US$ 13.99 Bn and was expected to grow at a CAGR of 5.6% during the forecast period from 2019 to 2027. Expansion of mobile workforces, globalization of businesses, and flexibility at workplaces are the major factors driving growth in the global conferencing services market. Conferencing services have several benefits, comprises cost-effective, saving time, increase efficiency and productivity, and others. The adoption of conferencing services at small and medium enterprises is the other major growth factor for the market. Consequently, we expect that the global conferencing services market will show substantial growth during the forecast period.
Based on type, the global conferencing services market was led by the audio conferencing segment in 2018. The audio conferencing segment accounted for over 45% of the market revenue in the same year. Low cost, easy setup, and reliability are some of the features driving the growth of the segment. On the other flip of the coin, we expect that the video conferencing segment will be the fastest-growing segment due to the benefits of video conferencing over audio conferencing. Video conferencing provides visuals, attention to the person, flexibility, and other additional features such as document sharing, application sharing, and others. As a result, we presumed that the video conferencing segment would be the fastest-growing segment throughout the forecast period.
North America was the largest market for global conferencing services in 2018. The region accounts for more than 1/3rd of the market share in the same year. The dominance is due to a developed economy, established businesses, and the adoption of technology. Furthermore, we expect that the Asia Pacific will be the fastest-growing region owing to growing startup businesses, the rapid shift from the rural area to the urban area, and the globalization of businesses. Developing economies of the Asia Pacific, such as China and India, will be the major value contributors to the global conferencing market. Therefore, we expect that the Asia Pacific region will be the fastest-growing region throughout the forecast period 2019- 2027.
Some of the prominent players operating in the global conferencing services market include 8x8 Inc., Plantronics, Inc., Logitech International S.A., Microsoft Corporation, Aastra Technologies, Cisco Webex, LogMeIn, Inc. (GoToWebinar), Zoom Video Communications, Damovo, Avaya, Google LLC, Adobe Inc., IBM Corporation, AnyMeeting, Inc., Juniper Networks, Inc. among others.
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
The global conferencing services market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global conferencing services market based on type, delivery model, application, and geography. Key segments covered in the report are as follows:
Research Period 2017-2027
The base Year 2018
Forecast Period 2019-2027
Historical Year 2017
Unit USD Billion
The market for Conferencing Services Market is expected to reach US$ XX Bn by 2027.
The Conferencing Services Market is expected to see significant CAGR growth over the coming years, at 5.6%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
8x8 Inc., Plantronics, Inc., Logitech International S.A., Microsoft Corporation, Aastra Technologies, Cisco Webexare some of the major players in the global market.