Impact of Existing and Emerging Web Conferencing Market Trends And Forecast 2014 - 2020
Globalization has brought many changes with it in the recent past. Currently, no business is restricted to one place. It is required collaboration with all the international and domestics players. Collaboration is new mantra adopted largely by all the enterprises. Which is found increasingly useful. Key challenge that companies were facing a combination of right collaboration toolsthat can help marketeers to exchange the idea and communicate to each other as effective as a face to face meeting. This has made the web conferencing a key differentiating medium due to requirement of communicating with clientele in the real time.
Web conferencing market has seen an extensive growth due to its various features mentioned above, and it has become a generic platforms for the key application such as meetings, presentations, lectures, training events. Eventually web conferencing has become a key factor in business process and productive software suites. This will drive the web conferencing market in the near future.
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Major participants in the global web conferencing market are Adobe Connect,PowWow365, Calliflower, Elluminate, Cisco WebEx, Epiphan Systems, GoToWebinar, Genesys Meeting Center, ACT Conferencing, IBM Sametime, VeriShow, eXo Platform with Weemo, BigBlueButton, Intercall, Oracle Beehive, Mikogo, Netviewer, Skype, RHUB Communications Inc., OmNovia Technologies, Starlight Networks Starlive, Teamviewer, TimeBridge VenueGen, and, Voxeet. The demand for web conferencing is growing rapidly and has represented 25 to 30% increase in uses from service providers.
Owing to the stiff completion in the global webconferencing market, these companies offer remarkable services such as Citrix GO To Meeting, WEbEX MEetMe Now, IBM, Acrobat Connect Profeshional, and Micrsoft Office Live Meeting.
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Some of the end-use industries in the global web conferencing market include Banking and Financial Services, Education, Pharmaceutical/Healthcare, Manufacturing,
Government, Information Technology, and others. Among all the aforementioned end-use segments, Information Technology (IT) segmented accounted for the largest market share with 24% of the total share in 2014. Others segment represented 21% share to the global web conferencing market in the same year. Furthermore, Banking and financial services, manufacturing, and healthcare segment accounted for 16%, 15%, and 14% each respectively in 2014. Government segment accounted for low market share of 4% in 2014. This government segment is still follow the traditional medium for business and is yet to adopt the technology innovation.
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According to the market research, the web conferencing market was value at US$ 1.80 Bn in 2012. The web conferencing market is expected to reach at US$ 2.88 Bn by 2017, exhibiting a CAGR of 9.8% between 2012 and 2017. Factors driving the web conferencing market include;
Globalization
Saving travel cost and ROI
Growing awareness and User-friendly
Environmental Imperatives
Need for enhancing productivity
Need for social networking
Growth of Virtual Employee
Migration to UC
Furthermore, web conferencing has become a new trend for communication especially for commercial segment. The need for enhanced productivity from employees, and constant need of technology innovation are the key factors driving the web conferencing market over the next five years.
The global web conferencing market highlights the key insights about the regions include North America, Europe, Asia Pacific, and Rest of the World (RoW).