Penetration of Mobile Workforces to Boost the Demand for Global Conferencing Services Worldwide
In 2018, the global conferencing services market was valued at US$ 13.99 Bn and is 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 the global conferencing services market growth. Conferencing services have several benefits comprises cost effective, saves time, increases efficiency and productivity and others. 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.
Market Synopsis
Video Conferencing to be the Fastest Growing Segment
Based on type, the global conferencing services market was led by audio conferencing segment in 2018. 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 for the segment. On the other flip of the coin, we expect that video conferencing segment will be the fastest growing segment due to benefits of video conferencing over audio conferencing. Video conferencing provides visuals, attention of the person, flexibility and other additional features such as document sharing, application sharing and others. As a result, we presumed that video conferencing segment will be the fastest growing segment throughout the forecast period.
Asia Pacific will be the Fastest Growing Region 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 developed economy, established businesses and adoption of technology. Furthermore, we expect that Asia Pacific will be the fastest growing region owing to growing startup businesses, rapid shift from rural area to urban area and globalization of businesses. Developing economies of Asia Pacific such as China and India will be the major value contributors for the global conferencing market. Therefore, we expect that 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.
Historical & Forecast Period
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 segments calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
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 global conferencing services market based on type, delivery model, application and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Type (2019–2027; US$ Bn)
• Audio Conferencing
• Video Conferencing
• Web Conferencing
|
|
Delivery Model (2019–2027; US$ Bn)
• On-premise
• Software as a service
|
|
Application (2019–2027; US$ Bn)
• Government Sector
• Private Sector
• Residential
|
|
Geography Segment (2019–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the market size of global conferencing services market in 2018 and forecast up to 2027?
- Which is the largest regional market for global conferencing services?
- What are the major trends followed in overall global conferencing services market across different regions?
- What are the key high-growth opportunities observed in the global conferencing services market?
- What are the drivers of the global conferencing services market?
- Which are the leading global conferencing services providers worldwide?
- What are the key strategies adopted by the leading global conferencing services providers?
Unique data points of this report
- Recent trends across different regions in terms of adoption of global conferencing services
- Notable on-going developments in the global conferencing services industry
- Attractive investment proposition for different segments of global conferencing services market
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
