According to a new market research report published by Credence Research “Global Conferencing Services Market (By Type- Audio Conferencing, Video Conferencing and Web Conferencing), (By Delivery Model- On-Premise and Software as a service), (By Application- Government Sector, Private Sector and Residential), (By Geography – North America, Europe, Asia Pacific, and Rest of the World)), Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall global conferencing services market worldwide was valued at US$ 13.99 Bn in 2018 and is set to grow with 5.6% CAGR during the forecast period.
Globalization of businesses and penetration of smartphones worldwide are driving the conferencing services market growth globally. Need for flexibility at workplaces, development in technology, and adoption of conferencing services in small & medium enterprises are some other major growth drivers for the market. Communication between two or more people sitting at different locations via telephone, web or video are known as conferencing services. Conferencing services have numerous benefits such as reduced travel time and costs, increased productivity, improved communication reliability and others. Due to aforementioned benefits conferencing services are being adopted at various sectors such as government offices, healthcare industry, manufacturing and others, thereby driving the market growth. As a result of these factors, we are expecting that the global conferencing services market will show continued growth throughout the forecast period.
Based on type, the global conferencing services market is segmented into audio -conferencing, video conferencing and web conferencing. Audio conferencing segment was the largest value contributor in 2018 with over 45% of the revenue share in the same year. Audio conferencing is the most commonly used service due to its benefits such as mobility, low cost, security, reliability and others. On the other hand, we expect that the video conferencing segment will be the fastest growing segment during the forecast period. Falling video conferencing products pricing, new & advanced technological innovations and adoption of video conferencing at workplaces are the major growth drivers for the segment. Therefore, we expect that the video conferencing market will be the fastest growing segment throughout the forecast period.
Based on geography, in 2018, North America was the largest region backed by Europe and Asia Pacific. North America accounted for around 40% of the overall market revenue in the same year. The dominance can be largely credited due to early adoption of advanced technology and well-established businesses in the region. On the other side, Asia Pacific will be the fastest growing region owing to rapid business growth and increased urbanization in the region. Growth of technology-based startups in developing countries such as India and China is the other major growth factor for the region. As a consequence, we expect that the Asia Pacific region will be the fastest growing region throughout the forecast period.
Some of the major players profiled in the report include 8×8 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.
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